The plant, with about 628 workers, is the second-largest employer in Hancock County, the Owensboro Messenger-Inquirer reported. Winds W at 10 to 20 mph. Kentucky Aluminum Plant Idling, Laying off 600 Workers - US News Without it, they said, the area would be unable to attract new businesses and investment. Quotes displayed in real-time or delayed by at least 15 minutes. 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. I will continue, if we think that there is any opportunity there to, to support it.. LOUISVILLE, Ky. Gov. Within weeks, the U.S. government had formally lifted sanctions on Rusal, citing a deal with the company that reduced the ownership interest of its Kremlin-linked founder, Oleg Deripaska. Fridays drama created confusion among Kentucky political leaders. Craig.. Use the 'Report' link on 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 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. "What did he know, and when did he know it? John believes that the closure of the plant was inevitable and that the decision was made by the companys board of directors. 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. There's a good end to that aluminum plant story at least. Unity had intended to build an aluminum mill near Ashland but struggled for years to line up sufficient financing for the project. Local businesses were also affected by the closure of the plant, as they relied heavily on the plants employees for customers. 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 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. Putin got the sanctions lifted, and Mitch McConnell got played for a fool. Senate Majority Leader Mitch McConnell, as well as Sen. Rand Paul, bothKentucky Republicans, voted against that attempt to keep the sanctions in place. "The agreement will allow the world's second largest producer of aluminum to stay out of Russian state or Chinese ownership.". The Ashland Alliance is the chamber of commerce group representing Boyd and Greenup counties. Surprise! Russia cancels Kentucky aluminum plant after The newly purchased Reynolds plant in Kentucky, however, was all on one floor, at ground level. 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. Maybe for Monday consumption. Asked to elaborate, Stivers said, I assume whatever this corporate entity or corporate structure is, he owns a substantial amount of shares. 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? What You Need To Know More:Braidy Industries would bring hope and opportunity back to Appalachia and Kentucky. FRANKFORT, Ky. (AP) Gov. "Kos" and "Daily Kos" are registered trademarks of Kos Media, LLC. Senate report: Russian investor in Braidy mill is Kremlin proxy Matt Bevin speak with reporters in Wurtland, Ky., on April 26, 2017. 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. The Unity spokesperson said the company will have a small ownership stake in the new project. 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. Remember the aluminum plant that Russians said they would build in Kentucky after Mitch McConnell helped lift sanctions? Some experts have claimed that it is possible Deripaska could use his ties with these companies to exert some influence over Rusal. Local politicians were quick to point fingers and assign blame for the plants closure. Century Aluminum said the Hawesville plant is its largest U.S. On Friday, Bouchard pushed back. The legislative leader said he understood that Bouchard could have done more because of his number of shares in the company.. And a significant number of its steel customers also have demand for aluminum, it said. With a Putinesque smile, Rusal explains itssuspendingits investment in theboondoggleproject while it waits for other partners to raise funds. And three months later, Rusal announced plans for an extraordinary partnership with Bouchards company, providing $200 million in capital to buy a 40 Be Proactive. The purpose of this article is to explore the Steel Dynamics did not respond to emails and calls seeking comment on where its new mill would be located. Threats of harming another Backers have touted the plant, which was slated for completion last year, as one that could create up to 550 jobs. We want their jobs to be in Kentucky.. The Board of Directors of Braidy Industries confirmed its action of Jan. 28, 2020, removing Craig Bouchard as CEO and Chairman, Price said in the statement. This is the name that will be displayed next to your photo for comments, blog posts, and more. 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. 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. Chance of rain 80%. The U.S. government previously imposed sanctions on Rusal and its parent company, EN+ Group. The agreement requires the companies to report any contact between Deripaska and company affiliates, including members of the board. 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. Invalid password or account does not exist. The platform is designed to engage citizens and government leaders in a discussion about what needs improvement across the country. Discovering the versatile world of aluminum. The Attorney Generals office is aware of the leadership transition within Braidy Industries and is actively engaged in learning more about the change to ensure that Kentuckys investment in the company is protected and that the anticipated economic benefit to Eastern Kentucky comes to pass, said Elizabeth Goss Kuhn, Camerons communications director, in an email. 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. The effect of this was felt throughout the entire community, as the local economy suffered greatly. The deal was originally brokered under former Gov. Now, state lawmakers are trying to figure out how to recoup taxpayer money, in case the project never gets off the ground. If the project does not happen, Stivers said, he expects there would be an attempt by the state to get its money back either through litigation through the attorney generals office or the Economic Development Cabinet. Powered and implemented by FactSet Digital Solutions. Will The Real CEO Of Braidy Industries Please Stand Up? The plant along the Ohio River had recently increased production and in April announced an addition of 60 jobs. Reynolds Metals Company ", Steurer said in an email Wednesday that previous comments McConnell has made about Rusal still stand. what happened to the aluminum plant in kentucky The Board and CEO Tom Modrowski are committed to the Ashland community and focused on building the Kentucky mill.. We won't share it with anyone else. 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. 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. Our current awesome (D) Governor got that money back in September. 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. The plant provided well-paying jobs and allowed people to stay in the area rather than having to move away in search of employment. We havent given up.. each comment to let us know of abusive posts. 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. aluminum plant The long-delayed aluminum plant project near Ashland, Kentucky is facing another setback. The U.S. Senate voted down a measure opposing the plan to end thesanctions against Rusal and EN+ Group in January 2019. Jason is the managing editor. Osborne, R-Prospect, said he talked to the governors office early Friday morning about Bouchard. 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. PLEASE TURN OFF YOUR CAPS LOCK. 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. A company planning a new facility in Kentucky is set to partner with a Russian company once suspected of meddling in the 2016 presidential election.The, Braidy Industries says it has about four months to raise $300 million in equity capital for a proposed aluminum mill in Kentucky or risk losing a large, Gov. Real-time updates and all local stories you want right in the palm of your hand. Legal Statement. The plant along the Ohio River had recently increased production and in April announced an addition of 60 jobs. Until it gets built, you always have to have concerns, he said. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. "The Committee found that Manafort's presence on the Campaign and proximity to Trump created opportunities for Russian intelligence services to exert influence over, and acquire confidential information on, the Trump Campaign," the report says. This material may not be published, broadcast, rewritten, or redistributed. Roberts said the company told him that its power costs have risen dramatically this year. Andy Beshear said through a spokesman that had been told the resignation of Bouchard will not impact the current status of the project.. Rusal will have a 40 percent stake in the facility. We'd love to hear eyewitness suspending investments as it waits for U.S. partners to raise funds, This content was created by a Daily Kos Community member. Andy Beshear has repeatedly vowed to get the money back if the mill project doesn't materialize. (This content is not subject to review by Daily Kos staff prior to publication. As for Unitys role,Steel Dynamics said the plant will supply the beverage, automotive and common alloy industrial sectors. The long-delayed aluminum plant project near Ashland, Kentucky is facing another setback. that is degrading to another person. "Its time for Moscow Mitch to tell the truth to the people of Kentucky. Matt Bevin, KY legislators got played badly on aluminum plant. 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. 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. Sanctioned Russian Oligarch's Company to Invest Millions in New However, in June, Century announced it was temporarily shutting down production at its largest U.S. plant, an aluminum smelter in nearby Hawesville, Kentucky. Rusal, the aluminum company partially owned by Russian oligarch Oleg Deripaska, announced plans to invest around $200 million to build a new aluminum plant in Kentucky just months after the Trump administration removed it from the U.S. sanctions list. All rights reserved. The closure of the aluminum plant had a significant economic impact on the local community. Kentucky Aluminum Plant Idling, Laying off 600 Workers. McConnell Said No to Money for Miners, Yes to Russian-Backed Andy Beshear made a pitch Thursday to Steel Dynamics, offering to show potential sites for the $1.9 billion plant to salvage a plan started by his predecessor. 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. 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. By the next day, McConnell hadsuccessfully blocked the bill, despite the defection of 11 Republicans. McConnell was among the advocates for lifting sanctions on Rusal, arguing that the deal with Treasury would maintain pressure on Deripaska personally without disrupting global aluminum supplies. 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. On Thursday, Braidy Industries released a statement saying CEO and Board Chairman Craig Bouchard had stepped down. In 2008, the plant underwent a major restructuring effort, which included layoffs and cost-cutting measures. State officials, including Gov. Just weeks after the Treasury Department announced the official de-listing of Rusal, the company announced a $200 million investment in the Braidy Industries Some were even forced to close their doors due to the lack of customers in the area. 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 the company has still not reached their goal of $1 billion for construction and equipment. The aluminum mill is still on course for its expected completion date of 2021, the company said. Theyve increased the size of the manufacturing plant from 350,000 to 650,000 square feet, Gibbs said. 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. Someone didnt deliver something quite recently, in any event. racist or sexually-oriented language. Commercial production is planned to begin in early 2025, the company said. Site content may be used for any purpose without explicit permission unless otherwise specified. 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. 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. Century Aluminum said the Hawesville plant is its largest "U.S. smelter and the largest producer of high purity primary aluminum in North America.". 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. According to a Bloomberg report, Rusal, the formerly blacklisted Russian Matt Bevin (R) boasted was as significant as any economic deal ever made in the history of Kentucky.. Bloomberg News reported: The Russiancompany backing an aluminum project in Kentuckysaid its suspending See also:Kentucky planning to implement a $400 unemployment supplement. aluminum Russia's Rusal invests $200 million in Kentucky plant after US lifts Andy Beshear has released documents related to Kentuckys investment in Braidy Industries. Democrats Seek Review of Russian Investment in Kentucky The production equipment was, therefore, installed in long rows, which eliminated the need for the expensive transporting of the product. What Happens When You Put Aluminum Foil in the Microwave? The Lexington Herald-Leader had asked Cameron about the developments at Braidy. However, in 2019, the plant closed its doors for good, leaving many in the community wondering what happened. Concerns magnified, particularly in Washington, when the Russian aluminum company Rusal promised to invest $200 million in the company. Century Aluminum has announced plans to shut down its Hawesville smelter for 9 to 12 months starting in August. 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.