Correnti plan a step closer after Senate vote
Apr 03, 2013 | 04:15 PM
| Catherine Ngai
NEW YORK John Correntis proposed $1.1-billion steel mill in Arkansas has moved one step closer to fruition after the state Senate passed legislation approving funding for the Big River Steel LLC project and a House committee verbally agreed to push forward its own version of the bill.
The Arkansas Senate in a 26-to-6 vote on April 2 favored issuing general obligation bonds of $125 million to help fund the proposed 1.7-million-ton-per-year mill. In an April 3 House committee hearing on agriculture, forestry and economic development, House members approved a similar bill, moving it closer to being heard on the chamber floor. If the House also approves the bill, it will go the governor to be signed into law.
In what is being called one of Arkansas largest economic projects to date, the state loan for Big River Steels proposed Osceola, Ark., facility is contingent on the company investing $300 million of its own money and creating 525 jobs with an average wage of $75,000. ....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.