Steel veteran John Correnti's new proposed project, a flat rolled steel mill in northeastern Arkansas to be known as Big River Steel, cleared another hurdle this week and is one step closer to becoming a reality.
On Wednesday, a House committee on Agriculture, Forestry and Economic Development approved $125 million in state funds to help cover some of the costs of building Big River Steel. The vote was not unanimous.
The House committee vote follows a positive 26-6 vote from the Senate on Tuesday.
Nucor Steel, which operates steelmaking plants in the state, previously issued a letter to lawmakers voicing its concerns over Big River Steel and insisting that the market cannot absorb more steelmaking capacity.
John Correnti once served as the CEO of Nucor.