Osceola, Arkansas - United States Steel Corporation has announced plans to build a new mill in Arkansas worth $3 billion, and the electric ARC furnaces planned would help the company make sustainable steel.

The "next-generation highly sustainable and technologically advanced" steel mill in the town of Osceola is expected to feature two electric arc furnaces (EAFs) with three million tons of advanced steelmaking capability per year.

It will also feature a state-of-the-art endless casting and rolling line and enhanced finishing capabilities.

According to reports, the plant is expected to create at least 900 full-time jobs with average annual wages of at least $100,000.

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The exact site selection in Osceola, Arkansas is still subject to a number of factors, including final agreements with key partners, but permits for the project are underway. The company expects to break ground in the first quarter of 2022, with project completion and full operation anticipated in 2024.

"With this location selected and shovels ready, we are reshaping the future of steelmaking," US Steel's president and CEO David B Burritt said. "We had numerous competitive site options, but Osceola offers our customers incomparable advantages."

"Arkansas has created an ideal business environment for the growth of the steel industry in our state," Arkansas Governor Asa Hutchinson said.

"The investment and high paying jobs that will result from this announcement will make a real difference in the lives of many families in North-east Arkansas," he added.