Big River Steel, LLC, will invest more than $1 billion to build a steel mill in Mississippi County, Arkansas, which will manufacture steel for the automotive, oil and gas and electrical energy industries and employ more than 500.
The Governor’s office said plans are contingent on approval by the legislature authorizing the state to issue $125 million in general obligation bonds under the authority of Amendment 82, which allows state legislators to approve up to 5 percent of the state’s general revenue budget to be used for bonding of super economic development projects. The firm also has to meet regulatory and permitting requirements.
John Correnti Big River Chief Executive Officer said; “Arkansas’s geographic location in the heart of the markets we intend to serve, the state’s well-developed transportation infrastructure as well as the availability of reliable electrical power and the ‘can do attitude’ of the government officials in Little Rock, Mississippi County and Osceola, make Arkansas a great place for Big River Steel to make its investment.”
“A project of this scope will be a catalyst for job creation, investment and economic development beyond this one facility,” Governor Mike Beebe said. “Building Big River Steel will mean up to 2,000 construction jobs, and it will help us recruit more supplier businesses and steel consumers to Northeast Arkansas.”
“The Big River Steel project will change the demographics of Mississippi County and Osceola in particular, now, and for generations to come,” said Mayor Dickie Kennemore. “It will continue to improve our economy and will positively impact all our citizens and every aspect of their lives, and every entity in our community.”