Correnti plan a step closer after Senate vote

Apr 03, 2013 | 04:15 PM | Catherine Ngai

Tags  Big River Steel, John Correnti, Nucor, Sam Commella, Arkansas mill, Osceola mill, Severstal, SeverCorr Catherine Ngai

NEW YORK — John Correnti’s 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 Steel’s 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. ....

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