You will learn a lot at LKAB
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- Former finance minister Anders Borg has been nominated for the chairmanship of LKAB by current finance minister Elisabeth Svantesson, a move that marks a shift in Borg’s career as he previously did not particularly focus on Swedish industry.
- LKAB is an important player in Sweden’s economy with mines in Norrbotten that deliver billions to their owners, the Swedish people, and plays a major role in green technology and the production of carbon-free steel.
- Aftonbladet’s editorial page hopes that Anders Borg’s new assignment is a sign that the Swedish bourgeoisie has finally discovered that industry is a foundation for Sweden.
ⓘ The summary is made with the support of AI tools from OpenAI and quality assured by Aftonbladet. Read our AI policy here.
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full screen The government has nominated the former finance minister Anders Borg to the position of chairman of the mining giant LKAB. Photo: Lindahl Björn
The announcement on Tuesday was expected. Minister of Finance Elisabeth Svantesson nominates his representative Anders Borg to the position of chairman of LKAB. There he succeeds another former finance minister, Göran Persson.
There is something symbolic about Borg’s journey. During his time as finance minister, it was hardly the Swedish industry that was at the top of the finance ministry’s work list.
Simple jobs
The interest was rather about “simple jobs”. Rut services and reduced employer fees for fast food chains. Anders Borg called business life one special interest and his boss, Fredrik Reinfeldt went to Davos and declared that the Swedish industry was “basically gone”.
That was how moderates reasoned at the time.
The finance minister never missed an opportunity to teach the industry a lesson. During the financial crisis in 2008, he sat on his hands while up to 100,000 jobs disappeared in producing Sweden.
Focused on growth
Borg has been on growth for some time. Already last year, he took a seat on the mining giant’s board. Now he takes over the club.
It is not just any company that Borg should be involved in managing. The mines in Norrbotten have always been one of Sweden’s most important natural resources. The ore supplies billion after billion to the owners, the Swedish people.
Today, the company is, if possible, even more important. Together with SSAB and Vattenfall, they are on the threshold of a unique process for producing steel without using coal. It is a breakthrough that matters. Globally, the steel industry accounts for seven percent of carbon dioxide emissions. In Sweden, the figure is even higher.
More minerals
The mines in Kiruna and Malmfälten can also become an important source of more minerals. And minerals in particular are one of the keys to green technology, such as electric cars or power production from the sun or wind.
None of this is uncontroversial. Parts of the Swedish bourgeoisie still think that the industry is “basically gone”, or that it should be.
A think tank linked to the South Swedish Chamber of Commerce has pumped out reports criticizing LKAB’s plans. And the views have been echoed on bourgeois leading pages. As if the alternative of letting the steel industry continue to emit carbon dioxide existed.
A green transition is necessary, and industry is a prerequisite for its success. Sweden is right in the middle of an industrial new start, and this time Anders Borg will be on board. He is welcome.
