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…

 

Business Wire

ASHLAND, Ky.–(BUSINESS WIRE)–

Today, Braidy Industries, Inc. (“Braidy”) and En+ Group subsidiary United Company RUSAL plc (“Rusal”) jointly announced the approval by their respective Boards of Directors of a $200 million lead investment in the Braidy Atlas mill by Rusal. In exchange for its investment, Rusal will obtain a 40% share in the Braidy Atlas, the first greenfield aluminum rolling mill built in the U.S. in 37 years. The deal is expected to close in the second quarter of 2019.

Rusal will supply 200,000 tons of certified low-carbon prime aluminum ingot and slabs each year for a 10-year period, allowing Braidy to target 20% lower carbon emissions than its nearest competitor. This will be the world’s largest order for one mill of high-quality, pre-alloyed and low-carbon primary aluminum slabs.

Braidy Industries Chairman and CEO, Craig Bouchard, said, “This is a sustainability match made in heaven for the global aluminum industry.”

About the Braidy Atlas Mill:

Braidy Atlas is the first new U.S. greenfield rolling plant in 37 years.
This new plant is totally dependent on long-term supplies of high-quality, low-carbon aluminum.
No U.S. producer of prime aluminum is able to supply the huge quantities required.
Outside the U.S., only Rusal can supply low-carbon, high-quality aluminum at this scale.
Braidy and Rusal share the same vision of low-carbon growth and the opportunities it creates.

For more information, visit www.braidy.com.

About RUSAL:

RUSAL (www.rusal.ru) is the leader of the global aluminum industry. In 2018, the Company accounted for about 5.8% of global production of aluminum and 6.2% of alumina production. The Company employs about 64,000 people, with offices operating in 20 countries across 5 continents. RUSAL common stock is traded at the Hong Kong Stock Exchange (trade code – 486). RUSAL’s ordinary shares are traded on the Moscow Exchange (trade code is: RUAL).

View source version on businesswire.com: https://www.businesswire.com/news/home/20190516005584/en/

ASHLAND, Ky.–(BUSINESS WIRE)–

Producer of lowest-carbon, highest-value, lowest-cost aluminum to generate $1.5 billion for Eastern Kentucky by 2021

Will add more than $35 million of tax revenue to Eastern Kentucky and over $75 million to the Commonwealth of Kentucky through 2021

Estimated to create over 31,000 incremental job years in the Commonwealth and add additional employee earnings of $371.6 million in Eastern Kentucky and $793.7 million in the Commonwealth by 2021

Report author James V. Koch, Professor Emeritus of Economics and President Emeritus of Old Dominion University, has conducted nearly 50 economic impact studies, including Virginia’s Annual State of the Commonwealth Report

Today, a report assessing Braidy Industries’ (“Braidy”) estimated economic impact on the Commonwealth of Kentucky was released by Dr. James V. Koch, Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University. Dr. Koch and his team modeled the regional effects produced by the introduction of Braidy Atlas into the economy, from construction through the first year of production in 2021, and found that Braidy will catalyze $2.8 billion in economic growth in Kentucky and $1.54 billion within the six-county Eastern Kentucky region.

The report also details 1,500 construction jobs and 650 new permanent, advanced manufacturing jobs, creating approximately 3,600 additional jobs in the surrounding communities. Dr. Koch stated, “Braidy is delivering on its vision to revitalize Appalachia through the production of low-carbon, high-quality aluminum.”

Utilizing the U.S. Department of Commerce’s RIMS-II economic impact model, the study forecasts substantial economic prosperity generated by Braidy through 2021, including:

  • Braidy will offset the traditionally high costs of production and operation by harnessing the advantages of greenfield construction and technological advancements associated with state-of-the-art manufacturing equipment.
  • With 13 automotive OEMs based within 250 miles of Braidy’s headquarters and immediate access to major rail, highway and the Ohio River, Braidy can significantly reduce its logistical costs.
  • Braidy will capitalize on the robust reservoir of experienced, compatible and skilled labor in the local region, that has been displaced by economic changes that have led to the decline in the coal mining industry and steel industries.
  • Braidy will contribute 3.7% of the gross regional product of the Huntington-Ashland metropolitan statistical area.
  • The Commonwealth of Kentucky, outside of the six-county Eastern Kentucky region, will receive in excess of 70% of the economic impact associated with Braidy’s planning and construction activities.

“The findings of this study reinforce Braidy’s vision to not only be a disruptor in materials science and sustainable manufacturing the short term, but more importantly drive prosperity in Eastern Kentucky and the Commonwealth for generations,” said Braidy Industries CEO and Chairman Craig Bouchard. “The direct and indirect economic benefits created by Braidy will help rebuild Appalachia as we spearhead a shift in the metals industry toward low-carbon, high-value, low-cost aluminum.”

“Braidy has already supercharged the economy of Eastern Kentucky and soon it will be a major economic engine for all of Kentucky,” said Dr. Koch. “Braidy is easily one of the most important economic developments in Eastern Kentucky in the past three decades and when fully developed, it will rank at the very top of that list in Kentucky.”

Dr. Koch currently serves as the Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University. He has completed nearly 50 economic impact studies, in addition to authoring 12 books, 120 journal articles and features in top-tier publications including The New York Times, The Wall Street Journal and The Washington Post.

About the Braidy Atlas Mill:

  • Braidy Atlas is the first new U.S. greenfield rolling plant in 37 years.
  • This new plant is totally dependent on long-term supplies of high-quality, low-carbon aluminum.
  • Braidy Atlas will become the first rolled products aluminum sheet producer to use 100% low-carbon inputs on an ongoing basis from its inception.
  • Braidy Atlas, the first company to secure a “minor contributing source” air permit from the Federal EPA, targets 20% lower carbon emissions than next lowest competitor.

About Braidy Industries, Inc.:

Braidy Industries, Inc. was formed to lead a national transformation in the manufacture and use of efficient, eco-friendly metal alloys that are lighter and stronger than metals currently in commercial use. There is a lightweighting revolution occurring in material science, and we intend to disrupt the metal manufacturing industry with transformative economics and technology. We believe we are well positioned to lead this transformation by building infrastructure to enable rapid adoption and scaling of next-generation metal lightweighting technologies. The company’s first project, the construction of a greenfield aluminum rolling mill at EastPark Industrial Center in Ashland, Kentucky, will position the company as the low-cost provider of 300,000 annual tons of production-ready series 3000, 5000 and 6000 aluminum sheet for the automotive industry. Braidy’s subsidiary, Veloxint, is an MIT-incubated lightweighting solutions company that is manufacturing parts with a novel nanocrystalline technology. Braidy’s newest subsidiary, NanoAL is a world leader in the science of nanocrystaline technology applied to sheet aluminum. For more information, visit www.braidy.com.

Contacts

Media:
Jaunique Sealey
Tel: 606-420-4645
jsealey@braidyindustries.com

 

America the best market to be in for aluminum: Braidy Industries CEO from CNBC.

 

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.