Wallenberg steps in and takes control of Stegra in the midst of a billion-dollar crisis. At the same time, founder Harald Mix is removed from power - after being kept out of crucial negotiations. Behind the scenes, the picture of a fierce power struggle over the future of the billion-dollar project is growing.
The Swedish financial elite is now taking over the ailing steel company Stegra. At the center is Jacob Wallenberg, who in an interview with Today's industry (DI) defends the investment, even though the technology is not yet fully in place. He argues that the investment is based on a long-term belief in the market, not charity.
- We believe that this is a good deal, we believe that this makes sense. We are not doing it just to be nice.
He also argues that there will be a future market to support the investment and that the demand for ”green steel” is more than a temporary trend.
- We have concluded that there is a sustainable demand for green steel in the future. This is not only popular right now
The technology is questioned
While Wallenberg talks about stable demand, the project involves a technology that has not yet been proven on a large scale. Stegra's model is based on hydrogen-based production, a method that requires enormous amounts of electricity and which, according to several analysts, risks being very expensive. Despite these uncertainties, Wallenberg believes that the investment does not involve any major risks.
- This is not taking too much risk with a total rethink. What Stegra was about to do is invest in an established technology, according to Wallenberg
At the same time, it is clear that the project timeline is under review and that the financing is not yet fully finalized, underlining that several crucial elements are still not in place.
Wallenberg sticks to climate alarm
The green steel project is part of the climate initiatives undertaken in recent years to reduce carbon emissions. Several of these became huge disasters, not least the Northvolt battery factory in Skellefteå, where the bankruptcy turned into a multi-billion loss.
After that Donald Trump sworn in as President of the United States in January 2025, several leading companies began to abandon climate action. This was led by BlackRock, the world's largest asset manager, which had previously been a driving force on both climate change and climate issues. Wallenberg's Investor was one of the players that opposite to scrap the climate plans.
Mix is removed from the board
In parallel with Wallenberg's entry, there is a clear shift in power in the company. The founder Harald Mix, who has long been a key figure, has reportedly been actively kept out of the bailout negotiations. Now he looks set to lose his seat on the board, marking a clear break with the previous power structure, according to DI.
- He will have no role going forward, says a person with insight to DI.
The background is said to be that Mix's ownership via his own companies has made him disqualified in relation to other investors. At the same time, the dilution of his ownership means that he no longer has an obvious mandate to remain in office.
Power struggle behind the scenes
As Mix is ousted, Wallenberg-led investors take a leading ownership position in the company. New names are added to the board, while former power players are phased out, fundamentally changing the balance of power.
Outwardly, the changes are described as a natural part of a new funding round. But the disappearance of the company's founder from both negotiations and the board at this stage points to a more extensive restructuring behind the scenes. Stegra lives on - but under completely new control.
Entrepreneur and author Arne Weinz, who has long criticized Stegra, is not surprised by the changes.
- When Wallenberg enters with such large sums of money and takes on the role of principal owner, the entire balance of power in the company changes. In practice, it is then inevitable that former key people, such as Harald Mix, are pushed aside and given a much smaller role, he says.
Green steel will probably be the only thing allowed to be bought according to the agenda world demonic forum. Then wallenberg has a monopoly and can charge any price while other steel companies go bankrupt
Am surprised by Wallenberg's anal-ysis. Hydrogen and green steel are just nonsense and will never ever be profitable. Rather think like Arne Weinz that it is real steel production that is involved.
Wallenberg probably thanks us for joining the war organization NATO so that they can make good money on it instead and then they see this as PR money only and take it as an expense.
Where W goes in, there are benefits for just W. Others have to make do with the crumbs that fall down. And the people get ”jobs”.