United States Steel Corp. on Tuesday announced it's building a $3 billion mill in northeast Arkansas that's expected to employ at least 900 people.
The Pittsburgh-based company announced it has chosen Osceola for the site of its new mill, with construction expected to begin early this year and to be completed 2024. Osceola is about 50 miles (80 kilometers) north of Memphis, Tennessee.
“With this location selected and shovels ready, we are reshaping the future of steelmaking,” U. S. Steel President and CEO David B. Burritt said in a statement. “We had numerous competitive site options, but Osceola offers our customers incomparable advantages.”
Arkansas lawmakers last month passed an incentive package aimed at helping lure the steel project to the state, including an income tax credit for recycling equipment for the facility.
The facility will be located near the existing Big River Steel plant, also owned by U.S. Steel. Another steel mill owned by Nucor Steel is also in the area.
“Arkansas has created an ideal business environment for the growth of the steel industry in our state,” Gov. Asa Hutchinson said. “The investment and high paying jobs that will result from this announcement will make a real difference in the lives of many families in Northeast Arkansas."
U.S. Steel said the new facility will have two electric arc furnaces with 3 million tons per year of advanced steelmaking capability, a “state of the art" endless casting and rolling line, and advanced finishing capabilities.