In a statement, Hybar said the mill is being built on a 1,300-acre greenfield site with direct access to barge, rail and highway. It is expected to take 22 months to construct. 

“The mill will produce a full complement of high-yielding rebar that will primarily be used in large infrastructure projects, including projects supported by the Infrastructure Investment and Jobs Act and the Inflation Reduction Act,” the company said. 

Of the US$700 million raised, US$470 million will be spent on construction, and the remainder will be used to start up and operate the mill and pay certain debt service costs during construction.

Hybar will employ 154 people and produce 630,000 tons of rebar annually. It said it will be one of the most labor-efficient steel producers in the world, and also one of the cleanest, with a direct connection to an adjacent solar facility. 

“This will allow the company to know with certainty that during certain periods of the day the electricity being used to run the mill is being generated from 100% renewable sources,” it said. 

Hybar's mill technology, including the water treatment facility, is being supplied by SMS group. The substation is being supplied by Primetals Technologies.