ASHLAND, Ky. (WSAZ) – On Sunday, Braidy Industries, Inc. and London Stock Exchange, listed En + Group plc, sent a letter of intent for a potential investment of $ 200 million for its Braidy Atlas mill by United Company RUSAL.
The Russian company Rusal is the world's largest producer of aluminum outside China.
With this partnership, the company will create 1500 construction work, 650 new fixed advanced production jobs in Appalachia and about 3,600 jobs in surrounding communities. The mill is expected to be built in East Park near Ashland.
According to a press release, referring to a recent economic impact study, Braidy Atlas will contribute $ 2.8 billion to the Commonwealth of Kentucky and $ 1[ads1].54 billion to Eastern Kentucky by the year 2021.
In exchange for the investment, Rusal will hold a 40 percent stake in the project. The company will serve as Braidy's exclusive supplier of low carbon aluminum.
According to a press release, the partnership is collaborating to create the first worldwide low-carbon industrial aluminum mill operation. It will also enable Braidy to become the first company to use 100 percent coal inputs permanently.
"In 2021, Braidy Atlas will make the largest order for primary rolls worldwide," said CEO Craig Bouchard. "This partnership ensures that Braidy's requirements will be met with the latest high quality and low carbon capacity. The bottom line is that without Rusal we could not build an environmentally conscious mill of this scale." .
"We have a perfect strategic partnership that creates, mainly low-cost aluminum, the highest quality aluminum with the lowest carbon footprint throughout our industry. I couldn't be more proud of our team, and it's a wonderful day for us, says Bouchard.
The purpose of the intention becomes official when it is approved by the respective boards of both companies.