RUSAL to invest $200 million in Braidy's Atlas Mill
ASHLAND, Ky. – Braidy Industries has filed a letter of intent that En+, a subsidiary of United Company RUSAL, plans to invest $200 million in Braidy’s Atlas Mill.
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% share in the project. Rusal will serve as Braidy’s exclusive supplier of low-carbon aluminum, providing close to 2.0 million tons 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.
Briady’s Atlas will be the first new greenfield rolling plant in the United States in 37 years. The project will create an estimated 1,500 construction jobs and 650 permanent positions. The company estimates it will have a $2.8 billion impact to state states and $1.54 billion to Eastern Kentucky by 2021.
The Braidy project aligns with SOAR’s Regional Blueprint for a 21st Century Appalachia and its goals of Industrial Recruitment and 21st Century workforce. The magnitude of the project will also assist in other Blueprint goals, such as Small Business, Broadband, and Healthy Communities.