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Arkansas Senate Approves Steel Mill Proposal
04/03/2013 - The Arkansas Senate on Tuesday approved Gov. Mike Beebe's proposal to provide Big River Steel with US$125 million in state financing to help build a new steel mill in northeastern Arkansas, the Associated Press reports.
The Arkansas Senate on Tuesday approved Gov. Mike Beebe's proposal to provide Big River Steel with US$125 million in state financing to help build a new steel mill in northeastern Arkansas, the Associated Press reports.
Without any discussion on the chamber floor, the Senate approved a bill authorizing the plan, which Beebe has called one of the largest economic projects ventures in Arkansas history.
The legislation authorizes Arkansas to issue bonds to provide a loan and pay some construction costs of a US$1.1 billion steel facility in Osceola. Big River Steel has promised to create at least 525 permanent jobs with an average wage of US$75,000.
Lawmakers still must pass a separate budget bill in order to grant final approval to Beebe's proposal. That measure will require a three-fourths majority in both chambers to pass. The Senate's 26-6 vote Tuesday was one vote shy of that required supermajority. A House panel is expected to vote on the project on Wednesday…
Click here to continue reading this Associated Press article at BusinessWeek.com.
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