Braidy Industries, Inc. and En+ Group subsidiary United Company RUSAL plc confirmed Thursday morning the Boards of Directors of both companies have approved a $200 million lead investment in the Braidy Atlas mill by Rusal.
The investment gives Rusal a 40 percent share in the Braidy Atlas mill in northeastern Kentucky. The mill will be 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.
In a press release issued Thursday morning Braidy Industries Chairman and CEO, Craig Bouchard, said, “This is a sustainability match made in heaven for the global aluminum industry.”
RUSAL meanwhile is a major force in the global aluminum industry. In 2018, they accounted for 5.8 percent of global production of aluminum and 6.2 percent of alumina production. The Company employs about 64,000 people, Braidy said in its press release, with offices operating in 20 countries across 5 continents.