Anders Borg can be elected as the new chairman of LKAB. But the mining union is doubtful whether the former moderate finance minister really has what it takes.
At the beginning of March, Finance Minister Elisabeth Svantesson (M) announced that the government is nominating Anders Borg as chairman of the state mining company LKAB. He was Sweden’s finance minister between 2006 and 2014, and has subsequently sat on a long list of company boards.
Anders Elenius. Photo: LKAB.
But the union is doubtful whether Anders Borg is the right person for the job. Anders Elenius is chairman of Gruvtolvan and employee representative on LKAB’s board. In an interview with the newspaper Swedish daily newspaper he comments on the message:
– Deeply unhappy.
The reason is Anders Borg’s lack of experience in the mining industry. He has been on the board since 2023. In the coming years, LKAB will restructure and start producing “steel without carbon”, i.e. completely fossil-free sponge iron.
– LKAB is facing one of the biggest changes in the company’s 130-year history. Then bringing in a chairman with some mining experience I think is strange timing, says Anders Elenius to SvD.
At the moment, he cannot answer whether or not he has confidence in Anders Borg as chairman.
– Anders Borg would have needed a couple more years on the board. We may have to speak up if it doesn’t work, he says.
In a written response to SvD, Anders Borg comments:
“Board work, of which I have some experience from various companies and sectors, requires balancing around the business based on the requirements set by the state as owner. I have worked with investment decisions, also in sectors dependent on commodity prices and heavy capital structures. The board and management have a broad collective competence, not least from heavy industry, and a well-structured decision-making process.”
The decision on whether Anders Borg can take over as chairman after Göran Persson will be made at LKAB’s annual general meeting on Thursday.
Rasmus Lygner
