Posted 7/1/2014 09:09 am
Updated 5 months ago
Big River Steel announced Tuesday that it had closed on the financing necessary to build a planned $1.3 billion steel mill in Mississippi County outside Osceola.
A formal groundbreaking ceremony will be held later this summer. Big River plans to employ more than 500 workers at an average annual salary of $75,000.
"It's truly been a team effort between our investors, local and state leadership, our management team, and many others to get to this point," said John Correnti, Big River CEO. "I know firsthand northeast Arkansas has everything we need to operate a world-class mill. Now it's time to get to work."
Last year, the Arkansas Legislature approved $125 million in bonds for the project, expected to take about two years to build. Once complete, the mill will produce steel for the automotive, oil and gas and electrical energy industries.
"The economic impact Big River Steel will have on the state of Arkansas is tremendous," said Grant Tennille, executive director of the Arkansas Economic Development Commission. "In addition to the benefits of Big River alone, we fully expect a significant number of suppliers to locate operations in the region. We appreciate the Arkansas Development Finance Authority and Arkansas Teacher Retirement System working hard to make this project possible."