WASHINGTON (dpa-AFX) - United States Steel Corporation ( X) has announced plans to spend $3 billion to build a 'next-generation highly sustainable and technologically advanced' steel mill in Osceola, Arkansas.
The new optimized steel production facility is expected to feature two electric arc furnaces (EAFs) with 3 million tons per year of advanced steelmaking capability, a state-of-the-art endless casting and rolling line, and advanced finishing capabilities.
According to reports, the plant is expected to create at least 900 full-time direct and indirect jobs with annual average wages of at least $100,000.
The site selection is subject to a number of factors, including final agreements with key partners. Permitting for the project is underway and the company expects to break ground in the first quarter of 2022, with project completion and full operation anticipated in 2024.
'With this location selected and shovels ready, we are reshaping the future of steelmaking,' said U. S. Steel President and Chief Executive Officer David B. Burritt. 'We had numerous competitive site options, but Osceola offers our customers incomparable advantages.'
'Arkansas has created an ideal business environment for the growth of the steel industry in our state,' Arkansas Gov. Asa Hutchinson said. '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.'
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