I still remain cautiously optimistic.. Create a password that only you will remember. ", Robert Steurer, a spokesman for McConnell, told The Courier Journal last year that the senator has said Rusal's investment in Braidy's mill did not play a role in his stance on the sanctions against the Russian company. This is the name that will be displayed next to your photo for comments, blog posts, and more. The Century Aluminum plant in Hawesville, Kentucky, is shutting down production due to rising energy costs. Click #isupportlocal for more information on supporting our local journalists. Bloomberg News reported: The Russiancompany backing an aluminum project in Kentuckysaid its suspending Top headlines:VA hospital let neighbor illegally decide veteran's fate, report says, Braidy which recently brought a new acting president and CEO, Don Foster, on board responded through a spokeswoman with the following statement: "Don Foster is hard at work every day, utilizing his expertise and expansive network built during his 40 years in the metals industry to finalize financing and build the mill in Ashland, KY.". Employees learned of the pending layoffs on Wednesday. With the inevitability of the denouement of a Greek tragedy, or of the sudden abiding compassion of Fox Noise anchors for children on the left bank of the Rio Grande, Russian once-and-future-blacklisted aluminum giant Rusal has pulled the plug on its northeast Kentuckyquid pro quoinvestment. Some were even forced to close their doors due to the lack of customers in the area. Several Democrats in Congress quickly expressed concern about the planned investment. Matt Bevin, KY legislators got played badly on aluminum plant. The plant, in Columbus, Mississippi, is being built by Steel Dynamics Inc. and it will be a greenfield plant that will produce 650,000 tons of products a year from recycled aluminum. The Courier Journal sent Braidy Industries a request for comment concerning the Senate committee's report. The Russians have cut off the cash. On Friday, it turned bizarre. Someone didnt deliver something quite recently, in any event. Earlier this month, The New York Times reported the Treasury Department had allowed around $78 million worth of company shares to be transferred to a trust fund belonging to Deripaska's children, despite a previous statement from Treasury Secretary Steve Mnuchin claiming that the oligarch's children would "in no way benefit" from sanctions relief. Senate Majority Leader Mitch McConnell, as well as Sen. Rand Paul, bothKentucky Republicans, voted against that attempt to keep the sanctions in place. Rusal was under U.S. sanctions until early 2019 and has ties to a Russian oligarch close to President Vladimir Putin. What is Aluminum Used For? Copyright 2022 TheAssociated Press. The purpose of this article is to explore the Rusal's decision to invest in Braidy's mill was announced in April 2019,a few months after the federal government lifted the sanctions against the Russian firm. The recently passed right-to-work legislation has played a significant role in bringing the plant to Kentucky. Until it gets built, you always have to have concerns, he said. Despite these efforts, the plant continued to struggle financially. Without the law in place, the company would have chosen some other location for the massive plant. If you forget it, you'll be able to recover it using your email address. "We celebrated that," said Andy Meserve, president of United Steelworkers Local 9423. Low 43F. And McConnell told reportersin May 2019 that his decision to support lifting the sanctions was unrelated to "anything that might happen in my home state. An elite leader of young people. LexCath hires St. Xavier assistant as football coach. The company, though, doubled down on its decision Friday afternoon in a statement from Charles Price, who the company identified as the now-chairman of Braidys Board of Directors. The Russian firm, United Co. Rusal, agreed last year to invest $200 million in the mill, which is expected to create hundreds of long-term jobs in a struggling region of the state if Braidy is able to raise enough financing to build the facility, which will cost well over $1.5 billion. Rusal, the aluminum company partially owned by Russian oligarch Oleg Deripaska, announced plans to invest around $200 million to build a new aluminum plant ASHLAND, Ky. (WSAZ) - For years, eastern Kentucky was promised major economic development with the creation of an aluminum plant under the name Braidy Industries. The long-delayed aluminum plant project near Ashland, Kentucky is facing another setback. The local government could invest in clean-up efforts, such as installing air filtration systems and monitoring water quality. The Board and CEO Tom Modrowski are committed to the Ashland community and focused on building the Kentucky mill.. SCOTUS Now Just Another Congressional Committee, VTB Banks Purchases Russian TV Channel from Abramovich, Trump to Lift Sanctions on Deripaska Companies, MIT Cut Ties With Russian Oligarch Vekselberg, Secret Chinese Police Stations in Europe Are 'Tip of the Iceberg', Trump's Attorney Just Blew Carroll Rape Case, King Charles Says Royals Require 'Acting Ability', Ukraine Will Regain 'Significant Territory' From Russia, Florida GOP Paves the Way to Help Ron DeSantis Challenge Trump. Threats of harming another Naturally, when you own large blocks of a corporation, you have substantial voting rights. See latest map, NFL Draft: Reaction to Tennessee Titans taking Kentucky quarterback Will Levis, After being drafted by Commanders, Chris Rodriguez knows his mom would be proud. They suggested that the local government should do more to incentivize businesses to stay in the area and invest in the community. Associated Press. Your email address will not be published. Im sorry for the stress that was created in Ashland yesterday. We spoke with John Smith, a former employee of the aluminum plant who worked there for 10 years before its closure. Kentucky Gov. The platform is designed to engage citizens and government leaders in a discussion about what needs improvement across the country. Submitting this form below will send a message to your email with a link to change your password. Asked if Bouchards move was driven by shareholders in the company, Stivers said he did not know. suspending investments as it waits for U.S. partners to raise funds, Required fields are marked *. "The Board will be two-thirds/one-third independent of Deripaska, Deripaska will not receive any dividends for as long as he remains subject to sanctions, and the Company and its operations will remain under the scrutiny of U.S. regulators," the document reads. FRANKFORT, Ky. (AP) Gov. Remember the aluminum plant that Russians said they would build in Kentucky after Mitch McConnell helped lift sanctions? We are still working on it, Gibbs said. The county's judge-executive, Johnny Roberts, told the newspaper the company gave him no assurances the plant would reopen after that. Letters: Ky aluminum plant deal was like buying a bridge in Your email address will not be published. Will The Real CEO Of Braidy Industries Please Stand Up? The plant provided well-paying jobs and allowed people to stay in the area rather than having to move away in search of employment. Daily Kos moves in solidarity with the Black community. "What did he know, and when did he know it? An oligarch with ties to Putin promised a $200 million investment in the state and hundreds of jobs. The effect of this was felt throughout the entire community, as the local economy suffered greatly. Winds W at 10 to 20 mph. First Republic in Limbo as US Regulators Juggle Bank's Fate, 'Waste of Time': Community College Transfers Derail Students, Rising Mississippi River Continuing to Test Flood Defenses. The Senate committee's report, which examines Russian efforts to interfere in America's 2016 presidential election,says: "Deripaska's companies, including RUSAL, are proxies for the Kremlin, including for Russian government influence efforts, economic measures, and diplomatic relations.". "Kos" and "Daily Kos" are registered trademarks of Kos Media, LLC. The Russian company backing an aluminum project in Kentucky said its suspending investments as it waits for U.S. partners to raise funds, dealing a new setback The closure of the aluminum plant had a significant economic impact on the local community. The company planned to have the mill open in 2020, but underwent a management shakeup and name change in its long and ultimately unsuccessful quest to raise sufficient capital to proceed. Deripaska, the Rusal co-owner, pops up many times in the Senate committee's report. The newly purchased Reynolds plant in Kentucky, however, was all on one floor, at ground level. Matt Bevin, but current Gov. Your account has been registered, and you are now logged in. Save my name, email, and website in this browser for the next time I comment. Russia's Rusal invests $200 million in Kentucky plant after US lifts Prior to the closure of the aluminum plant, the local job market was relatively strong. aluminum Century Aluminum said the Hawesville plant is its largest U.S. The story of Braidy Industries and its plans to build a $1.7 billion aluminum mill in northeastern Kentucky has always been complicated. A large aluminum plant in Kentucky is temporarily halting production and laying off more than 600 workers due to rising energy costs. Without it, they said, the area would be unable to attract new businesses and investment. 'False promises' | Braidy Industries says founder misled board Commercial production is planned to begin in early 2025, the company said. What Happened to the Aluminum Plant in Kentucky? A Look at the The Steel Dynamics mill is expected to produce 650,000 metric tons of low-carbon flat rolled aluminum each year nearly double the original proposal for the Kentucky location, the Unity spokesperson said. I have not stepped down as the CEO of Braidy Industries, and I am the Chairman of the Board and CEO of Braidy Atlas., He added: After I complete my next flight, have a chance to kiss my wife and hug my kids, I will begin to prepare a longer statement for you and for the press. By STEVE PEOPLES and ZEKE MILLER Ive been very concerned about it for a while. Backers have touted the plant, which was slated for completion last year, as one that could create up to 550 jobs. However, this investment was not enough to revive the plant, and production levels continued to decline. Instead, the people of Kentucky got nothing. They are still excited about the project and expect it to be built, expect it to be completed. Jun 25, 2022. Powered and implemented by FactSet Digital Solutions. person will not be tolerated. He also referred The Courier Journal to a statement McConnell released Tuesday that praised the Senate Intelligence Committee's members for keeping their investigation "out of thepartisan spotlight and focused on the facts.". The Ashland Alliance is the chamber of commerce group representing Boyd and Greenup counties. And it points to Russian oligarch Oleg Deripaska a part-owner of Rusal, which is a major aluminum company that operates internationally as a key figure. "The embarrassment is just going to keep growing over this," Laura Harth, the campaign director at Safeguard Defenders, told Newsweek. Regulators are searching for a solution to First Republic Banks woes, hoping to find a way forward before U.S. stock markets open Monday, America's high school graduates are often encouraged to start at a community college before getting a bachelor's degree, but the money-saving move rarely works as planned, The rising Mississippi River will continue to test flood defenses in southeast Iowa and northwest Illinois as it crests in the area on Monday. But I think that there needs to be a deep dive in how the policymakers inside the last administration are somehow the presidents or senior executives of the company that they encouraged direct investments in or let them out of the obligations, Beshear said. This story was originally published January 31, 2020, 12:09 PM. Stay informed daily on the latest news and advice on COVID-19 from the editors at U.S. News & World Report. Local politicians were quick to point fingers and assign blame for the plants closure. Mutual Fund and ETF data provided by Refinitiv Lipper. We want to talk to them, the governor said. ), Surprise! Citing an "unprecedented rise in global energy prices," Century Aluminum in Kentucky announced they will be laying off 628 Hawesville Smelter employees starting August 5. He also noted that the plant was not able to keep up with the changing demands of the aluminum industry, which led to further financial losses. HAWESVILLE, Ky. (AP) A large aluminum plant in Kentucky is temporarily halting production and laying off more than 600 workers due to rising energy costs. And a significant number of its steel customers also have demand for aluminum, it said. Earlier in the day, Kentucky Gov. Hundreds of people lost their jobs, leading to an increase in unemployment in the area. Reach reporter Morgan Watkins: 502-582-4502; mwatkins@courierjournal.com; Twitter:@morganwatkins26. Could it have been the recent change in Senate leadership on 5 January and Moscow sorry, Senator Mitchs failure to support the Boyar Restoration on 6 January? Unity Aluminum promised in 2017 to build the aluminum plant at a site off Interstate 64 where Boyd, Greenup and Carter counties come together, and to hire 550 people. You dont need that. Jack Brammer is Frankfort bureau chief for the Lexington Herald-Leader. The materials had been the subject on an ongoing court, Conflicting accounts about the status of Braidy Industries CEO Craig Bouchard have led to confusion. Don't Threaten. The Evergreen State takes the top spot again in the U.S. News Best States ranking on the strength of its tech sector and other industries. They estimate it would take 30 to 36 months to construct the facility and the earliest production could begin would be 2025, five full years after the mill was set to be complete. Asked to elaborate, Stivers said, I assume whatever this corporate entity or corporate structure is, he owns a substantial amount of shares. Now, state lawmakers are trying to figure out how to recoup taxpayer money, in case the project never gets off the ground. However, in 2019, the plant closed its doors for good, leaving many in the community wondering what happened. It said, We were previously advised of these changes and it is our understanding they do not impact the current status of the project., Massie, R-Vanceburg, said Friday afternoon that he did not know what the deal is., He said he had no advance notice that Bouchard was stepping down and it took me by surprise as well., Asked if he was concerned about the project, Massie said, Ive always assigned startup odds to it. (This content is not subject to review by Daily Kos staff prior to publication. The closure of the aluminum plant in Kentucky had a significant economic, environmental, and political impact on the local community. Our current awesome (D) Governor got that money back in September. Steelmaker moves ahead on effort to build plant in Southeast; Ky Your e-mail address will be used to confirm your account. each comment to let us know of abusive posts. Politicians used the closure as a political tool, blaming each other for the loss of jobs and trying to score political points in the process. | Understanding the Risks and Benefits of Switching to an Aluminum-Free Deodorant, Exploring the Benefits of 80/20 Aluminum for Construction Projects. October 06, 2021 1:39 PM. Kentucky Be Nice. Kentucky gave a $15 million investment into the project in 2017 after Braidy Industries, now called Unity Aluminum, promised to build a massive aluminum mill near So what changed? You have permission to edit this article. With fewer people in the area, businesses were forced to make drastic cuts or close altogether. A fence that cost more than $100,000 was erected in late 2019 around the site where the company formerly called Braidy Industries hoped to build an aluminum mill Keep it Clean. I dont what their articles or bylaws are.. There are just too many unanswered questions, and too many people from McConnells orbit who have been exposed as playing a big role in this deal for him to continue to play dumb," McNee said. Steel Dynamics Inc. said this week that its board approved plans to move ahead with construction of the $1.9 billion plant, though it did not specify where other than to say it will be somewhere in the Southeast. We celebrated that, said Andy Meserve, president of United Steelworkers Local 9423. The production equipment was, therefore, installed in long rows, which eliminated the need for the expensive transporting of the product. Steel Dynamics also hopes customers will locate operations at the mill site to save money, also contributing to the need for more space, the Unity spokesperson said. ASHLAND The parent company of Steel of West Virginia has announced plans to build and operate an aluminum mill in the southeastern U.S., after reaching a deal with the company that so far has failed to deliver on its promise to put the plant in Kentucky even with financial backing from the state. Ashland Alliance President Tim Gibbs said he and other local officials are working with the state economic development cabinet to keep the project in Kentucky. Braidy Industries became a hotly debated company two years ago when then-Gov. Tags: Associated Press, business, Kentucky, education. Kos Media, LLC. There's a good end to that aluminum plant story at least. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. This is one of the first things Gov. Also on Monday, the public affairs company Mercury, which was hired by British Lord Gregory Barker to lobby for the oligarch's companies to be removed from the U.S. sanctions list, filed a letter under the Foreign Agents Registration Act describing how "the Barker plan permanently removed Oleg Deripaska from control" of his companies EN+ and Rusal.
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