The Daily Independent

Glenn Puit, Editor

NEW YORK – It was a moment of celebration for Northeast Kentucky and Braidy Industries Monday morning at the New York Stock Exchange as company leaders detailed a new global partnership to develop Braidy’s aluminum mill right here in the Tri-State.

Ashland-based Braidy confirmed late Sunday it is partnering with global economic powerhouse En+ Group, which owns a controlling stake in worldwide aluminum supplier Rusal. The partnership involves a $200 million lead investment in the Braidy Atlas aluminum mill at EastPark Industrial Center by the Russian-based Rusal.

“It is a project of global importance,” said Lord Gregory Barker, En+Group executive chairman, during a Monday press conference at the NYSE.

The proposed partners have a letter of intent in place for the investment from Rusal. The deal still has to be approved by boards of directors from both companies. The deal is a major step forward for Braidy, bringing international financial backing to a $1.7 billion mill projected to create some 600 full-time jobs to the Boyd-Carter-Greenup county area, as well as more than 1,000 construction jobs as the plant is constructed.