NORTHAMPTON, MA / ACCESSWIRE / January 29, 2024 / Koch Industries
Koch Minerals & Trading (KM&T) recently participated in a $700 million debt and equity financing round for Hybar, a newly formed company that plans to build, start up and operate a technologically advanced and energy-efficient scrap metal recycling steel rebar mill in Arkansas.
- KM&T joined TPG Rise Climate and Global Principal Partners in the investment, $470 million of which will be spent to build the mill, with the remainder used to start up and operate it, build a solar power plant and port facility, and pay certain debt service costs during construction.
BY THE NUMBERS:
- The mill is expected to take 22 months to build on a 1,300-acre site with direct access to barge, rail, and truck transportation options.
- Hybar plans to produce 630,000 tons of rebar annually with approximately 154 employees, or 4,090 tons per employee.
WHY KOCH INVESTED: "We're excited to support Hybar in bringing this transformational scrap metal recycling facility to market," said Vance Holtzman, senior vice president of KM&T Investments. "Moving forward, we see this as a mutually beneficial partnership, matching KM&T's capabilities with the Hybar and TPG teams' proven track record in developing innovative projects that meet market needs."
- The partnership with Hybar follows a successful investment in Big River Steel, which was subsequently fully acquired by U.S. Steel.
- KM&T subsidiary Koch Metallics will provide metallics procurement services to Hybar and risk management services to Hybar customers.
WHAT THEY'RE SAYING: "We're proud to have the backing of Koch Minerals & Trading as part of a group of investors that see the potential promise of our innovative scrap metal recycling steel rebar technology," said Hybar CEO Dave Stickler.
GO DEEPER: Read more about Koch Minerals & Trading.
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Contact Info:
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SOURCE: Koch Industries
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