U.S. Steel Corp. will build a steel mill in Osceola, Ark., near the company’s existing Big River Steel mill. The new $3 billion mini mill will add two electric arc furnaces to the site and almost double its annual capacity, increasing it by 3 million tons of raw steel to 6.3 million tons per year.
The announcement comes amid an extended supply chain crisis that has made it more difficult for manufacturers to get their hands on finished steel and a long-term trend in domestic steel companies toward expansion.
The company said steel from the new mill will target automotive, appliance, and construction end-markets with a product mix of 40 percent cold-rolled steel, 30 percent hot-rolled and 30 percent coated steel.
The company expects the mill to be operational in 2024.
Source: Industry Week