Hybar raises financing to expand

Hybar has raised $1.1 billion to build a second scrap metal recycling steel rebar mill, immediately next to its existing rebar mill in northeast Arkansas, USA.

Hybar has raised more than $1 billion to increase rebar production in Osceola, Arkansas

Hybar’s existing electric arc furnace (EAF) was commissioned nine months ago following a successful construction effort. The new expansion mill will increase Hybar’s rebar production capacity to approximately 1.3 million tons annually, doubling its rebar production capacity.

Construction of the expansion mill will take approximately two years. Like the existing EAF, the expansion mill will be supplied by SMS group.

Hybar has a special rate power contract with Entergy Arkansas, under which Hybar buys electricity. Entergy Arkansas has one of the lowest carbon emitting electric energy generation portfolios in the United States. Supplementing the relationship with Entergy, Hybar’s sister company, Green & Clean Power, operates the largest industrial behind-the-meter solar and battery storage facility in the United States. The facility is located adjacent to Hybar, and power is fed directly into Hybar’s operations. Once the last of the needed certifications are received and the final harmonic tests are completed later this summer, when the sun is shining, Hybar expects to be the only steel producer in North America capable of producing steel using 100% renewable energy.

Hybar’s chief executive officer, Dave Stickler, said, “We have best-in-class technology, a great site with three modes of transportation, and outstanding highly motivated employees. But what truly differentiates Hybar is our ‘can-do, get-in-done’ culture. Empowering employees, stripping away bureaucracy, pushing decision making down to the mill floor, and constantly looking for better, faster, more sustainable ways to make steel are the keys to Hybar’s success.”