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OSCEOLA, Ark. (AP) - Big River Steel says it has closed on the financing needed to build its $1.3 billion steel mill in northeastern Arkansas.

The company announced Tuesday that it would hold a formal groundbreaking ceremony later this summer at the site in Mississippi County. The plant is expected to employ more than 500 people with an average annual salary of $75,000 once it's up and running.

Construction on the steel mill is expected to take about two years. The facility will produce steel for the automotive, oil and gas and electrical energy industries.

The project was announced early last year, and the Legislature has approved the issuance of $125 million in bonds for the mill.

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