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
Rig count update: US activity stable, Canada slips
The number of oil and gas rigs operating in the US remained unchanged this week for the second consecutive week, while Canadian activity declined, according to the latest data released from Baker Hughes.
SMU market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
Domestic, offshore CRC prices steady
The price spread between US-produced cold-rolled (CR) coil and offshore products on a landed basis was unchanged in the week ended Dec. 20.
SMU Survey: Mill lead times contract slightly, remain short
Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.
Worthington Enterprises’ earnings dip in fiscal Q2’25
Worthington Enterprises' profits edged down in its fiscal second quarter of 205 vs. a year earlier. The company said a slump in sales in the quarter was due largely to the "deconsolidation" of the Sustainable Energy Solutions segment in the fourth quarter of fiscal 2024.