FRANKFORT, Ky. — An aluminum company planning to build a $1.7 billion plant in Appalachia is forming a partnership with a Russian company that until recently faced U.S. sanctions.
Russian aluminum giant Rusal wants to invest $200 million in an aluminum rolling mill that Braidy Industries intends to build near Ashland, Kentucky.
Rusal says it would assume a 40 per cent ownership share in the mill in return for the investment. Braidy Industries would hold the other 60 per cent share.
Braidy announced plans for the mill two years ago, but the project stalled as it worked to complete financing. Kentucky Gov. Matt Bevin, who is seeking re-election this year, touts the project as evidence of his leadership in bringing jobs to Appalachia.
The U.S. Treasury Department removed Rusal from its sanctions list in January.
Bruce Schreiner, The Associated Press