The US sustainable infrastructure investment company Generate Capital's announcement will provide a US$200 million loan to a US rebar producer Pacific Steel Group for a rebar micro mill in Mojave, California.

That mill in Mojave will convert locally sourced scrap steel into high-quality materials for the construction industry and customize the lengths of steel bars. This project eliminates the need to ship scrap and finished steel to and from California, providing transportation cost advantages and saving on carbon emissions.

This new plant, with an initial investment of nearly US$350 million, is expected to begin operations by the end of 2026, with an annual production capacity of 380,000 tons.