River Steel announced Tuesday the latest step forward in constructing its Arkansas mill, closing on necessary financing to start construction on the $1.3 billion facility. A formal groundbreaking ceremony is scheduled for later in the summer, and construction is expected to take two years.
"It's truly been a team effort between our investors, local and state leadership, our management team, and many others to get to this point," said John Correnti, Big River CEO. "I know firsthand northeast Arkansas has everything we need to operate a world-class mill. Now it's time to get to work."
"The economic impact Big River Steel will have on the state of Arkansas is tremendous," said 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. We appreciate the Arkansas Development Finance Authority and Arkansas Teacher Retirement System working hard to make this project possible."