OSCEOLA, AR (AP, abc24.com) - Big River Steel, LLC announced Tuesday that it plans to build a $1.1 billion steel mill in Mississippi County, Arkansas, bringing more than 500 jobs to the area.
Gov. Mike Beebe says developers will build the steel mill in Osceola if legislators approve start-up funding for the project.
The project would produce 525 jobs to start. About 2,000 construction jobs must also be filled while the site is developed.
The governor had said in his state of the state address that the state was in line for an "advanced manufacturing facility" if the Legislature would approve incentives. Under Amendment 82, the state can borrow up to $235 million to attract business.
“A project of this scope will be a catalyst for job creation, investment and economic development beyond this one facility,” Governor 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.”
Big River will produce steel for the automotive, oil and gas and electrical energy industries. Construction of the mill will take approximately 20 months from ground breaking which is expected later this year, once approved.
According to a state press release, the average annual compensation for mill workers will be $75,000 a year.