Hybar, a newly formed company, announced on August 2 that it has raised US$700 million of financing to be used in the construction, launch, and operation of a technologically advanced, environmentally sustainable scrap metal recycling steel rebar mill.

Among the raised US$700 million, US$470 million will be used to build the rebar mill, and the remaining financing will be spent to launch and operate the mill and pay certain debt servicing costs during construction.

The new rebar mill will be located in northeast Arkansas, covering an area of 1,300 acres. The construction is expected to take 22 months. The annual production capacity of this rebar mill is planned to be 630,000 tons.