(1) The taxpayer is a "qualified manufacturer of steel" as defined in § 26-52-911; or

(2)

(A) The taxpayer operates a steel mill in Arkansas which began production after February 13, 1991; and

(B) The taxpayer has invested, after February 13, 1991, in excess of one hundred twenty million dollars ($120,000,000) in the steel mill, which investment expenditure is for one (1) of the following:

(i) Property purchased for use in the construction of a building or buildings or any addition or improvement thereon to house the steel mill;

(ii) Machinery and equipment to be located in or in connection with the steel mill. Motor vehicles of a type subject to registration shall not be considered as machinery and equipment; or

(iii) Project planning costs; construction labor costs, including on-site direct labor and supervision whether employed by a contractor or the project owner; architectural or engineering fees; right-of-way purchases; utility extensions; site preparation; parking lots; disposal or containment systems; water and sewer treatment systems; rail spurs; streets and roads; purchase of mineral rights; land; buildings; building renovation; production, processing, and testing equipment; freight charges; building demolition; material handling equipment; drainage systems; water tanks and reservoirs; storage facilities; equipment rental; contractor's cost plus fees; builders risk insurance; original spare parts; job administration expenses; office furnishings and equipment; rolling stock; capitalized start-up costs as recognized by generally accepted accounting principles; and other costs related to the construction.