Groundbreaking held on $1.3B public-private Arkansas steel mill

Osceola, Ark., played host to a groundbreaking ceremony Monday involving steel executives, Gov. Mike Beebe and other state and area leaders for the $1.3 billion public-private Big River Steel project, according to The Associated Press.

Announced in 2013, the plant is expected to employ 500 employees with an average annual compensation of $75,000 when some 2,000 construction workers finish the job. The state of Arkansas has invested $125 million into the project, representing the largest private investment in the state’s history.

The Big River Steel facility will produce steel for the automotive, oil and gas and electrical energy industries, according to the report. The project faces a legal challenge from a northeast Arkansas competitor, Nucor Steel.

Read more from The Associated Press.