Swedish steelmaker Stegra has completed a new share issue of 850 million shares to help fund the completion of its green steel plant in Boden, northern Sweden. This issue increased the total number of the company’s shares by 23%.

Turkey’s industrial giant Koç Holding, along with members of the Koç family, joined the round as new investors, jointly subscribing for 2% of the newly issued shares.

The facility will use low-carbon technology to produce environmentally friendly steel. The plant will consist of an electrolyzer, a direct reduction plant, two electric arc furnaces, and cold rolling and finishing shops.

Production is expected to start in the second half of 2026, with the plant reaching full capacity in 2028. It is expected to play an important role in Europe’s shift toward climate-neutral steel production.