Rusal is seeking to pour $200 million in Kentucky-based Braidy Industries, the Russian aluminum giant’s first investment in the country since resolving a sanctions dispute with the Trump administration.
Under the terms of the 10-year agreement with controlling company En+ Group, Rusal will be Braidy’s sole-source provider of low-carbon aluminum for its new $1.6 billion rolling mill slated to open in 2020 in northeast Kentucky, the firms said on Sunday. The investment will give Rusal a 40 percent share in the facility and En+ Group Executive Chairman Lord Gregory Barker will serve as co-chairman of the new mill alongside Braidy CEO Craig Bouchard.
The aluminum industry is racing to lower the amount of carbon emitted in the production process. Alongside Rusal’s efforts, Pittsburgh-based Alcoa Corp., Apple Inc. and Rio Tinto Group are developing a process that would rid carbon from the smelting process, replacing it with oxygen emissions. For Braidy, Rusal was the only supplier that could provide the necessary 200,000 tons of low-carbon slab a year, according to Bouchard.
When you combine low-cost, highest-quality [and] lowest carbon imprint, that turns into a competitive advantage. There is no other company that will be able to do what we are doing,
he told FOX Business.Read More
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