LITTLE ROCK, Ark. (AP) — United States Steel Corporation is buying a minority stake in an Arkansas-based steel company for $700 million.
Big River Steel of Osceola announced Tuesday it had entered into an agreement with the Pittsburgh-based steel company. Under the agreement, U.S. Steel will hold a 49.9% ownership interest in Big River Steel and will hold an option to acquire the remaining 50.1% within the next four years.
Big River Steel began operations at its $1.3 billion mill in Osceola in 2017 and last year announced an expansion of the facility that will add 500 new jobs. The plant was Arkansas’ first “superproject” under a 2004 constitutional amendment that allowed the state to borrow money to help lure major employers.