by Nadine Bloxsome

Braidy Industries reported at the end of 2018 that the company has spent US$15.7 million on the construction of its Braidy Atlas aluminium rolling mill in Greenup, Kentucky, USA.

The company is working towards meeting its anticipated target of bringing the mill to full commercial operation in 2021.

According to sources, Braidy is banking on its proprietary Veloxint alloy, designed by Massachusetts Institute of Technology scientists for this project. These ultra-high strength metals alloys are suitable for extreme temperature uses in the automotive and aerospace industries and help in weight and cost savings. Braidy acquired Veloxint in the first quarter of 2018 and NanoAl, another leader in high strength aluminum alloys, in mid-2018.

The company is in the process of raising US$500 million in equity capital and approximately $1.2 billion in debt capital for construction of the plant. The Commonwealth of Kentucky is putting US$15 million into the deal and provided significant economic incentives. The company also received a discounted fixed power rate from Kentucky Power, which is 50% lower.

The Braidy Atlas facility is expected to produce aluminium sheet at roughly half the cost of most competitors in the U.S., Europe and Asia, enabling it to enter the aluminium sheet market in 2021 as a low-cost producer.

 

By MARK MAYNARD, Kentucky Today

ASHLAND, Ky. (KT) — Braidy Industries says it has spent $15.7 million on construction so far and is on schedule to begin “full commercial operation in 2021.”

The company also said in a status update this week that it extended fundraising deadline by three months to March 31 for potential investors.

“Braidy Industries has had tremendous success on Netcapital, raising over $12 million so far,” an update sent out through Netcapital said.

The $15.7 million spent includes purchasing the land where the mill will be built, design and engineering plans, procurement of necessary permits and other governmental approvals.

The expenditures also cover site preparation work and the June 2018 groundbreaking, negotiating engineering, procurement and construction agreements, working with utilities to ensure the site will have the requisite electric, water and gas service once it is operational, and professional services.

The document outlines capital requirements and strategy to build Braidy Atlas.

 

FRANKFORT, Ky. (AP) — The company trying to build a $1.68 billion aluminum mill in eastern Kentucky backed in part by state taxpayers says it has spent $15.7 million on construction so far.

But Braidy Industries says it is on schedule “to meet its anticipated target of bringing the mill to full commercial operation in 2021.”

The Kentucky state legislature approved a $15 million investment in Braidy Industries in 2017. Company officials have said they expect the mill to create about 600 jobs for the economically depressed Appalachian region where Kentucky, West Virginia and Ohio meet.

Company officials offered a status update this week, where it also announced it was extending a fundraising deadline by three months for potential investors.

 

Braidy Industries updates progress of $1.6B Eastern Kentucky aluminum mill and status of finance offering

With lightweighting vehicle and aerospace sectors committed to buy its entire output the next 7 years, commercial mill operation slated to begin in 2021

ASHLAND, Ky. — Braidy Industries reports having spent $15.7 million on the construction of its Braidy Atlas aluminum rolling mill in Greenup and tells federal financial oversight entities it remains on schedule to meet its anticipated target of bringing the mill to full commercial operation in 2021.

Braidy posted information on its Netcapital equity offering page on Nov. 12, Dec. 28 and Dec. 31 and is restricted under Securities and Exchange Commission rules from issuing public statements outside the update.

According to its posts, Braidy Industries Inc. is an Ashland-based company formed to lead a national transformation in the manufacture and use of efficient, eco-friendly metal alloys that are lighter and stronger than metals currently in commercial use.

 

IdeaMensch

In our world the most important quality to have, and the strongest most powerful emotion to have, is kindness.

Chairman of the board and CEO of Braidy Industries Inc., Craig Bouchard, seems to have the Midas touch with every business enterprise he has ever encountered. Now, his goal is to change the economic face of Ashland Kentucky.

 

In Opinion by Krystal Perkins

After the current administration took over the White House, there have been a lot of changes to the governing style. Courtesy of the widespread effects of these changes, millions of business owners and taxpayers around the nation have been impacted in some way. Just consider, for example, how the latest tariffs that the United States imposed on certain nations affect domestic producers. When the Trump Administration announced its steel-based tariffs on countries like Canada, Mexico, China and many others in Europe, the goal was to create a leveled playing field.

Unfortunately, once competing countries are engaged in trade deals, there tends to be a form of tit-for-tat action that occurs every time changes are made. So, when the United States introduces tariffs, it is effectively incentivizing the corresponding countries to fight back with their own tariffs or fines. After looking at the example mentioned above with steel, one can easily see that this scenario is exactly what took place.

A Vicious Cycle
After the countries who trade with the U.S. enacted their own tariffs, the only possible outcome was a large spike in prices for everyone involved. Thus, foreign producers who now have to pay more to export their steel will attempt to pass that surcharge on to the customers. The way that they do so is by increasing prices and making the demand cover their new costs. This helps maintain the same or very similar level of profitability.

 

By Chad Hedrick

ASHLAND, Ky. (WSAZ) — They came with the promise that they were going to bring hundreds of high-paying jobs to a region that’s been hit hard by job loss. Now, those people who were left without work are waiting for Braidy Industries to open their doors.

“This is a geographic area that has gone through a tough couple of decades,” said Braidy Industries CEO Craig Bouchard.

After major employers such as AK Steel went idle, hundreds became unemployed. For them this means hope…

 

By FRED PACE

The Herald-Dispatch

ASHLAND – Braidy Industries says its $1.68 billion aluminum mill project in Eastern Kentucky is moving forward, according to what it called a fact sheet released by the company Tuesday in response to questions posed to it by news media.

Braidy is seeking to raise a total of $500 million in capital through the sale of its common stock. As of Nov. 26, Braidy had about 560 investors, including those who have subscribed via the Netcapital portal. Subscriptions via the Netcapital portal currently total 673,250 shares at $18 per share, for a commitment total of $12,118,500, according to the fact sheet. That amounts to about 2.5 percent of what the company hopes to raise.

In addition to unaccredited investors investing through the Netcapital portal, materially more than 100 institutional funds and accredited investors have purchased Braidy shares directly from Braidy in private placement transactions…

 

Our View

The Ashland Alliance’s annual banquet on Thursday night was a great event for all the right reasons.

We’ve been to many of these types of gatherings across the nation over the years. Some have true meaning. Some don’t. This one definitely had meaning because it highlighted actual, concrete momentum building in the economic development field in the region.

The keynote address was from Braidy Industries Chief Executive Officer Craig Bouchard. It was an informative presentation because Bouchard talked about the technology Braidy is developing, the commitment to the mill and the strategy for getting it all done. Bouchard talked about Braidy’s “building a community — not a company.” Bouchard also made a presentation aimed at area youth, highlighting keys to success in life. And, Bouchard made some much-needed comments about the need for all of us to set aside political divisiveness and work together for a common good…

 

The Herald-Dispatch

ASHLAND — A $4 million grant to do site preparation work at the location of the proposed $1.68 billion Braidy Industries aluminum rolling mill was announced by Kentucky officials this week.

The Abandoned Mine Lands pilot grant was awarded by the Kentucky Energy and Environment Cabinet’s Division of Abandoned Mine Lands to Northeast Kentucky Regional Industrial Park Authority as part of a program to revitalize the coalfields in Kentucky’s Appalachian region, officials said. U.S. Rep. Harold Rogers, R-Ky., U.S. Senate Majority Leader Mitch McConnell, R-Ky., and Kentucky Gov. Matt Bevin announced the award.

“The northeastern region is thriving with new, innovative opportunities, and this grant supports Braidy Industries’ plans to provide jobs to our highly skilled, readily available workforce. It also paves the way for future economic development opportunities and helps us reimagine Kentucky’s Appalachian region as a major manufacturing hub,” Rogers said during a ceremony announcing the grant at the EastPark Industrial Center…