Steel Products
Big River Steel Repays State Loan Early
Written by Sandy Williams
September 29, 2017
Big River Steel presented a check for $50 million to Arkansas Governer Asa Hutchinson for full repayment of a loan from the State of Arkansas—and did it 17 years early.
The early repayment of this $50 million loan is a strong indication of the financial strength of Big River Steel and reaffirms my confidence in the state’s investment through Amendment 82,” said Governor Hutchinson. “Not only has Big River paid off the loan early, but the company has strengthened our economy with hundreds of millions of dollars in investment.”
The loan from the state was part of a funding package that helped BRS to build its $1.2 billion scrap metal recycling and flat rolled steel production mill. In August, Big River announced the closing on $1.255 billion in financing that it is using to pay down its debts.
“Big River Steel is extremely proud to be able to repay our state of Arkansas $50 million economic incentive loan 17 years early,” stated Big River Steel CEO David Stickler. “Arkansas is a great place to own and operate a business, and I look forward to exploring future growth opportunities with Governor Hutchinson.”
Big River Steel is the single largest private investment in the history of the state of Arkansas. The company’s Flex Mill produced its first steel in December 2016 and now has more than 120 customers in the automotive, energy, construction and agricultural industries.
{loadposition reserved_message}

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products

Biden to Meet EU Officials in Washington to Discuss Steel
US President Joe Biden is set to meet European Commission President Ursula von der Leyen and European Council President Charles Michel on Oct. 20 in Washington ahead of a deadline for an agreement on steel, according to a report in Reuters.

Ford Pauses Work on $3.5B Battery Plant: Report
Ford Motor Co. said on Monday that it has stopped work at its $3.5-billion project for an electric vehicle (EV) battery plant in Michigan, according to media reports.

USW Taps McCall as New President After Conway’s Passing
The United Steelworkers International (USW) executive board on Tuesday appointed David McCall as the union’s new international president. He will fill the remainder of Tom Conway’s term.

HARDI Members Bullish on Future
Despite economic headwinds in the headlines, the near-term future could prove brighter than expected, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the Tuesday, Sept. 26, meeting of its Sheet Metal/Air Handling Council.

AISI: Raw Steel Production Ticks Up
Domestic raw steel output was up slightly for the week ending Sept. 23, according to data released by the American Iron and Steel Institute (AISI) on Monday, Sept. 25.