Blog

Osceola, AR – Since 2017, strategic investments in Big River Steel have transformed Mississippi County, Arkansas, from a struggling rural community into the largest steel-producing county in the United States. This transformation has contributed to the creation of approximately 16,000 jobs, revitalizing a region once defined by economic hardship.

Today, Big River Steel operates one of the world’s most advanced high-grade specialty steel plants and holds the distinction of being the nation’s first LEED-certified steel production facility, demonstrating innovation in both quality and sustainability.

From Persistent Poverty to Economic Powerhouse

For decades, Mississippi County struggled with population decline, stagnant wages, and high poverty levels, leading to its designation as one of 341 persistent poverty counties in the United States—counties where 20% or more of the population has lived below the poverty line for over 30 years.

However, the county’s economic trajectory changed with Big River Steel’s launch and expansion, catalyzing more than $4 billion in new investment and positioning the region as a national leader in American steel production.

In fiscal year 2022 alone, U.S. Steel's operations in Arkansas, including Big River Steel, generated an estimated $383.2 million in total economic impact, supported approximately 1,750 jobs, and contributed $16.3 million in state and local tax revenue.

Arkansas Capital Corporation’s Role in Financing Transformation

Arkansas Capital Corporation (ACC) played a critical role in financing the Big River Steel facility. At the request of the State of Arkansas, ACC established the Pine State Regional Center to participate in the EB-5 Investor Program, ensuring Arkansas companies would have access to this valuable program. Previously, Arkansas was one of only nine states without a regional center, limiting its ability to attract large-scale job-creating industries.

Through Pine State Regional Center, ACC was able to provide attractive subordinated debt financing as part of Big River Steel’s total capital stack.

Additionally, ACC leveraged its Heartland Renaissance Fund, a participant in the New Markets Tax Credit (NMTC) Program, which encourages investment in low-income areas. This funding mechanism allowed ACC to provide $19.8 million in NMTC financing to support Big River Steel’s supplier network, strengthening the broader industrial ecosystem.

"Our partnership with Big River Steel exemplifies how strategic financing can drive economic revitalization in rural communities," said Sam Walls, CEO of Arkansas Capital Corporation.

Economic Ripple Effect and Future Growth

Big River Steel’s success has led to multiple expansions in Osceola, fueling a long-term economic boom. In addition to direct job creation, the facility’s growth has supported dozens of suppliers and related industries, attracting further capital and positioning Mississippi County as a strategic hub for American steel manufacturing.

The late Mayor Dickie Kennemore, who led Osceola during the early phases of Big River Steel’s development, once described the project as a game-changer for the region, stating: "The Big River Steel project will change the demographics of Mississippi County and Osceola in particular, now, and for generations to come. It will continue to improve our economy and will positively impact all our citizens and every aspect of their lives, and every entity in our community."

Rep. Bob Goodlatte (R-VA), Former Chairman of the House Judiciary Committee, praised the project, calling it “the poster project of what EB-5 was meant to be.”

About Arkansas Capital Corporation

Founded in 1957, Arkansas Capital Corporation (ACC) is a Community Development Financial Institution (CDFI) dedicated to providing capital to rural and underserved communities. ACC offers financing solutions ranging from microloans to large-scale investment projects through programs like EB-5 and New Markets Tax Credits (NMTCs).

For more information on Arkansas Capital Corporation and its role in financing major economic development projects, visit www.arcapital.com