Osceola in Running for Massive New Steel Mill

AUGUST 17, 2004 - Posted at 7:30 a.m. CDT

BLYTHEVILLE, AR - The construction of a new $700 million steel mill on the Mississippi River that would employ 450 people could be announced this fall if financing is complete.

The Arkansas Democrat-Gazette reports that SteelCorr chairman John Correnti says the company is considering Osceola in Mississippi County, as well as a site in southern Louisiana and a third location in southern Missouri for the mill.

Correnti said an electricity contract and financing must be worked out before a decision can be made.  He said the electricity costs to run the mill would be in the millions of dollars per month.

Part of the mill would open 16 to 18 months after a site is announced, which he said he hoped would be in late September or early October.

SteelCorr is a new company with investors including billionaire Carl Icahn, GE Capital, the Bank of Austria and "other European lending institutions."

Correnti owns a home in Blytheville and was previously vice president and general manager for the Nucor-Yamato mill near Blytheville.

(The Associated Press contributed to this report.)