Pittsburg-based company United States Steel Corporation announced on Tuesday that it is building a $3 billion mill in Northeast Arkansas, in Osceola to be precise, and is expected to employ at least 900 people.
U. S. Steel President and CEO David B. Burritt said in a statement, “With this location selected and shovels ready, we are reshaping the future of steelmaking. We had numerous competitive site options, but Osceola offers our customers incomparable advantages.”
With construction expected to begin early this year and to be completed in 2024 at the Osceola site. Osceola is about 50 miles north of Memphis, Tennessee.
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 Lawmakers passed an incentive package last month, aimed at helping lure the steel project to the state, including an income tax credit for recycling equipment for the facility.
Arkansas Governor Asa Hutchinson said, “Arkansas has created an ideal business environment for the growth of the steel industry in our state. 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.