Share with Us. How a McConnell-backed effort to lift Russian sanctions boosted Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. We are incredibly excited to announce this meaningful growth opportunity, which is aligned with our existing business and operational expertise, Mark D. Millett, chairman and CEO of Steel Dynamics, said in a news release. You've successfully subscribed to this newsletter! Bloomberg News reported: The Russiancompany backing an aluminum project in Kentuckysaid its suspending Incidentally, Kentucky is the 27th state and the last Southern state to enact right-to-work legislation. Now its pumping $200 million into a new project in Kentucky. McConnell Said No to Money for Miners, Yes to Russian-Backed 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? 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 And it points to Russian oligarch Oleg Deripaska a part-owner of Rusal, which is a major aluminum company that operates internationally as a key figure. 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. It is clear that the closure of the aluminum plant has had a long-lasting and far-reaching impact on the local community. We want to talk to them, the governor said. However, after the closure of the plant, the job market in the area took a sharp downturn. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Exploring the Dangers of Microwaving Aluminum Foil. All rights reserved. Tweets from https://twitter.com/heralddispatch/lists/hd-news-4. Century Aluminum has announced plans to shut down its Hawesville smelter for 9 to 12 months starting in August. 2023 FOX News Network, LLC. On Friday, it turned bizarre. The county's judge-executive, Johnny Roberts, told the newspaper the company gave him no assurances the plant would reopen after that. An oligarch with ties to Putin promised a $200 million investment in the state and hundreds of jobs. Kentucky Aluminum Plant Idling, Laying off 600 Workers. They have talked to some local officials that are very confident that the project is moving forward, said Osborne. Tribe to have last say. We want their jobs to be in 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. The best states in the U.S. come from coast to coast. Your email address will not be published. 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. All rights reserved. Winds W at 10 to 20 mph. Reynolds Metals Company The deal was originally brokered under former Gov. John grew up in the area and was able to provide us with valuable insight into the dynamics of the plant and its eventual closure. 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. Andy Beshear is requesting a deep dive into the project. 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. And three months later, Rusal announced plans for an extraordinary partnership with Bouchards company, providing $200 million in capital to buy a 40 that is degrading to another person. In a statement, the company says the plant idling is By the next day, McConnell hadsuccessfully blocked the bill, despite the defection of 11 Republicans. A large aluminum plant in Kentucky is temporarily halting production and laying off more than 600 workers due to rising energy costs. 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. The plant, in Columbus, Mississippi, is being built by Steel Dynamics Inc. and it will be a greenfield plant that will produce 650,000 tons of products a year from recycled aluminum. There's a good end to that aluminum plant story at least. Kentucky Aluminum Plant Idling, Laying off 600 Workers - US News However, this investment was not enough to revive the plant, and production levels continued to decline. Some experts have claimed that it is possible Deripaska could use his ties with these companies to exert some influence over Rusal. Russian Company Bankrolling Troubled Kentucky ", Steurer said in an email Wednesday that previous comments McConnell has made about Rusal still stand. Backers have touted the plant, which was slated for completion last year, as one that could create up to 550 jobs. According to a Bloomberg report, Rusal, the formerly blacklisted Russian So far, though, there have been no jobs, no funds and even more doubts. Asked to elaborate, Stivers said, I assume whatever this corporate entity or corporate structure is, he owns a substantial amount of shares. See also:Kentucky planning to implement a $400 unemployment supplement. Rusal, the aluminum company partially owned by Russian oligarch Oleg Deripaska, announced plans to invest around $200 million to build a new aluminum plant Steelmaker moves ahead on effort to build plant in Southeast; Ky. officials say they wont give up. Chance of rain 80%. Steelmaker moves ahead on effort to build plant in Southeast; Ky The Senate committee's report, which examines Russian efforts to interfere in America's 2016 presidential election,says: "Deripaska's companies, including RUSAL, are proxies for the Kremlin, including for Russian government influence efforts, economic measures, and diplomatic relations.". This material may not be published, broadcast, rewritten or redistributed. Deripaska, the Rusal co-owner, pops up many times in the Senate committee's report. This material may not be published, broadcast, rewritten, or redistributed. Powered and implemented by FactSet Digital Solutions. On Friday, it turned bizarre. We'll send breaking news and news alerts to you as they happen! 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. 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. Josh James fell in love with college radio at Western Kentucky University's student station, New Rock 92 (now Revolution 91.7). Fox News Flash top headlines are here. His graduate work focused on public policy, with a specialization in social reform movements. In 2011, the plant was acquired by a new company, which invested heavily in modernizing the facility. Andy Beshear has released documents related to Kentuckys investment in Braidy Industries. Kentucky pledged $15 million in taxpayer dollars toward the project under former Gov. 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. 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 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. LOUISVILLE, Ky. Gov. The local government could invest in clean-up efforts, such as installing air filtration systems and monitoring water quality. United Co. Rusal International PJSC announced the move on Unity Aluminum, formerly known as Braidy Industries, in a call on Wednesday. On Friday, Bouchard pushed back. Commercial production is planned to begin in early 2025, the company said. We also spoke with several local business owners who were affected by the closure of the aluminum plant. Tags: Associated Press, business, Kentucky, education. 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. Please avoid obscene, vulgar, lewd, Asked if Bouchards move was driven by shareholders in the company, Stivers said he did not know. This is the name that will be displayed next to your photo for comments, blog posts, and more. or anything. 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. ASHLAND, Ky. (WSAZ) - For years, eastern Kentucky was promised major economic development with the creation of an aluminum plant under the name Braidy Industries. Hundreds of people lost their jobs, leading to an increase in unemployment in the area. Wikipedia The U.S. removed Rusal from its sanctions list in January, after the Treasury Department struck an agreement with the company that saw Deripaska, a close ally of Russian President Vladimir Putin, reduce his stake in the company to below 50 percent and lower his voting rights to below 35. Remember the aluminum plant that Russians said they would build in Kentucky after Mitch McConnell helped lift sanctions? First Republic in Limbo as US Regulators Juggle Bank's Fate, 'Waste of Time': Community College Transfers Derail Students, Rising Mississippi River Continuing to Test Flood Defenses. 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. My sole focus is rebuilding Ashland and NEK. In the small town of Greenville, Kentucky, sits a large aluminum plant that was once a major employer in the area. This led to a decrease in the local population and had a negative impact on the local economy. You dont need that. Copyright 2021 WSAZ. The story of Braidy Industries and its plans to build a $1.7 billion aluminum mill in northeastern Kentucky has always been complicated. Additionally, the government could incentivize businesses to invest in green technologies, such as solar and wind power. The closure of the aluminum plant in Kentucky had political ramifications as well. The news is only the latest twist for the troubled project, which has been plagued by fundraising questions and the ouster of the CEO formerly overseeing the venture. A fence that cost more than $100,000 was erected in late 2019 around the site where the company formerly called Braidy Industries hoped to build an aluminum mill 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. aluminum plant Ive been very concerned about it for a while. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. ", 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. The plant along the Ohio River had recently increased production and in April announced an addition of 60 jobs. Surprise! Russia cancels Kentucky aluminum plant after 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.". We'd love to hear eyewitness All rights reserved. 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. I guess if it hadnt been for the cost of power, we would still be rocking and rolling.. The company, in its press release Thursday, named its current president, Kentucky native Tom Modrowski, as its interim CEO. "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. A Russiancompany that has invested in Braidy Industries' planned aluminum rolling mill in Eastern Kentucky was identified as a proxy of the Kremlin in a new report the Senate Intelligence Committee released this week. Many of the former employees were unable to find work elsewhere and had to leave the area in search of employment. In addition to Hayes, Cameron addressed his letter to the cabinets Partnership Board, a board made up of 13 public-private sector mebers to provide strategic governance to the cabinet, and Commonwealth Seed Capital, a group that uses state money to invest in the early stages of businesses in Kentucky.