Louisville Business First

Braidy Industries Inc. is getting a $200 million investment to help it build an aluminum rolling mill in Ashland, Ky.

The Wall Street Journal reports that the investment is from United Co. Rusal, a giant Russian aluminum company.

The companies reached a 10-year agreement that would make Braidy the largest customer of Rusal, which would supply the plant with as much as 200,000 metric tons of aluminum each year, according to the report. The deal also would give the Russian company a 40 percent stake in the Braidy subsidiary that will operate the mill.

The deal requires approval from the boards of Braidy and En+ Group PLC, the parent company of Rusal.

Braidy CEO Craig Bouchard told the WSJ that with the investment, the company will reach its goal to raise $500 million in private investments. And that will enable Braidy to secure $1.2 billion in loans to build the plant. He also said he expects to take the company public in July.

The $1.7 billion plant made headlines in 2017 after the Kentucky General Assembly approved a special $15.6 million appropriation, at Gov. Matt Bevin’s urging, to have the state invest in the company to spur economic development in Eastern Kentucky.