Hybar, a newly formed company, recently revealed it had successfully raised $700 million in capital to build, start up and run a technologically advanced, environmentally sustainable scrap metal recycling steel rebar mill in Osceola. Osceola is a Mississippi Delta town in northeast Arkansas that is working its way back from challenging economic times over the past 20 years as jobs were moved overseas. The city’s population is approximately 8,000, and for the first time in years is growing as new homes are being constructed.
“Osceola has proven that we can attract world-class companies like Hybar due to our location directly on the Mississippi River and our access to both a Class One mainline railroad and an extensive interstate highway network. This provides barge, rail and truck transportation options,” Osceola Mayor Joe Harris commented. “The tax income generated from the newly located companies will be used to fund infrastructure, improve our schools and create opportunities to improve the quality of life for all of our residents. We thank Dave Stickler, the Hybar team and their investors, for continuing to be such strong proponents of our community and for once again recognizing the outstanding work ethic of our residents.”
The Hybar investment follows a $2 billion investment Dave Stickler and his investor group made on the outskirts of Osceola seven years ago and a $3 billion investment U. S. Steel is currently making on the outskirts of Osceola.
Hybar furthers northeast Arkansas,’ and in particular Osceola’s, position as home to North America’s most advanced and environmentally sustainable steel-making facilities. Hybar’s steel-making technology is designed to significantly reduce the amount of energy needed to produce rebar while also greatly limiting greenhouse gas emissions. Hybar expects its greenhouse gas emissions to be the lowest among all North American steel producers, and likely the lowest in the world.
“After launching and operating the highly successful Big River Steel, our team is excited about locating another facility in the same area,” said Stickler, Hybar’s chief executive officer. “Arkansas is a business-oriented can-do state and nowhere is that more evident than in Osceola.”
Hybar plans to produce 630,000 tons of rebar annually with approximately 154 employees (4,090 tons of rebar production per year per employee). 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.
Hybar has committed to creating no less than 140 direct jobs that pay on average no less than $125,000 annually and 60 independent direct jobs that pay an average of no less than $75,000 annually.
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