Recycling Today

By DeAnne Toto

Company is seeking $500 million from investors for aluminum mill project near Ashland, Kentucky.

Aluminum alloy producer Braidy Industries, headquartered in Ashland, Kentucky, is now offering new stock to investors through March 31. The company is seeking to raise $500 million from investors to secure construction loans for a new aluminum mill it has planned for the Ashland area, according to an article from WDRB.com, Louisville, Kentucky.

This is the second extension the company has made to the stock purchase deadline. Braidy Industries initially established Nov. 19, 2018, as the deadline for its stock sale, which it later extended to Dec. 31, 2018, the local news network reports.

Braidy Atlas LLC is the $1.6 billion aluminum rolling mill planned for Ashland. It will be the first greenfield aluminum rolling mill built in the U.S. in 35 years, according to the company, and will help meet the rapidly growing demand from the automotive and aerospace industries for lightweight exposed sheet aluminum and will assist efforts to rebuild Appalachia.

Braidy Atlas broke ground on the 2.5-million-square-foot, fully integrated aluminum rolling mill in June 2018 and says it expects to complete the project in 2020.