Officials say a new $1.3 billion steel mill will be an economic boon for northeastern Arkansas.
A groundbreaking ceremony was held Monday morning near Osceola for the Big River Steel mill, which is expected to bring about 2,000 temporary construction jobs and 500 full-time jobs once it is up and running.
Construction is expected to take about two years. Gov. Mike Beebe called it the largest single business investment in Arkansas.
The mill is the only project that has received state financing under a constitutional amendment approved by voters in 2004 that allows the Legislature to borrow money for economic development. The state is providing $125 million in financing for the mill.
A lawsuit that aims to block the company from building the mill is pending in federal court.
Hear the report that KASU's Johnathan Reaves gave to KUAR's News Director Michael Hibblen here.
Groundbreaking at event. From left to right is Osceola Mayor Dickie Kennemore, Mississippi County Judge Randy Carney, Big River Steel and Recycling Facility CEO John Correnti, Arkansas Governor Mike Beebe, Reverand Tommy Carney and Grant Tennile, Executive Director of the Arkansas Economic Development Commission.
