Swedish green steel developer Stegra has appointed Hakan Buskhe as CEO from November 1, 2026, as the company seeks additional funding to complete its green steel plant in Boden.
Outgoing CEO Henrik Henriksson will assist with the leadership transition and remain with the company as an adviser to support project execution. Stegra’s board said Buskhe’s experience in leading large industrial operations through transformation would be important for the next phase of the project.
A review conducted since the new ownership group and board took over in June found that the cost of completing the plant is significantly higher than previously estimated. Stegra attributed the increase mainly to ramp-up costs following a prolonged slowdown in project work earlier this year, as well as inflation.
The company is in discussions with major shareholders, financiers, partners and other stakeholders to secure the additional capital required. Its largest shareholders have expressed a positive view on participating in the funding process, while Stegra is also exploring greater use of outsourcing and partnerships to improve project costs.
Despite the higher funding requirement, Stegra said the timeline for green steel production remains unchanged and that a project plan is in place to complete the plant. Construction work in Boden continues, with commitments to suppliers and customers remaining unchanged.
Stegra is developing an integrated near-zero emission steel plant in Boden, northern Sweden, based on hydrogen-powered direct reduced iron (DRI) and electric arc furnace (EAF) steelmaking.