Report: Braidy Industries Needs Massive Cash Infusion to Complete Construction on KY Aluminum Mill
The company that’s planning to build an aluminum mill in northeastern Kentucky is seeking new investors to help it complete construction of the massive project.
WDRB in Louisville reports Braidy Industries hasn’t been able to raise anywhere close to the $1.6 billion dollars it needs to complete construction on the project.
Documents filed this week with the U.S. Securities and Exchange Commission show Braidy is looking to raise at least $400 million through a new round of stock sales.
That infusion of cash would help the company borrow the remaining $1 billion it needs to complete the aluminum mill in Greenup County.
A groundbreaking ceremony was held in June in celebration of the mill.
Braidy CEO Craig Bouchard has previously said the facility would open in 2020 and employ 600 workers from the region.
Governor Bevin has hailed the project as an example of what he describes as his administration’s ability to attract industrial jobs to parts of the state hit hard by the loss of factory and coal jobs.