Hybar, a newly formed company, successfully raised $700 million of debt and equity financing to build, start up and operate an environmentally sustainable scrap-metal recycling steel rebar mill in Osceola, Ark. The mill, which is expected to take 22 months to construct, is being built on a 1,300-acre greenfield site with direct access to barge, rail and truck transportation options. It 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 plans to produce 630,000 tons of rebar annually with approximately 154 employees.

Hybar’s mill technology, including the water-treatment facility, is being supplied by SMS group. The substation is being supplied by Primetals Technologies. According to Hybar, its technology is designed to significantly reduce the amount of energy needed to produce rebar, especially when compared to other rebar mills in North America, many of which were built more than 30 years ago.