Steel Mills
Final Funding Secured for Big River Steel
Written by Sandy Williams
July 1, 2014
Final financing has been approved for Big River Steel in Mississippi County, Arkansas. Construction is expected to begin in July with a formal groundbreaking ceremony in September according to a spokesperson for the Arkansas Economic Development Commission (AEDC).
“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 Big River Steel CEO John Correnti. “I know firsthand Northeast Arkansas has everything we need to operate a world-class mill. Now it’s time to get to work.”
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.”
AEDC plans to launch a marketing campaign later this year specifically targeting steel suppliers, said an AEDC spokesperson.
The $1.3 billion steel mill is expected to take two years to complete and employ more than 500 people. Steel production will be geared toward the automotive, oil and gas and electrical energy industries.
Sandy Williams
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