Braidy

Kentucky regulators are requiring written financial assurances for a proposed aluminum mill in eastern Kentucky.

The Lexington Herald-Leader reports the requirement is part of regulators' conditional approval of a $22.4 million Kentucky Power project to build power lines to the site.

The Public Service Commission wants written assurances from Braidy Industries that it has the money to complete the project. Company officials told investors in September they need an additional $400 million to $500 million to complete construction.

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.

The CEO of an aluminum mill slated to open in eastern Kentucky claims the company will be able to sell aluminum for 50 percent cheaper than its competitors, allowing it to pay workers $65,000-per-year starting salaries.

This spring, Braidy is scheduled to break ground on the $1.3 billion plant, which will be located in an industrial park that straddles Greenup, Boyd and Carter Counties.