LITTLE ROCK — Big River Steel said Tuesday it had closed on the financing necessary to build a $1.3 billion steel mill in Mississippi County.
A groundbreaking ceremony will be held later this summer, the company said.
Construction is expected to take about two years for the mill, which will produce steel for the automotive, oil and gas, and electrical energy industries. The company has said it will employ more than 500 people at an average annual salary of $75,000.
The state Legislature approved a $125 bond package to help finance the project last year.
“It’s truly been a team effort between our investors, local and state leadership, our management team and many others to get to this point,” John Correnti, Big River Steel’s CEO, stated Tuesday in a news release. “I know firsthand northeast Arkansas has everything we need to operate a world-class mill. Now it’s time to get to work.”
The steel mill, announced in January 2013, will produce steel for the automotive, oil and gas, and electrical energy industries.