LeadIT annual business leaders roundtable
For the 2026 edition of the roundtable, members explored how to navigate an uncertain business environment while pursuing ambitious climate goals. From green steel and low-carbon cement to renewable energy, skills development, and cross-sector partnerships, speakers highlighted that there are many different pathways towards a green transition. The unifying factor is that success will depend on long-term collaboration, supportive policy frameworks, and solutions tailored to local circumstances.
The roundtable was moderated and presented by Arati Davis, Felipe Sanchez and Mahendra Shunmoogam from the LeadIT secretariat at 46 plus Studio in Stockholm.
Keynote speakers
“Uncertainty is the new normal,” was the message from the CEO of Stegra as he opened the event. He suggested that with industry unlikely to return to the relative stability of the early 2000s, businesses must learn to operate in a more volatile environment. Yet amid that uncertainty, he argued, some things must remain predictable. For companies making long-term investments in the green transition, policy and regulatory certainty are essential. For Stegra, which is building the world’s first industrial-scale green steel works, he said the EU Emissions Trading System (ETS) is one of the most important mechanisms providing that certainty.
We are a company that was founded based on the regulatory framework that has been put in place in Brussels. That we actually have a price on carbon in Europe, which is unique in our ETS is something that is fundamental for our existence as a company – that our customers are able on their journey and ambition to lower their CO2 footprint both in scope 1, 2, and 3, that they can monetize CO2 and put a price on it and put that into their cost calculations allows our customers and their customers to really understand the value of decarbonization.
Henrik Henriksson
CEO, Stegra
In the second keynote address, Håkan Buskhe also addressed the theme of uncertainty. Håkan is the CEO of FAM AB, a Swedish privately-owned holding and asset management company. FAM is owned by Wallenberg Investments AB. He stressed the importance of not being tied to tradition, quoting Marcus Wallenburg from 1946, that to move from the old to the new is the only tradition worth keeping.
In many ways we operate in a business climate where the pace of change is accelerating. But for us, maintaining a long term perspective remains essential. Since we invest with the long term ownership horizon, our role is to support and continue to develop our companies over time through growth, transformation and changing market conditions. This might sometimes be described as being patient, but patience should not be misunderstood as passive. Rather, it's about balancing today's priorities while also preparing for tomorrow's opportunities.
Håkan Buskhe
CEO, FAM AB
Panel discussion – Stronger together: unlocking decarbonization
- Kamal Bali, President & MD, Volvo Group India
- Lina Jorheden, CEO, SaltX Technology
- Claes Kollberg, Founder, Cemvision
- Gustaf Werner, VP Innovation & Development, Skanska
Partnerships were the focus of the first panel discussion, exploring what collaboration means for companies at different stages of the value chain. The panel brought together representatives from Volvo Group as a manufacturer; Cemvision and SaltX Technology, both scale-ups developing low-carbon industrial solutions; and Skanska, a major construction company that sits at the end of the value chain for materials such as steel and cement.
For Volvo Group, partnerships are a core part of its innovation strategy. The company has invested heavily in collaborations, including with Samsung on battery technology and SSAB on fossil-free steel. Kamal Bali explained that these partnerships allow Volvo both to share risk and to explore multiple technological pathways simultaneously, helping the company identify the solutions best suited to its long-term needs.
For start-ups and scale-ups, however, success often depends on building strong relationships with the very incumbents they are seeking to disrupt. Lina Jorheden of SaltX Technology described an approach to partnerships founded on trust, but stressed that trust must be earned rather than assumed. For SaltX, this means working with partners who share the company’s long-term strategic ambitions. “Trust is built on evidence, not promises,” she argued, noting that large industrial companies are only willing to embrace change when risks have been reduced to a level they find acceptable.
Cemvision faces a similar challenge in building confidence among customers and partners. Claes Kollberg highlighted that collaboration is required across the entire value chain, particularly because Cemvision’s ultra-low-carbon cement is produced using by-products from industrial processes such as steelmaking. Effective cooperation, he suggested, can create value for all participants and enable scaling without relying on a significant green premium. Cemvision has global ambitions for its products, with India identified as a key early market in the Global South. Through the LeadIT Industry Transition Partnership, the company has established a collaboration with Tata Steel, which Kollberg described as critical to achieving those ambitions.
Representing Skanska, Gustaf Werner emphasised the importance of understanding customer needs from the outset. While construction companies can play a significant role in driving sustainability, he said, they require low-carbon products that are available at scale and at competitive prices. Werner also highlighted the need for accurate, reliable data on the performance and environmental impact of new materials, aligned with existing standards, to enable their adoption as substitutes for conventional products. He further argued that public procurement has an important role to play in creating demand and accelerating the market uptake of low-carbon solutions.
Panel discussion – From pilot to planet : bridging the scale gap
- Prabodha Acharya, Group Chief Sustainability Officer, JSW
- Du Toit Neimand, Commercial Finance Manager, Scaw Metals
- Luisa Orre, Chief Business Development Officer, Stegra
- Dr Atanu Ranjan Pal, Chief Technology Officer (Process), Tata Steel
A clear theme across the discussion was that industrial decarbonization challenges, and therefore the solutions, are highly dependent on local context.
Du Toit Niemand of Scaw Metals explained that South Africa’s steel industry is under pressure from falling domestic demand and increased imports, with high electricity costs adding further strain. In this context, he argued, the path to decarbonization depends on stronger government support and a more enabling energy system. One of the biggest barriers is a national electricity grid that remains heavily dependent on coal. To address this, Scaw is investing in rooftop solar, planning larger solar installations and battery storage, and entering into wheeling arrangements to purchase more renewable electricity.
The picture in India is very different. There, steel demand is growing rapidly, meaning companies such as JSW Steel must grow and decarbonize at the same time. Prabodha Acharya was clear that these are complementary, not competing, priorities. Decarbonization is embedded at the heart of JSW’s growth strategy, with the company pursuing several routes at once: improving energy efficiency in existing facilities, maximising the use of scrap in electric arc furnaces, and accelerating the use of renewable electricity through investment in solar capacity. JSW is also exploring emerging pathways, including green hydrogen-based direct reduction of iron (DRI) and carbon capture, utilisation, and storage (CCUS).
Luisa Orre of Stegra reflected on a different challenge – building Europe’s first new steelworks in 50 years in a small town in northern Sweden. For Stegra, staffing and skills are critical priorities. International recruitment is central to the company’s approach, and its team already includes 55 nationalities. She explained that while the purpose of greening steel is attractive to potential employees, purpose alone is not enough to build and sustain operations. Many of the people with direct experience of building steelworks in Europe have long since retired. As a result, partnerships have become essential. Stegra is working with Scaw Metals on a staff exchange linked to the new hot mill being built, and with JSW Steel to give Stegra operators experience on JSW’s Midrex DRI plant. To build a longer-term pipeline of talent, Stegra has also established a partnership with Luleå University of Technology.
Dr Atanu Ranjan Pal of Tata Steel offered a global perspective and said that whilst a single decarbonization strategy may be desirable from a company-wide perspective, he argued that it is rarely realistic in practice. Different countries have their own policies, carbon pricing mechanisms, resource availability, and energy systems, all of which shape the most effective pathway to reducing emissions.
He illustrated this with examples from across Tata Steel’s operations. In the UK, Tata Steel is investing in electric arc furnace technology, supported by abundant scrap steel and green electricity. In India, however, where around 70% of electricity generation still comes from coal and scrap availability is more limited, the same approach would be far less viable. In the Netherlands, Tata Steel is pursuing a different pathway again, centred on direct reduced iron (DRI), initially using natural gas before transitioning to hydrogen. However, in India, access to natural gas remains a challenge, and Dr Pal does not expect hydrogen to become widely available at scale in the near future. As a result, Tata Steel’s strategy in India focuses on reducing emissions from its existing blast furnace operations including investments in technologies such as blast furnace gas reinjection and carbon capture and storage,
Conclusion
The speakers offered may different perspectives on the road to a green transition for industry. However, a universal theme was the need for long-term commitment even when faced with increasing uncertainty. To do this goes beyond technology solutions; success will depend as much on the human aspects of the transition, such as partnerships, will, skills , and training. Ultimately, it is people who can turn ambition into reality.
