In August 2023, Hybar announced that it had successfully raised $700 million of debt and equity financing to build, start-up and operate a technologically advanced, environmentally sustainable scrap metal recycling steel rebar mill in Osceola, Arkansas.
The combination of favorable location, advanced technology, production scale, and labor efficiency positions Hybar to become the most cost-efficient and most environmentally sustainable rebar producer in North America. Hybar will be able to produce steel using 100% solar energy through a direct connection to an adjacent, behind-the-meter solar installation. This capability will be the first in North America.
Hybar is being built in Osceola, Arkansas, adjacent to both the Mississippi River and a dual line rail line operated by BNSF Railway and in close proximity to an expansive highway system. These transportation options expand Hybar’s geographic reach compared to other rebar producers that are generally limited to truck and rail and sometimes only truck transportation modes.