Gov. Mike Beebe announced plans yesterday for the Big River Steel, LLC  to build a $1.1 billion steel mill in Osceola.

This company will employ 525 people with annual average compensation of $75,000 a year.

The project will employ another 2,000 people while under construction, the governor said. When completed, Big River will produce steel for the automotive, oil and gas and electrical energy industries. Customers of the steel will include Siemens, ABB and Emerson Electric.