The Blytheville Courier-News reported that Big River Steel is all set to begin construction on its new Osceola, Ark., plant during the month of July, following full approval of financing which took place Monday.
According to project founder and CEO John Correnti, “All the equities, the German banks, everything went through,” he said, “So it’s signed, sealed and delivered, a done deal. We’re getting our construction contracts finalized, and our construction team will start moving into Osceola after July 4. This is the result of a lot of hard work.”
The plant is expected to employ more than 500 people with an average annual salary of $75,000 once it’s up and running. Construction on the steel mill is expected to take about two years. The facility will produce steel for the automotive, oil and gas and electrical energy industries.
Weakening prices changed direction when the spot price of the US HRC futures contract rose 1.2 percent on Wednesday, July 2 to $660.00 per short ton. The 3-month price of the US HRC futures contract increased 0.5 percent to $638.00 per short ton.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.48) and a low price of CNY 830.00 ($133.87) per dry metric ton. The price of Chinese HRC remained essentially flat at CNY 3,380 ($545.16) per metric ton. The price of Chinese coking coal was unchanged at CNY 1,390 ($224.19) per metric ton.
For the fifth day in a row, the cash price of steel billet remained essentially flat on the LME at $395.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.