Arkansas Teacher Retirement System to invest in Osceola steel mill

    1:07 PM, Feb 4, 2013   |    comments
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    LITTLE ROCK, Ark. (AP) - Arkansas Teacher Retirement System Trustees have agreed to invest in the planned $1 billion Big River Steel LLC mill in Osceola.

    Trustees briefly discussed the project in their Monday meeting before approving the investment on a voice vote.

    System Director George Hopkins told members the investment doesn't rely on a middleman who would claim a portion of profits. Member Danny Knight said the board regularly helps finance projects outside of Arkansas and that it should be eager to back an in-state endeavor.

    Hopkins says a due diligence study the panel used was made through a contract made by the Arkansas Economic Development Commission, which is exempt from the state public records law.

    The project still needs the Legislature to sign off on a $125 million loan.

    More headlines:

    A closer look at Big River Steel CEO John Correnti

    Big River Steel bringing $1 billion steel Mill to Osceola

    Ark. gov. announces $1.1 billion steel mill plan

    (Copyright 2013 The Associated Press. All rights reserved.)

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