Arkansas Superproject-Investment

Arkansas Superproject-Investment

Ark. teacher fund to invest in Osceola steel mill

LITTLE ROCK, Ark. (AP) - Trustees of the Arkansas Teacher Retirement System are to vote on a proposal to invest $60 million in a steel mill that is planned in Osceola.

System Director George Hopkins says his staff and a consultant spent six months researching the project prior to Monday's expected vote. Hopkins says the project appears sound and could generate a 40 percent return for the fund within five years.

The $60 million investment, if it happens, represents about one-half of 1 percent of the fund's $12.25 billion balance.

Gov. Mike Beebe announced the $1 billion Big River Steel mill last week. The project needs the Legislature to sign off on a $125 million loan. The Teacher Retirement System investment is contingent on the loan being approved and regulatory hurdles being cleared.

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