Hybar

Hybar (formerly Highbar) is a scrap metal recycling and steel manufacturing company that claims to run on 100% renewable energy, limiting greenhouse gas emissions.

As of October 2023, the rebar mill was being built in Northeast Arkansas on a 1,300-acre greenfield site and was expected to take 22 months to construct. The company planned to produce 630,000 tons of recycled rebar annually for use in major infrastructure projects.

Key customers and partnerships

As of October 2023, Hybar mill’s technology, including the water treatment facility, was being supplied by SMS group and the substation was being supplied by Primetals Technologies. In addition, Hybar has a special rate power contract with Entergy Arkansas, which allows Hybar to purchase power to supplement the adjacent solar generation when needed.

In August 2023, the company announced that it had already pre-sold 24% of the steel mill's output for the next 10 years under long-term contracts.

Funding and financials

In August 2023, Hybar raised USD 700 million in equity financing, including the issuance of USD 330 million in 25-year bonds. The company expects to use USD 470 million for construction of the rebar recycling facility and the remainder for start-up and operation, as well as debt service costs during construction.