LITTLE ROCK (AP) - Arkansas Teacher Retirement System Trustees have agreed to invest in the planned $1 billion Big River Steel LLC mill in Osceola.
Trustees briefly discussed the project in their Monday meeting before approving the investment on a voice vote.
System Director George Hopkins told members the investment doesn't rely on a middleman who would claim a portion of profits. Member Danny Knight said the board regularly helps finance projects outside of Arkansas and that it should be eager to back an in-state endeavor.
Hopkins says a due diligence study the panel used was made through a contract made by the Arkansas Economic Development Commission, which is exempt from the state public records law.
The project still needs the Legislature to sign off on a $125 million loan.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.