According to media reports, French hydrogen investment company Hy24 is planning to participate in the latest round of shares for Sweden's Stegra, which is building a large-scale fossil fuel-free steel mill in Boden, Sweden. Stegra, formerly P Green Steel, is raising up to €975 million to cover cost overruns and fill gaps left by deferred government subsidies.
Pierre-Etienne Fran, CEO of Hy24, said that the fundamentals of the project remain "very good" despite the increased costs.
The plant is designed to use hydrogen technology and aims to reduce carbon emissions by up to 95 percent compared to blast furnace steel production.
Strategic importance and next steps
The renewed support for Hy24 demonstrates confidence in Stegra's commitment to become the world's largest producer of green steel, setting a potential benchmark for decarbonization of hard-to-reach industries. The company plans to start operations at the end of 2026.
As the funding round continues, Stegra continues to face funding vetting, government support delays, and a general escalation in costs.
