July 9, 2014
Big River Lands Financing for $1.3 Billion Mill
Big River Steel LLC has completed the financing necessary to construct its new steel mill in Northeast Arkansas, the company and the Arkansas Economic Development Commission reported. The new mill will cost $1.3 billion to construct.
"It has truly been a team effort between our investors, local and state leadership, our management team, and many others to get to this point," says John Correnti, Big River Steel CEO. "I know firsthand Northeast Arkansas has everything we need to operate a world-class mill. Now it's time to get to work."
Big River Steel announced plans to build the mill in early 2013 to produce steel for the automotive, oil and gas, and electrical energy industries. Construction is expected to take approximately two years.
"The economic impact Big River Steel will have on the State of Arkansas is tremendous," says 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."
Big River Steel will be a minimill facility "capable of not only producing the highest grades of steel for today, but the high-quality steel grades of the future, as well," Correnti says. "We will produce the ever-evolving lightweight advanced high-strength steels required for applications like automotive production, to allow automakers to meet the conflicting requirements of improved safety and better fuel economy." The company also intends to produce such grades as silicon electrical steels and some of the larger size and strength grades for the OCTG market.