Stegra shares
Unlisted company
Stegra is an industrial transition company building production capacity for near-zero-emission steel. The flagship facility in Boden integrates three production platforms: electrolysis for green hydrogen production, direct reduction of iron ore using hydrogen to produce sponge iron, and a fully electrified electric arc furnace for steel production.
How the company makes money
Revenue will be generated through the sale of green steel, sponge iron and green hydrogen to customers in sectors including the automotive and home appliance industries. The company has signed letters of intent and agreements with industrial offtakers for the planned production volume.
Group structure
The group consists of the parent company Stegra AB and the subsidiaries Stegra Boden AB (the steel plant) and Stegra Boden Electrolyzer AB (hydrogen production), as well as additional subsidiaries for real estate and infrastructure. The head office is located in Stockholm, and the production facility is being built in Boden.
Financing and growth
The company is in the development phase and is financed through a combination of equity, debt financing and government support. The growth strategy is based on commissioning the facility in Boden and gradually scaling up production volumes, with a long-term ambition to expand production capacity and explore additional markets.
Production and technology
Hydrogen replaces coal and coke
Green hydrogen, green iron, green steel
Facility under construction in Boden
Financing and structure
Equity, loans and government support
Offtake agreements in the automotive and home appliance industries
Subsidiaries for the steel plant, electrolysis and real estate
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2023-12-31
- 3,726MSEK
- Operating cash flow
- 1,133MSEK
- Equity ratio
- 79.6%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | – | – | – | 218 |
| EBITDA | – | – | – | -67 |
| EBIT | – | – | -657 | -305 |
| Net income | – | – | -852 | -176 |
| Equity | – | – | 11,376(+241.2 %) | 3,334(+355.5 %) |
| Cash and bank | – | – | 3,726(+51.9 %) | 2,452(+275.2 %) |
| Operating cash flow | – | – | 1,133 | -58 |
| Equity ratio | 31.8%(-23.9 pp) | 55.7%(-23.9 pp) | 79.6%(-10.1 pp) | 89.7% |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 3bn | SEK 17bn |
Questions about Stegra
Is Stegra publicly listed?
No, Stegra is a private limited company and is not publicly listed. The company has not completed an IPO, so its shares are not traded on a regulated stock exchange, but rather through the unlisted market.
What does Stegra do?
Stegra is a Swedish industrial company building a large-scale production facility for green hydrogen, green iron and green steel in Boden. The manufacturing process replaces coal and coke with fossil-free hydrogen in the reduction of iron ore, which is intended to reduce carbon dioxide emissions compared with conventional steel production.
Can I buy shares in Stegra?
Yes, it is possible to buy Stegra shares through trading in unlisted shares, provided that there are sellers. Via Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Stegra?
If you own shares in Stegra, you can place a sell order via Eqvor and be matched with buyers. When a buyer and seller are matched, the transaction is completed and the change of ownership is recorded in the company’s share register in accordance with the company’s applicable procedures.
Is Stegra affiliated with Euroclear?
No, Stegra is not currently affiliated with Euroclear. This means that the shares are registered directly in the company's share register and not through the Swedish securities system.
Can I hold Stegra shares with Avanza or Nordnet?
Since Stegra is not affiliated with Euroclear, the shares normally cannot be held in a standard securities account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Does Stegra have any right-of-first-refusal or pre-emption clauses?
The available company information does not indicate whether Stegra is subject to any rights of first refusal or pre-emption rights. If such terms exist, they are addressed in connection with any potential share transfer in accordance with the company's shareholders' agreement or articles of association.
At what price is Stegra’s stock traded?
Since Stegra is not publicly listed, there is no official quoted price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the unlisted market.
When will Stegra be listed on the stock exchange?
There is currently no publicly announced timetable for a stock market listing of Stegra. We therefore do not know when Stegra may be listed or whether the company will carry out an IPO.
What are the risks of investing in Stegra?
Investing in Stegra involves risk, just like other investments in unlisted shares. The company’s valuation may be affected by financing, construction, the start of production, technological scaling, energy prices, access to fossil-free electricity and hydrogen, raw material prices, customer agreements, regulatory requirements, and demand for green steel. Trading in unlisted shares also typically involves lower liquidity than trading in listed shares.
Where can I find Stegra’s annual report?
Stegra’s annual report can be found under Investor Relations and Financial Reports. The company’s annual reports are available there for download.
Has Stegra carried out any share issues?
Yes, Stegra has carried out capital raises and previous new share issues. Stegra's Capital raised is stated as SEK 21.2 billion, which shows how much capital the company has raised through previous financing.
How much capital has Stegra raised in total?
Stegra's Capital raised is stated as SEK 21.2 billion. An equity raise is a term for raising capital, but terms such as funding round, financing or share issue are often used.
Has Stegra reported a profit or a loss?
Stegra reports a negative result in the latest available information. Under Key Figures, EBITDA is stated as -2,055,402 TSEK and net income as -1,913,390 TSEK. The company’s earnings trend is also shown in the Results by Year chart.