This is shown in a new report from Sweco, which has been commissioned by Stegra to analyze the project’s effects up to 2035. With an expected contribution of SEK 43 billion to GDP, thousands of new jobs and extensive climate benefits, Stegra’s establishment in Boden is described as one of the most extensive in modern Swedish industrial history.
“We want to be a Project AB Sweden, and it is very positive that the report shows the value being created not only in Boden, but also in the region and across the whole of Sweden,” says Henrik Henriksson, CEO of Stegra.
The main economic effects are assessed in the report to be regional economic in the form of increased employment, increased population and increased economic activity in the region as a result of the establishment. The report also points to the significant national value of the establishment. The climate effects are also assessed to correspond to a large part of the benefits created by Stegra’s establishment in Boden.
GDP effect of SEK 43 billion
During the period 2023-2030, Stegra’s establishment in Boden is estimated to add a total of SEK 43 billion to the gross domestic product (GDP) for both the operational and construction phases, corresponding to an annual average of SEK 5.4 billion.
At the same time, the global CO2 emission reductions are estimated to be equivalent to SEK 5.4 billion in 2028 at full operation during the first phase (2.5 million tons of steel annually) and SEK 13.7 billion in 2031 including the second phase (5 million tons of steel in total annually).
Regional growth and thousands of new jobs
At most, Stegra is estimated to contribute over 9,400 jobs in Norrbotten alone for one year (direct and indirect effects of both operation and construction) and in the long term an annual increase in employment in the region of 3,600 people. Including spillover effects in the rest of Sweden, the establishment entails an annual increase in employment of approximately 4,700 people nationally, with a maximum of 11,700 during the most intensive construction phase.
Tax revenue to central and local government
Stegra’s presence has already started to generate tax revenues. By 2025, it is expected that SEK 2.6 billion will have been paid in taxes in Sweden, mainly income taxes and social security contributions. This figure will rise to SEK 5.5 billion by 2026.
“Even during the build-up phase of an industry, great value is created. It’s almost surprising and gratifying to see how much has already been returned to society even though we are not yet in production,” says Henrik Henriksson.
By 2030, it is estimated that Stegra’s establishment will have contributed over SEK 12 billion and by 2035 over SEK 20 billion in tax revenue in Sweden. This mainly includes income taxes, payroll taxes, corporate taxes and electricity taxes.
The report is welcomed by the municipality of Boden, which has made significant financial investments to enable the establishment.
“I’m pleased, we’ve worked hard for this. I didn’t know the figures in detail, but when we made some investments on the part of the municipality, we also built up the conditions for quite large revenues in the future,” says Mats Berg, head of business in Boden Municipality.
Key figures from the report and Stegra:
- 43 billion to Sweden’s GDP (2023-2030)
- Over 9,400 people employed in Norrbotten during peak year
- More than SEK 500 million so far to municipal companies in Boden
- 18.5 out of 33 billion SEK in construction costs have gone to Swedish suppliers
- SEK 20+ billion in total tax revenue by 2035
- SEK 5.4 billion in climate benefits in 2028 (phase 1)
- SEK 13.7 billion in climate benefits by 2031 (phase 2)
About the report
The report was prepared by Sweco on behalf of Stegra and consists of a 21-page socio-economic analysis. It provides an overall picture of the economic, employment and environmental impact of the project.
The analysis has also attracted national media attention.
🔗 Read the full article in Dagens Nyheter
