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The site near Ashland, KY, where Braidy plans a new aluminum facility.
The site near Ashland, KY, where Braidy plans a new aluminum facility. (Sydney Boles | Ohio Valley ReSource)

Braidy Industries Attracts Kentucky Backers in Mill Project

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ASHLAND, Ky. (AP) — Braidy Industries says hundreds of Kentuckians have become shareholders as the company lines up financing for a $1.7 billion aluminum mill in eastern Kentucky.

The company says it recently completed the “crowdfunding” portion of its common stock offering, which was capped at just over $1 million worth of shares.

Braidy CEO Craig Bouchard says Kentuckians make up an overwhelming majority of the 700 shareholders participating in the crowdfunding offering.

Bouchard says he expects all necessary financing for the project to be obtained within a few months. United Co. Rusal, a Russian aluminum company, plans to invest $200 million in the project. Rusal was under U.S. sanctions until earlier this year.

The proposed aluminum plant near Ashland is expected to create 550 jobs once production starts, expected in 2021.