By Joe Williams

Rusal is seeking to pour $200 million in Kentucky-based Opens a New Window. Braidy Industries, the Russian aluminum giant’s first investment Opens a New Window. in the country since resolving Opens a New Window. a sanctions Opens a New Window. dispute Opens a New Window. with the Trump administration.

Under the terms of the 10-year agreement with controlling company En+ Group, Rusal will be Braidy’s sole-source provider of low-carbon aluminum for its new $1.6 billion rolling mill slated to open in 2020 in northeast Kentucky, the firms said on Sunday. The investment will give Rusal a 40 percent share in the facility and En+ Group Executive Chairman Lord Gregory Barker will serve as co-chairman of the new mill alongside Braidy CEO Craig Bouchard.

The aluminum industry is racing to lower the amount of carbon emitted in the production process. Alongside Rusal’s efforts, Pittsburgh-based Alcoa Corp., Apple Inc. and Rio Tinto Group are developing a process that would rid carbon from the smelting process, replacing it with oxygen emissions. For Braidy, Rusal was the only supplier that could provide the necessary 200,000 tons of low-carbon slab a year, according to Bouchard.

 

Polina Devitt

MOSCOW (Reuters) – Rusal is making its first investment in the United States since Washington lifted sanctions against the Russian aluminum giant, teaming up with U.S. manufacturer Braidy Industries to build a mill in Kentucky.

Rusal, the world’s largest aluminum producer outside China, announced the deal in one of the main markets for the sector less then three months after it was removed from a blacklist. It had already resumed supplies to the U.S. market.

The U.S. imposed sanctions on Rusal and its co-owner Oleg Deripaska in April 2018. Sanctions against Rusal and its parent En+, were lifted in January as Deripaska reduced his stake after months of talks and several extensions of the deadline for sanctions to take full effect..

Rusal and aluminum alloys manufacturer Braidy will create a joint project to produce flat-rolled aluminum products for the U.S. automotive industry, the Russian company said on Monday.

“The output from the mill will aid toward rebalancing the anticipated deficit of the auto body sheet in the U.S. market,” Rusal said in a statement.

 

By Joe Deaux

  • U.S. firm Braidy commits to buy all its aluminum from Rusal
  • Braidy, whose CEO backed U.S. metal tariffs, will pay 10% levy

Just months after being freed from U.S. sanctions, Russia’s largest aluminum maker plans to invest in a new aluminum rolling mill in Kentucky.

United Co. Rusal, controlled by billionaire Oleg Deripaska until the U.S. Treasury forced him to reduce his stake earlier this year, intends to invest up to $200 million in the plant being built by closely held Braidy Industries. Rusal will also supply the mill with unfinished aluminum from plants in Siberia.

The Kentucky mill will sell rolled aluminum to the American auto industry, giving Rusal a better foothold as carmakers use more of the lightweight metal to improve fuel efficiency. The investment also demonstrates Rusal’s confidence the sanctions crisis is firmly in the past, but by acquiring a major U.S. asset the company gives the government potential leverage should it fall under scrutiny again.

 

Moira Vetter | Contributor

Manufacturers can’t get enough high-quality, light-weight aluminum these days. Add to that the goal of lowest-carbon environmental impact, and there were no suppliers up to the task until today.

This morning, Braidy Industries announced a $200 Million strategic investment by global aluminum leader Rusal which dramatically changes the pace and scale of what’s to come.

More than a financial transaction, this investment and partnership is a commitment to a shared vision that revolutionary innovation can achieve what some thought impossible—combine the largest supplier of the highest quality prime aluminum with the lowest cost and most environmentally friendly aluminum mill.

Lord Barker, the Chairman of En+ Group, Rusal’s parent company calls this focus on environmental responsibility, value for money, and positive community impact the “trinity of scale.” Barker who sat in the House of Lords of the UK Parliament, and served as the Minister of State for Energy and Climate Change, has long led the charge for economically viable environmental responsibility.

It’s no surprise Braidy Industries caught Barker’s eye…

 

By Bob Tita

Kentucky startup Braidy attracts $200 million investment from Russian company after sanctions are lifted

Russian aluminum giant United Co. Rusal plans to invest $200 million in a Kentucky rolling mill that would be the largest new aluminum plant built in the U.S. in nearly four decades.

The plant, which startup Braidy Industries Inc. plans to open next year in Ashland, Ky., is the largest project being pursued in the domestic aluminum industry under the Trump administration’s 10% duty on imports of the metal, imposed a year ago. It would also draw more imports into the U.S. because the mill would roll aluminum slabs from abroad…

 

by Deborah Balshem

  • Mill capacity sold out for seven years
  • Likely to seek acquisitions once public

Braidy Industries, an Ashland, Kentucky-based manufacturer of ecologically-friendly aluminum alloys, is aiming for a direct listing on the NASDAQ by mid-2019, according to CEO Craig Bouchard.

The company, which is constructing a USD 1.6bn aluminum rolling mill in Ashland, Kentucky that is projected to open in early 2021, plans to seek USD 1.7bn to cover capital costs, first raising USD 500m in a private pre-IPO round, then USD 1.2bn in debt after going public, he said. The private Series C round is underway via a Regulation D private placement that Braidy hopes to complete prior to a public listing, Bouchard said. It will then seek USD 1.2bn in debt via the Department of Energy’s ATVM Loan Program and the German government’s Export Credit Agency (ECA) Program, he added.

 

 

Braidy Industries Inc., an Ashland, Ky.-based manufacturer of metals for the global transportation and defense industries, has named Thomas Modrowski as president of its subsidiary, Braidy Atlas.

Modrowski, who has served as executive vice president of construction for Braidy Industries since June 2017, will head Braidy Atlas’ operations, overseeing mill completion and integrated aluminum sheet production. He has nearly 40 years of experience in aluminum and steel processing, as well as experience with greenfield construction in the steel industry, and holds a bachelor’s degree in mathematics from Wabash College.

The Braidy Atlas mill will open with capacity of 300,000 tons per annum, producing series 3000, 5000, and 6000 aluminum sheet products. The mill’s capacity is sold out for its first seven years of production. With subsidiary NanoAL’s nanocrystalline metal alloy technology, the mill’s goal is to produce cost-effective, lightweight aluminum sheet that is 20 percent stronger at the same cost of production, reports the company.

 

Edited by DeAnne Toto

Thomas Modrowski has experience in greenfield mill construction, commissioning and metals processing.

Braidy Industries Inc., headquartered in Ashland, Kentucky, has named Thomas Modrowski president of Braidy Atlas, its subsidiary that has plans to build a $1.6 billion aluminum rolling mill in Ashland. It will be the first greenfield aluminum rolling mill built in the U.S. in 35 years, according to the company, and will help meet rapidly growing demand from the automotive and aerospace industries for lightweight exposed sheet aluminum and will assist efforts to rebuild Appalachia.

Braidy Industries is a manufacturer of metals for the global transportation and defense industries.

Modrowski, who has served as executive vice president of construction for Braidy Industries since June 2017, will head Braidy Atlas’ operations, overseeing mill completion and integrated aluminum sheet production, according to a news release from the company announcing his appointment. He brings nearly 40 years of experience in aluminum and steel processing and unique experience with greenfield construction in the steel industry,

Braidy Industries CEO Craig Bouchard says, “Tom’s expertise is ideal to lead Braidy Atlas to rapid automotive qualification with our OEM (original equipment manufacturer) partners. He is a proven contributor to our executive management team and has kept us on track and on budget in our ongoing construction.”

 

Glenn Puit Editor

Braidy Industries has filed more paperwork indicating it intends to list its common stock on the NASDAQ stock market.

The latest filing is called a draft resale shelf registration statement.

A shelf registration is defined by NASDAQ as a procedure that helps clear the way for a public offering of securities.

“With the registration ‘on the shelf,’ the corporation, by simply updating regularly filed annual, quarterly, and related reports to the SEC, can go to the market as conditions become favorable with a minimum of administrative preparation,” according Nasdaq’s website.

In Braidy’s case the company has filed a draft resale shelf registration as an update on its Netcapital fundraising portal. The filing states:

“The resale shelf registration statement relates to the possible resale from time to time by certain of Braidy’s stockholders, including by investors purchasing shares in connection with Braidy’s current crowdfunding offering being conducted on the Netcapital portal,” the document states. “The resale shelf registration statement is also intended to facilitate the listing of Braidy’s common stock on the Nasdaq stock market.”

Notably, the company identifies itself as an “emerging growth company.” This allows the company to “rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies.”

 

By DeAnne Toto

Company is seeking $500 million from investors for aluminum mill project near Ashland, Kentucky.

Aluminum alloy producer Braidy Industries, headquartered in Ashland, Kentucky, is now offering new stock to investors through March 31. The company is seeking to raise $500 million from investors to secure construction loans for a new aluminum mill it has planned for the Ashland area, according to an article from WDRB.com, Louisville, Kentucky.

This is the second extension the company has made to the stock purchase deadline. Braidy Industries initially established Nov. 19, 2018, as the deadline for its stock sale, which it later extended to Dec. 31, 2018, the local news network reports.

Braidy Atlas LLC is the $1.6 billion aluminum rolling mill planned for Ashland. It will be the first greenfield aluminum rolling mill built in the U.S. in 35 years, according to the company, and will help meet the rapidly growing demand from the automotive and aerospace industries for lightweight exposed sheet aluminum and will assist efforts to rebuild Appalachia.

Braidy Atlas broke ground on the 2.5-million-square-foot, fully integrated aluminum rolling mill in June 2018 and says it expects to complete the project in 2020.