“Several years ago, we embarked on a transformative vision for U. S. Steel,” U. S. Steel president and chief executive David B. Burritt said during a ceremony on Tuesday. “Now we celebrate, as we take another significant step forward in becoming the steel company of the future. This facility is engineered to bring together the most advanced technology, to create the steel mill of the future that delivers profitable sustainable solutions for our customers.”

Located in Osceola, Ark., the mill will be built next to the company’s Big River Steel plant. Equipped with two electric arc furnaces, endless cast-roll equipment and advanced finishing lines, the mill will be capable of producing 3 million tons annually.

“We are excited to break ground on the project,” Arkansas Gov. Asa Hutchinson said during the ceremony. “Once it is finished, it will be the largest single project investment in the state’s history. This is a great opportunity for Arkansas, and I am thrilled to watch the impact this project will have on the northeast Arkansas economy as well as the families of the workers to be employed by the mill.”

The mill is expected to enter service in 2024.

You can watch the entire groundbreaking ceremony here.