Braidy Industries and Rusal Announce Board Approvals of $200 Million Lead Investment in Braidy Atlas Mill
ASHLAND, Ky.--(BUSINESS WIRE)--May 16, 2019--
Today, Braidy Industries, Inc. (“Braidy”) and En+ Group subsidiary United Company RUSAL plc (“Rusal”) jointly announced the approval by their respective Boards of Directors of a $200 million lead investment in the Braidy Atlas mill by Rusal. In exchange for its investment, Rusal will obtain a 40% share in the Braidy Atlas, the first greenfield aluminum rolling mill built in the U.S. in 37 years. The deal is expected to close in the second quarter of 2019.
Rusal will supply 200,000 tons of certified low-carbon prime aluminum ingot and slabs each year for a 10-year period, allowing Braidy to target 20% lower carbon emissions than its nearest competitor. This will be the world’s largest order for one mill of high-quality, pre-alloyed and low-carbon primary aluminum slabs.
Braidy Industries Chairman and CEO, Craig Bouchard, said, “This is a sustainability match made in heaven for the global aluminum industry.”
About the Braidy Atlas Mill:
- Braidy Atlas is the first new U.S. greenfield rolling plant in 37 years.
- This new plant is totally dependent on long-term supplies of high-quality, low-carbon aluminum.
- No U.S. producer of prime aluminum is able to supply the huge quantities required.
- Outside the U.S., only Rusal can supply low-carbon, high-quality aluminum at this scale.
- Braidy and Rusal share the same vision of low-carbon growth and the opportunities it creates.
For more information, visit www.braidy.com.
RUSAL ( www.rusal.ru ) is the leader of the global aluminum industry. In 2018, the Company accounted for about 5.8% of global production of aluminum and 6.2% of alumina production. The Company employs about 64,000 people, with offices operating in 20 countries across 5 continents. RUSAL common stock is traded at the Hong Kong Stock Exchange (trade code – 486). RUSAL’s ordinary shares are traded on the Moscow Exchange (trade code is: RUAL).
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CONTACT: Media Contacts
Braidy Industries, Inc.
Jaunique Sealey, 606-575-3121
+7 (495) 720-51-70
KEYWORD: UNITED STATES EUROPE ASIA PACIFIC NORTH AMERICA CANADA KENTUCKY
INDUSTRY KEYWORD: ENERGY OTHER ENERGY MANUFACTURING CHEMICALS/PLASTICS STEEL OTHER MANUFACTURING ENVIRONMENT
SOURCE: Braidy Industries, Inc.
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PUB: 05/16/2019 09:00 AM/DISC: 05/16/2019 09:01 AM