Stegra AB, which is building the world’s biggest green steel plant in northern Sweden, is doing initial work for an eventual public listing of shares because its expansion plans may need more funding than it can raise privately.

The four-year-old startup, on track to start producing the metal by the end of next year, has raised about €6.5 billion ($7.4 billion) so far, one-third equity and two-thirds debt. That will largely be used to get the plant up and running and produce 2.5 million tons a year. A second phase could see Stegra double the production, but would require further substantial fund raising.