OSCEOLA, AR (KAIT) – A deal has been finalized to bring a new steel mill to Mississippi County.
Big River Steel LLC announced Tuesday the company officially closed on the financing to build the $1.3 billion steel mill, according to the Arkansas Economic Development Commission.
The mill will employ more than 500 people with an annual pay of $75,000.
A formal groundbreaking ceremony will be scheduled later this summer, according to AEDC. Construction is expected to last two years.
The mill will produce steel for the automotive, oil and gas and electrical energy industries. Big River Steel announced plans to build the mill in 2013.