By MARK MAYNARD, Kentucky Today

ASHLAND, Ky. (KT) – Braidy Industries CEO Craig Bouchard expressed confidence Tuesday that the company is in perfect position to open its $1.7 billion Braidy Atlas mill in northeastern Kentucky in 2021 – and it has done it faster than anybody expected.

As of Tuesday, he said, $300 million has been raised and the majority of the capital needed is now in hand either in cash, binding commitments or letters of intent.

In other words, he said, it’s coming.

“Our progress building one of the largest mills in the world has gone faster than any project of this size in memory,” Bouchard said…


Glenn Puit, Editor, The Daily Independent

Braidy Industries Chief Executive Officer Craig Bouchard said the company is on track for opening its Atlas mill in 2021 with the company also on schedule for raising the necessary capital.

Bouchard said Tuesday the mill’s projected total cost is $1.7 billion. As of Tuesday $300 million has been raised and the majority of the remaining capital needed is now in hand in cash, binding commitments or letters of intent.

“Between the debt and equity markets the total cost of the mill is $1.7 billion,” Bouchard said. “In essence that is the raise between debt and equity to pay for it. Braidy Industries has raised over $300 million of cash equity to date. So we have had a tremendous amount of success and we have a very strong interest level from people in negotiating with us for the final pieces.”

Bouchard said Braidy is going to be able to raise the remaining capital.

“The majority of our capital raise — both debt and equity — is now in hand in cash, binding commitments or letters of intent,” Bouchard said…


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.


By Will Wright

Braidy Industries, which plans to build a $1.7 billion aluminum mill near Ashland, will partner with a Russian company previously blacklisted by the U.S. government for alleged meddling in the latest presidential election.

Rusal, one of the largest aluminum producers in the world, announced in a news release Monday that it will invest in the project, taking a 40 percent ownership share of the mill, and provide aluminum to Braidy Industries.

The two companies have entered into a Letter of Intent, and expect to sign a binding document in the second quarter of 2019, according to the release.

The partnership represents a potential $200 million lead investment by Rusal, said Jaunique Sealey, Braidy’s Executive Vice President of Business Development, during a news conference at the New York Stock Exchange.

“Rusal is the only company worldwide which could supply low carbon aluminum at the scale required by Braidy Industries,” Sealey said.


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.


NEW YORK — Braidy Industries and En+ Group have announced the execution of a letter of intent specifying basic terms for a potential $200 million lead investment for its Braidy Atlas mill by En+ Group subsidiary, Rusal.

Rusal is the world’s largest producer of aluminum outside of China and historically has been the U.S.’ number two non-domestic supplier of prime aluminum. The LOI becomes binding subject to the final approval by the respective boards of both companies. In exchange for its investment, Rusal will obtain a 40 percent share in the project. Rusal will serve as Braidy’s exclusive supplier of low-carbon aluminum, providing close to 2.0 million mtons over 10 years. This will be the world’s largest order for one mill of high-quality, pre-alloyed and low-carbon primary aluminum slabs. Braidy Atlas mill’s primary aluminum purchase has a market value of approximately $500 million per year.

En+ Group Executive Chairman and respected climate action advocate, Lord Barker, will assume the role of co-chairman of the Braidy Atlas mill alongside Braidy Industries Chairman and CEO Craig Bouchard.

This strategic partnership aims to create on an end-to-end basis, the first low-carbon impact industrial aluminum rolling mill operation in the world. Braidy Atlas mill will be the first North American company to contract Rusal’s premier ALLOW-branded (certified low-carbon) aluminum slabs and P1020 as its exclusive primary inputs. No U.S. domestic smelter currently delivers low-carbon primary aluminum slabs. Rusal is the sole primary aluminum producer globally that is capable of meeting Braidy’s quantity requirements and sustainability standards. This partnership will enable Braidy to become the first company to use 100 percent low-carbon inputs on a permanent ongoing basis.


Edited by DeAnne Toto

Rusal will obtain a 40 percent stake in the project in exchange.

Ashland, Kentucky-based Braidy Industries Inc. and Russia-based En+ Group PLC have announced the execution of a letter of intent (LOI) specifying basic terms for a potential $200 million lead investment for its Braidy Atlas mill by En+ Group subsidiary, United Company Rusal PLC.

En+ Group is a leading international vertically integrated aluminum and hydropower producer. The company’s power plants have a total installed capacity of 19.5 gigawatts, including 15.1 gigawatts of hydropower assets, and 3.9 million metric tons of annual aluminum production capacity through a controlling stake in UC Rusal PLC, the world’s largest aluminum producer outside of China in 2018, which is the major consumer of En+ Group’s hydroelectricity. Rusal historically has been the U.S.’ No. 2 nondomestic supplier of prime aluminum.

The LOI will become binding after the approval of both companies’ boards. In exchange for its investment, Rusal will obtain a 40 percent share in the project, which plans to construct a greenfield aluminum rolling mill to serve the automotive and aerospace industries. Rusal will serve as Braidy’s exclusive supplier of low-carbon aluminum, providing roughly 2 million metric tons over 10 years, according to a news release issue by Braidy. This will be the world’s largest order for one mill of high-quality, prealloyed and low-carbon primary aluminum slabs. Braidy Atlas mill’s primary aluminum purchase has a market value of approximately $500 million per year, according to the company.


by Staff

With the weight of sanctions finally lifted from its shoulders, Russian Federation aluminium giant U.C. Rusal announced earlier today a joint venture with Braidy Industries to construct and operate a flat-rolled aluminium rolling plant in Ashland, Kentucky.

Per Rusal, the mill will have a nameplate capacity of 800 thousand metric tons per annum, with 500 thousand metric tons per annum devoted to hot-rolled band, and the balance to fully-finished cold-rolled aluminium products. The mill will feature state-of-the-art equipment, including the widest cold-rolling mill in the United States at 104”.

The new mill will be fed raw aluminium from Rusal’s own smelters, specifically from operations at an under-construction smelter in Taishet, Siberia. Once constructed, Rusal will retain a 40-percent share, with the remaining ownership vesting in Braidy.

Though the two firms agree on the broad details of the project, a myriad of minute arrangements remain to be settled. As a result, the parties drafted a Letter of Intent on the project that spells out commercial conditions for the joint venture as well as establishing a framework for future negotiations. The document will likely be signed by the conclusion of the current quarter.


by Nadine Bloxsome

RUSAL and Braidy Industries will construct a greenfield aluminium rolling mill in Kentucky

RUSAL and Braidy Industries Inc., and NanoAl, a Northwestern University incubated materials research and technology company, have announced an intent to establish a joint project in Ashland, Kentucky, USA to produce flat rolled aluminium products for the US automotive industry.

The design capacity of the rolling mill will amount to 500 thousand tons of hot rolled band and 300 thousand tons of fully finished cold rolled products on an annual basis. It will be the widest US-based cold rolling mill with a width of 104 inches. The output from the mill will aid towards rebalancing the anticipated deficit of the auto body sheet in the US market.

The mill will operate with state-of-the art equipment provided by industry leaders. This will ensure market leadership whilst providing a sustainable competitive advantage in the long term.

RUSAL will supply aluminium (both in slab alloys and as a primary metal) for the new rolling mill from its new Taishet aluminium smelter that is currently under construction in Siberia. Delivering value added products (“VAP”) to the new Kentucky mill is consistent with RUSAL’s commitment to increase the share of its VAP offerings as part of the Company’s total production and sales.

In exchange for its investment RUSAL will earn a 40% share. Braidy Industries will keep the balance 60%. The project debt will be raised from several financial institutions.



FRANKFORT, Ky. (AP) — An aluminum company planning to build a $1.7 billion plant in Appalachia said Monday it’s forging a partnership with a Russian company that until recently faced U.S. sanctions.

Russian aluminum giant Rusal wants to invest $200 million in a Kentucky taxpayer-backed aluminum rolling mill that Braidy Industries intends to build near Ashland, Kentucky. Rusal would supply aluminum for the new mill from a smelter under construction in Siberia.

Rusal said it would assume a 40 percent ownership stake in the mill in return for the investment, the Russian company said in a release.

Braidy would hold the other 60 percent share in the plant, which will produce aluminum sheet primarily for the transportation industry, including the automotive, aerospace and marine sectors.

The project is expected to create 1,500 construction jobs and more than 650 full-time jobs once the plant starts production, which is expected in early 2021. The plant is to be built not far from where Ohio, Kentucky and West Virginia meet on the Ohio River.

Rusal had been among Russian companies hit with U.S. sanctions for connections to Russian oligarch Oleg Deripaska. The U.S. Treasury Department announced in January it was removing Rusal and two other companies from its sanctions list on the grounds that the companies have reduced Deripaska’s direct and indirect shareholding stakes in the three companies.