The Pittsburgh-based steelmaker US Steel acquired mini mill operator Big River Steel for $1.4 billion in 2021. It's now expanding its mini-mill operating in the south, where it's building Big River 2. The new $3 billion mill is under construction in Osceola, Arkansas.
US Steel lined up $240 million in unsecured Arkansas Development Finance Authority environmental improvement revenue bonds to help finance the project. They have a coupon rate of 5.7% and become mature in 2053.
The steelmaker will have to pay interest on a semiannual basis.