Big River Steel said Friday it will spend $1.2 billion to expand its scrap recycling and steel production facility near Osceola and hire another 500 workers.
The new jobs will pay an average salary of $75,000, the Arkansas Economic Development Commission said in a joint statement with the company.
The expansion will double the plant’s hot-rolled steel production capacity to 3.3 million tons annually, Big River Steel said. Major construction will begin this year and continue for about 24 months.
Operations at the $1.3 billion mill began in early 2017. AEDC said Big River Steel will receive a recycling equipment tax credit for the expansion.
Read Saturday's Arkansas Democrat-Gazette for full details.
The Associated Press contributed to this story.