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    Arkansas Business headlines for Jan. 30

    7:12 AM, Jan 30, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Stocks rise as the Dow moves closer to the 14,000 mark. 

    The Dow ended the day at 13-9-54, up 73 points. It's the highest the Dow has been in five years, and on the month, has risen 6.5 percent.

    The S&P also beating five-year marks. It was up eight to 15-08. The Nasdaq hanging in there, unchanged at 31-54.

    The Dow seeing its highest levels in five years -- for the month, it's risen 6.5 percent.

    The S&P also beating five-year marks with its finish yesterday.

    Here in Arkansas, the big economic development news the governor promised finally unveiled.

    Mike Beebe announcing a new $1.1 billion steel mill in Osceola to be built by Big River Steel.

    The plant -- which will make steel for use the automotive, oil and gas and electrical energy industries -- will employ 525 workers at salaries that will average around $75,000.

    The plant will also employ 2,000 construction workers. Construction is set to begin before the end of this year -- possibly by August.

    The company's CEO is John Correnti, an Arkansas native who's a former CEO with Nucor Corp., which has a major steel operation Mississippi County. He says customers for the mill's products will include Siemens and Emerson Electric. He said he'll also be lobbying to have Welspun Pipes of Little Rock as a customer.

    In all, Beebe says Mississippi County may become the second-largest producer of steel in the country once the plant gets underway.

    Before the deal is done, however, Beebe and his economic development team will ask the Legislature for $125 million in funding to cover the operations' start-up costs.

    The legislation will filed under Amendment 82, which was passed by Arkansas voters in 2004 and gives the state the authority to borrow up to $235 million to cover a business' start-up costs.

    The Legislature will have 20 days to approve the project.

    (Source: Arkansas Business)

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