Steel Products
Big River Steel Repays State Loan Early
Written by Sandy Williams
September 29, 2017
Big River Steel presented a check for $50 million to Arkansas Governer Asa Hutchinson for full repayment of a loan from the State of Arkansas—and did it 17 years early.
The early repayment of this $50 million loan is a strong indication of the financial strength of Big River Steel and reaffirms my confidence in the state’s investment through Amendment 82,” said Governor Hutchinson. “Not only has Big River paid off the loan early, but the company has strengthened our economy with hundreds of millions of dollars in investment.”
The loan from the state was part of a funding package that helped BRS to build its $1.2 billion scrap metal recycling and flat rolled steel production mill. In August, Big River announced the closing on $1.255 billion in financing that it is using to pay down its debts.
“Big River Steel is extremely proud to be able to repay our state of Arkansas $50 million economic incentive loan 17 years early,” stated Big River Steel CEO David Stickler. “Arkansas is a great place to own and operate a business, and I look forward to exploring future growth opportunities with Governor Hutchinson.”
Big River Steel is the single largest private investment in the history of the state of Arkansas. The company’s Flex Mill produced its first steel in December 2016 and now has more than 120 customers in the automotive, energy, construction and agricultural industries.
{loadposition reserved_message}

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products

US rig count up, Canada declines
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.

US, offshore CRC prices continue to diverge
US cold-rolled (CR) coil prices declined again this week, slipping for a third straight week. Most offshore markets did the opposite, moving higher this week.

S232 lifts EU HR price over US, Asian HR still well behind
Domestic hot-rolled coil prices were flat this week after dropping for four straight weeks. Most offshore markets bucked the trend and gained ground.

SMU Steel Demand Index dips into contraction
SMU’s Steel Demand Index has moved into contraction, according to late April indicators. The slowdown comes in response to growing tariff uncertainty after the index reached a four-year high in late February.

Nucor selects Fives Group for new galv line at CSI
Nucor Corp. has tapped Fives Group as its partner in designing and manufacturing the new continuous galvanizing line being added at its California Steel Industries (CSI) joint venture in Fontana, Calif.