Russian tycoon Oleg Deripaska speaks to the media outside his carmaker GAZ plant in Nizhny Novgorod on April 16, 2019. Low 43F. The Republican-led Senate committee released a report Tuesday that detailed extensive connections between President Donald Trump's 2016 campaign advisers and people with ties to Russian President Vladimir Putin's regime. Matt Bevin speak with reporters in Wurtland, Ky., on April 26, 2017. Beshear on Thursday said it will go down as the shadiest economic development deal in Kentuckys history.. His graduate work focused on public policy, with a specialization in social reform movements. 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. They all expressed disappointment and frustration with the situation, noting that the closure had put a strain on their businesses. The Century Aluminum plant in Hawesville, Kentucky, is shutting down production due to rising energy costs. And three months later, Rusal announced plans for an extraordinary partnership with Bouchards company, providing $200 million in capital to buy a 40 So far, though, there have been no jobs, no funds and even more doubts. The Russian bank VTB, nicknamed Putin's piggy bank, also got a stake in Deripaska's companies. In a statement, the company says the plant idling is Employees learned of the pending layoffs on Wednesday. Don't knowingly lie about anyone Chance of rain 60%.. Cloudy with light rain this evening. Associated Press. 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.". Asked to elaborate, Stivers said, I assume whatever this corporate entity or corporate structure is, he owns a substantial amount of shares. 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 to the billion-dollar-plus mill that was supposed to be completed last year. The Board and CEO Tom Modrowski are committed to the Ashland community and focused on building the Kentucky mill.. "We celebrated that," said Andy Meserve, president of United Steelworkers Local 9423. 2023 FOX News Network, LLC. Barker is the executive chairman of Rusal and its parent company EN+. Century Aluminum said the Hawesville plant is its largest "U.S. smelter and the largest producer of high purity primary aluminum in North America.". 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. Its obviously a setback when a CEO and visionary leaves, so I dont see this as good news., State Sen. Robin Webb, R-Grayson, represents the district where the proposed mill would be build. 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. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. No ones attorneys would ever advise them to do business that way. The Lexington Herald-Leader had asked Cameron about the developments at Braidy. Matt Bevins administration with Braidy Industries to bring jobs to the state. October 06, 2021 1:39 PM. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. This material may not be published, broadcast, rewritten, or redistributed. Tags: Associated Press, business, Kentucky, education. The U.S. government previously imposed sanctions on Rusal and its parent company, EN+ Group. State officials, including Gov. Meanwhile, Kentucky Attorney General Daniel Cameron asked interim Economic Development Secretary Larry Hayes Friday to provide records by Feb. 7 about the states ties with Braidy Industries. Daily Kos moves in solidarity with the Black community. 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. Our shady former (R) Governor was on that deal and sunk $15M KY tax dollars in it. The project will be funded with available cash and cash flow from operations, the company said. Despite the financial losses, he expressed sadness at the loss of jobs for so many in the local community. 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. Rusal, the aluminum company partially owned by Russian oligarch Oleg Deripaska, announced plans to invest around $200 million to build a new aluminum plant Kentucky's state government also has a financial stake in the mill's future, followinga direct investment it made in Braidy in 2017. According to a Bloomberg report, Rusal, the formerly blacklisted Russian There's a good end to that aluminum plant story at least. And a significant number of its steel customers also have demand for aluminum, it said. Kentucky Gov. According to a Bloomberg report, Rusal, the formerly blacklisted Russian company with a major stake in the 10-figure project, is suspending its investments while it awaits word that its U.S. partners have raised the necessary funds. Century Aluminum Sebree in Robards, Kentucky is one of only five remaining active aluminum smelters in the U.S. Roberts said the company told him that its power costs have risen dramatically this year. racist or sexually-oriented language. The controversial company, partially funded by Kentucky taxpayers and a Russian aluminum company previously blacklisted by the U.S. Government, left Kentuckys politicians befuddled Friday as its founder and the board of directors he appointed publicly battled for control of the company. Without it, they said, the area would be unable to attract new businesses and investment. Legal Statement. Kentucky has its own stake in the project a $15 million investment that then-Gov. 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. Matt Bevin persuaded lawmakers to approve. ", 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. 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. Bloomberg News reported: The Russiancompany backing an aluminum project in Kentuckysaid its suspending The plant, with about 628 workers, is the second-largest employer in Hancock County, the Owensboro Messenger-Inquirer reported. Party spokeswoman Marisa McNee said McConnell needs to publicly explain what he knows concerning how Rusalbecame a vital source of funds for a project that will be built in the state he has represented in Congress for decades. 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. Commercial production is planned to begin in early 2025, the company said. Putin got the sanctions lifted, and Mitch McConnell got played for a fool. The Democratic Party also mentioned a 2019 Politico report about how two people who used to work on McConnell's staff lobbied the federal government on Braidy's behalf. By Herald-Leader readers. Im sorry for the stress that was created in Ashland yesterday. Everyone wants to see the project materialize, said Stivers, because it would be greatly helpful to a region that has lost AK Steel and will soon lose one of two hospitals. 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.". After working as a DJ and program director, he knew he wanted to come home to Lexington and try his hand in public radio. Save my name, email, and website in this browser for the next time I comment. The report says Paul Manafort Trump's former campaign chairman worked for Deripaska in the past and was in close contact with a Russian intelligence officer, Konstantin Kilimnik,whom the report describes as having been "Manafort's primary liaison to Deripaska ". Chance of rain 80%. They have talked to some local officials that are very confident that the project is moving forward, said Osborne. Matt Bevin (R) boasted was as significant as any economic deal ever made in the history of Kentucky.. The plant along the Ohio River had recently increased production and in April announced an addition of 60 jobs. Rusal has so far poured $65 million into the venture, which local officials have been counting on to bring hundreds of high-paying jobs to the region. The Courier Journal sent Braidy Industries a request for comment concerning the Senate committee's report. Exploring the Many Uses of Aluminum, Aluminum Composite: Exploring the Benefits and Uses of This Durable Material, What Happens When You Stop Using Deodorant With Aluminum? The company that received $15 million in taxpayer money to build an aluminum mill in Eastern Kentucky is changing its name as it looks to move forward without its former chief executive. That, of course, has been difficult for a good two years ever since Kentuckians who saw only Obamacare standing between them and endless weekends visiting friends and family in opioid rehabilitation facilities elected Democrat Andy Beshear governor in 2019, who promptly vowed to recoup the $15 million his predecessor had tossed in the smelting pot. The companys bylaws appear to give Braidys Board of Directors the authority to remove its CEO or Chairman, with or without cause, with a 70 percent vote. Winds WSW at 10 to 20 mph. 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. Gov. On Thursday, Braidy Industries released a statement saying CEO and Board Chairman Craig Bouchard had stepped down. A large aluminum plant in Kentucky is temporarily halting production and laying off more than 600 workers due to rising energy costs. It also asked about the status of Rusal'sinvestment in the mill, whether Braidy intends to continue its business relationship with that firm, and how Braidy's efforts to secure financing for the mill are proceeding. Required fields are marked *. The company said it will own more than 94% of the facility through a joint venture arrangement with Unity Aluminum, formerly known as Braidy Industries. Now its pumping $200 million into a new project in Kentucky. We havent given up.. Rusal, the largest producer of aluminum outside China, will help fund and supply a low-carbon The agreement requires the companies to report any contact between Deripaska and company affiliates, including members of the board. The Committees findings, along with other information recently released by the Intelligence Community, confirm what we already knew: Russia, China, Iran, and other foreign actors want to influence our politics, interfere with our elections, and stoke fear and division among Americans," McConnell said. The U.S. Senate voted down a measure opposing the plan to end thesanctions against Rusal and EN+ Group in January 2019. 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. Asked if Bouchards move was driven by shareholders in the company, Stivers said he did not know. Without the law in place, the company would have chosen some other location for the massive plant. The business owners also emphasized the importance of the aluminum plant to the local economy. Indiana-based Steel Dynamics said Tuesday that investment for its project is estimated to reach $2.2 billion, which includes two supporting aluminum slab centers to be built elsewhere. High near 50F. Until I see the board minutes, I dont know what Bouchards status is, she said. On Friday, Bouchard pushed back. This led to a decrease in the local population and had a negative impact on the local economy. Have the latest local news delivered every afternoon so you don't miss out on updates. Braidy Industries still needs to raise $500 million to build a long-promised $1.7 billion aluminum plant in Appalachia, a top company executive told Kentucky lawmakers Tuesday, July 19, 2022. Earlier in the day, Kentucky Gov. The long-delayed aluminum plant project near Ashland, Kentucky is facing another setback. Incidentally, Kentucky is the 27th state and the last Southern state to enact right-to-work legislation. With fewer people in the area, businesses were forced to make drastic cuts or close altogether. Your e-mail address will be used to confirm your account. "Its time for Moscow Mitch to tell the truth to the people of Kentucky. 'We Don't Think About A Plan B': Braidy Execs Offer Reassurance, Few Details In Hearing. The Unity spokesperson said the company will have a small ownership stake in the new project. | Understanding the Risks and Benefits of Switching to an Aluminum-Free Deodorant, Exploring the Benefits of 80/20 Aluminum for Construction Projects. This governors office is committed to seeing it through and you know its a project that is going to mean generational change in that area., The only statement from Beshears office came through his spokesman, Sebastian Kitchen. So far the company has sunk at least $65 million in the proposed mill, to be built by Unity Aluminum, previously known as Braidy Industries. It pointed to a substantial and growing supply deficit in the North American flat rolled aluminum industry, based on growing demand from the automotive and beverage industries. Market data provided by Factset. 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. You dont need that. Braidy officials have said they expect the plant to cost $1.7 billion and bring hundreds of jobs to the Ashland area. Remember the aluminum plant that Russians said they would build in Kentucky after Mitch McConnell helped lift sanctions? We'll send breaking news and news alerts to you as they happen! An oligarch with ties to Putin promised a $200 million investment in the state and hundreds of jobs. Through interviews with former employees, local businesses, and politicians, we gain insight into the causes of the closure and its far-reaching impacts. Braidy Industries Inc. CEO Craig Bouchard, right, and then-Republican Kentucky Gov. LOUISVILLE, Ky. Gov. Some experts have claimed that it is possible Deripaska could use his ties with these companies to exert some influence over Rusal. My sole focus is rebuilding Ashland and NEK. The Unity spokesperson said Wednesday that the state will recoup its investment when the deal with Steel Dynamics closes, and Steel Dynamics said Unity employees will provide expertise to the project. Jun 25, 2022. Just weeks after the Treasury Department announced the official de-listing of Rusal, the company announced a $200 million investment in the Braidy Industries It was later revealed that a company called Braidy Industries planned to build a $1.7 billion aluminum rolling mill in northeastern Kentucky, creating 600 jobs. He has a Masters in communications from the University of Kentucky and is a native of Maysville, Ky. Support my work with a digital subscription, Bidens diverse coalition of support risks fraying in 2024, CDC advises those at high risk for COVID mask up in these 3 KY counties. We'd love to hear eyewitness Four years later, however, there is still nothing to show for it. A large aluminum plant in Kentucky is temporarily halting production and laying off more than 600 workers due to rising energy costs. All rights reserved. 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. Fortunately, there are solutions to mitigate the environmental impacts of the plants closure. Andy Beshear, have said they hope the mill project will succeed and create job opportunities in the commonwealth. 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 Ashland. No one would do business that way. Prior to the closure of the aluminum plant, the local job market was relatively strong. Beshear calls for deep dive into aluminum mill promise, The 1st Mountaineer is finally picked in the 2023 NFL Draft, Troopers make interesting find while cleaning highway, Police search for man in South Charleston; possibly armed, Pickleball tournament held in Cabell County. Hundreds of people lost their jobs, leading to an increase in unemployment in the area. The closure of the aluminum plant had a significant economic impact on the local community. Through interviews with former employees, local businesses, and politicians, we gained insight into the causes of the closure and its effects on the local economy, environment, and politics. Manafort resigned from Trump's campaign in August 2016 and later was convicted of financial fraud. Mutual Fund and ETF data provided by Refinitiv Lipper. WebRobert Reid Power Plant is a coal-fired power plant owned and operated by the Big Rivers Electric Cooperation as part of Sebree Station.It is located in the northeast corner Webster County, Kentucky (just south of the Anaconda Aluminum plant in Henderson County).The plant obtains much of its fuel from coal mines located within just a few miles of the plant What Washington fans need to know about 6th-round NFL Draft pick Chris Rodriguez, Paraguays long-ruling Colorado Party has easy election win, US readies second attempt at speedy border asylum screenings, Falcon Heavy launches after series of weather delays, LGBTQ+ lawmaker to GOP: Im literally trying to exist, Poll: Americans fault news media for dividing country, Should school use Warrior nickname? The platform is designed to engage citizens and government leaders in a discussion about what needs improvement across the country. Local businesses were also affected by the closure of the plant, as they relied heavily on the plants employees for customers. Notwithstanding anything herein to the contrary, the Chairman, President and/or Chief Executive Officer may be removed, either with or without cause, solely by an affirmative vote of seventy (70%) percent of the members of the Board of Directors, the bylaws read. We also spoke with several local business owners who were affected by the closure of the aluminum plant. The deal was originally brokered under former Gov. We won't share it with anyone else. BOWLING GREEN, Ky,, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Ball Corporation has chosen Bowling Green, Kentucky, as the location of the companys new aluminum end manufacturing facility. Letters: Bamboozled.. Kos Media, LLC. Will The Real CEO Of Braidy Industries Please Stand Up? Andy Beshear has released documents related to Kentuckys investment in Braidy Industries. person will not be tolerated. The newly purchased Reynolds plant in Kentucky, however, was all on one floor, at ground level. Bevin asked us to do that has not come to fruition. See also:Kentucky planning to implement a $400 unemployment supplement. Please avoid obscene, vulgar, lewd, We celebrated that, said Andy Meserve, president of United Steelworkers Local 9423. I dont know how much that is. The story of Braidy Industries and its plans to build a $1.7 billion aluminum mill in northeastern Kentucky has always been complicated. On Friday, it turned bizarre. In 2008, the plant underwent a major restructuring effort, which included layoffs and cost-cutting measures. Ive been very concerned about it for a while. Century Aluminum said the Hawesville plant is its largest U.S. We want their jobs to be in Kentucky.. And three months later, Rusal announced plans for an extraordinary partnership with Bouchards company, providing $200 million in capital to buy a 40 This story was originally published January 31, 2020, 12:09 PM. Quotes displayed in real-time or delayed by at least 15 minutes. He said that management was always looking for ways to cut costs and improve efficiency, but these efforts were ultimately unsuccessful in keeping the plant afloat. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Tweets from https://twitter.com/heralddispatch/lists/hd-news-4. 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. or redistributed. 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. Bouchard said on his Facebook page at 10:42 a.m. that he had just stepped off an international flight Friday morning and he did not authorize the press release that was issued yesterday. or anything. 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. This material may not be published, broadcast, rewritten, Democrats were investigating McConnell and the Russian investment, and that investigation should continue for the sake of US national security. "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. John believes that the closure of the plant was inevitable and that the decision was made by the companys board of directors. Naturally, when you own large blocks of a corporation, you have substantial voting rights. The long-delayed aluminum plant project near Ashland, Kentucky is facing another setback. This content was created by a Daily Kos Community member. You have permission to edit this article. The Kentucky Democratic Party on Wednesday questioned McConnell's decision to support lifting the sanctions on Rusal, in light of the Senate Intelligence Committee report's identification of Rusal as a proxy for the Kremlin.
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