Big River aims to displace imports: Correnti
Feb 11, 2013 | 04:54 PM
| Catherine Ngai
NEW YORK John D. Correntis proposed $1.1-billion steel project in Osceola, Ark., aims to displace steel imports by offering higher-grade product domestically, the steel industry veteran says.
"We hope to sell a lot of steel that today is imported into the country for whatever reasonprice consideration is one, but more than likely its size and a grade situation where some of the mini-mills wont be able to make (product)," Correnti told AMM. "Were always importing steel here. In robust times, we import a lot more than (in) recessionary times ... and, of course, freight and logistics are very important factors."
Correntis new venture announced last month, Big River Steel LLC, is contingent on the state legislature authorizing the issuance of $125 million in general obligation bonds under Amendment 82, which allows the legislature to approve up to 5 percent of Arkansas general revenue budget for bonding of "superprojects." The money generated by the sale of the bonds would provide a $50-million loan to the company, $50 million for site preparation, $20 million associated with piling and subsurface stabilization and $5 million for bond issuance costs. ....
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