Arkansas landed its first official “superproject” as Big River Steel announced plans to construct a $1.1 billion-plus steel mill in Mississippi County near Osceola.
The mill will employ 525 workers initially with average annual wages of $75,000 – more than double the state’s per capita income.
The mill will locate on a 1,000 acre site in northeast Arkansas near Osceola giving it access to the Mississippi River, a key factor in the site location. The Mississippi County site beat out several other locations in Arkansas and dozens of other potential sites in 10 other states.
The mill is expected to provide 2,000 construction jobs and could lead to the location of supplier businesses and steel customers locating in the region. Arkansas economic officials also secured a commitment from Big River Steel to steer at least $200 million of the plant’s billion dollar price tag on in-state Arkansas contractors.
Big River Steel was formed by long-time steel executive and entrepreneur John Correnti and a team of industrial and financial investors. Correnti once headed Nucor Steel and its two steel mills also located in Mississippi County. He has nearly 40 years of experience in the steel industry. Click here to read the full story from our partners at TheCityWire.com.