Swedish investment company Kinnevik has declined to back Stegra again, according to Placera.se. The rejection marks a second refusal by the investor toward the troubled steel venture.
The decision lands amid a widening crisis at Stegra. Dagens industri reports that the company's chairman attributed a cost shock to a calculation error. The chairman also told Norran that he received the figures with disappointment. EFN quoted a steel industry expert reacting to the latest setback with disbelief.
Separately, Affärsvärlden reports that a figure who previously closed Saab's billion-kronor deals is taking over at Stegra. The leadership change comes as the company works through its financial difficulties.
The reporting does not specify the size of the cost overrun or the terms Kinnevik considered. It also does not detail what the incoming leadership intends to do.
What to watch next: whether Stegra's new management discloses the full scale of the cost problem and whether other investors follow Kinnevik's lead.
