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.
More than a billion dollars of financing is headed to Big River Steel. The Osceola, Ark., steel company announced Thursday that it has closed on $1.225 billion of financing that will be used to refinance a substantial majority of its outstanding debt and for general corporate and working capital purposes.
February 1, 2017 (Osceola, Arkansas) – Big River Steel today announced that it has established a new production record in terms of tons of steel produced by a SMS group supplied flat-rolled mini mill during the first full month of operation. With over 63,000 tons of hot rolled steel produced in January, Big River Steel’s first full month of production, Big River Steel topped the previous first month production record according to data maintained by SMS group, Big River Steel’s lead technology supplier.
Big River Steel announced that operations have begun at its melt shop and hot mill. The first hot rolled coil was purchased by Zekelman Industries and will be sent to Atlas Tube in nearby Blytheville, Arkansas. The coil was purchased for $100,000 with the entire amount jointly contributed by Big River and Zekelman Industries to the Wounded Warrior Project and Arkansas Northeastern College.
Mark Bula, the Commercial Director for Big River Steel made it official at our 6th Steel Summit Conference proclaiming Big River Steel as “open for business.”
Bula, who was speaking on a panel on Innovation and the future of the steel industry, reported that the mill will begin producing their first hot rolled coil for commercial orders in December 2016. Cold rolled orders are anticipated to begin in January and galvanized in March 2017.
Big River Steel announced the commissioning of its batch anneal furnaces and skin pass mill. The start-up of the two operations is the first step in in phased process to bring equipment on line for the company’s Flex Mill.
The $1.3 billion steel mill, when fully operational, will produce 1.6 million tons of niche and specialty steels. The batch anneal operation and skin pass mill are part of Big River Steel’s finishing mill where steel undergoes intense processing to meet customers’ final demands.
Nucor Steel lost again its challenge to Big River Steel’s air permit. In its latest appeal, Nucor argued that the air permit process was flawed and that not enough consideration was given to pollution that Big River Steel would generate.
An Arkansas Court of Appeals said on Wednesday that it found no abuse of discretion and no errors of law in the issuance of the permit.
The new $1.3 billion Big River Steel mill, in Osceola, Ark., is beginning to take shape. The site excavation, totaling 1,178,000 cubic yard, is nearly 100 percent complete, said Mark Bula, Chief Commercial Officer in a progress report to Steel Market Update.
Air Products has signed a product supply agreement with Big River Steel to operate an air separation unit (ASU) producing multiple industrial gases and a PRISM® hydrogen generator.
The ASU will provide pipeline oxygen, nitrogen and argon, and the PRISM® unit will provide pipeline hydrogen for the new hot rolled steel facility. The on-stream target for all the units is July 2016.
OSCEOLA, Arkansas --- Big River Steel is pleased to announce that it has received IJGlobal’s 2014 Deal of the Year Award for a North American Metals & Mining transaction. The $1.3 billion financing package for Big River Steel’s new scrap metal recycling and steel production facility was noted at the Deal of the Year award ceremony as being the largest industrial investment in Arkansas’ history. It was further noted that the Big River Steel facility is the first flex mill to be developed in the United States, combining the capabilities of a traditional integrated steel mill with the nimbleness of a mini mill.