According to Big River Steel, the borrowing is derived from US$487 million worth of 30-year bonds and US$290 million in equity financing provided by the company’s ownership group.
"The level of interest shown by the bond investor community in supporting Big River Steel's long-term growth … is a testament to the outstanding effort put forth by our employees in meeting the needs of our customers," said Big River Steel finance director Ari Levy.
"Our ability to quickly penetrate several of the most demanding steel markets, including directly selling to a number of the world's leading automakers, was a significant factor leading to our success in issuing what we believe to be the longest maturity bonds in the North American steel industry,"
Through the expansion, Big River will double its capacity to 3.3 million tons annually.
“The expansion also sets the stage for an incremental downstream investment which will allow the company to produce even higher grades of electrical steels,” the company said.