Steel Mills

John Correnti Says Government Should “Stay Out”
Written by Sandy Williams
July 29, 2014
Big River Steel CEO John Correnti says government should “stay out” of private industry. What appeared to be a contradiction after receiving more than $125 million in incentives from the state of Arkansas, Correnti stated in an interview with Arkansas Business that states have to invest in big business in order to stay competitive, but “as far as government is concerned, they should stay out of private industry.”
Correnti, a former president and CEO of Nucor Corporation, told Arkansas Business that he was “disappointed” in Nucor’s vehement opposition to Big River Steel and said that “Nucor has lost its way.”
“You compete on the playing field and that is the marketplace,” said Correnti. “You don’t compete in the courtroom.”
In a drawn-out litigation process, said Correnti, “at the end of the day the lawyers win. Nobody else wins.” He compared the steel competitors to big box retailers like Wal-Mart, Cosco and Target. When all three are grouped together, all become better operators. “And you know who benefits,” he said. “You and I—the consumers.”
Big River Steel expects to be major U.S. producer of pipe and tube as well as specialty products like advanced high strength steels used in automotive manufacturing. The flat rolled electric arc furnace mini-mill, to be constructed in Osceola, Arkansas, will have a capacity of 1.6 million tons annually. Construction is expected to take two years with initial production anticipated for July 2016.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Algoma swings to loss on ‘market challenges’ and ‘tariff uncertainties’
Canada’s Algoma Steel swung to a loss in the first quarter amid "market challenges," and the company now expects first steel production from its first EAF in the second quarter.

Ternium raises budget for Mexico project
The steelmaker now expects the new steel slab mill in Pesquería will begin operations by Q4’26.

SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant

ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.

Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.