The plant, with about 628 workers, is the second-largest employer in Hancock County, the Owensboro Messenger-Inquirer reported. 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? Save my name, email, and website in this browser for the next time I comment. There's a good end to that aluminum plant story at least. Share with Us. ASHLAND, Ky. (WSAZ) - For years, eastern Kentucky was promised major economic development with the creation of an aluminum plant under the name Braidy Industries. The newly purchased Reynolds plant in Kentucky, however, was all on one floor, at ground level. Regardless of the cause, the closure of the plant had a major impact on the local election cycle. By STEVE PEOPLES and ZEKE MILLER Someone didnt deliver something quite recently, in any event. This is the name that will be displayed next to your photo for comments, blog posts, and more. Jack Brammer is Frankfort bureau chief for the Lexington Herald-Leader. An aluminum plant in Kentucky laid off 600 people. 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. The announcement this week was the latest chapter in what has been a long, tortuous effort to build a new aluminum plant in a region struggling to create jobs, but officials in Kentucky arent ready to give up yet. "I guess if it hadnt been for the cost of power, we would still be rocking and rolling.". So what changed? Braidy officials have said they expect the plant to cost $1.7 billion and bring hundreds of jobs to the Ashland area. The business owners also emphasized the importance of the aluminum plant to the local economy. I dont know how much that is. The Russian bank VTB, nicknamed Putin's piggy bank, also got a stake in Deripaska's companies. Be Truthful. The new aluminum plant, slated to be built in the home state of Senate Majority Leader Mitch McConnell, will be the biggest new aluminum plant constructed in the U.S. in decades. On Friday, it turned bizarre. United Co. Rusal International PJSC announced the move on Unity Aluminum, formerly known as Braidy Industries, in a call on Wednesday. We havent given up.. My sole focus is rebuilding Ashland and NEK. "What did he know, and when did he know it? Concerns magnified, particularly in Washington, when the Russian aluminum company Rusal promised to invest $200 million in the company. They have talked to some local officials that are very confident that the project is moving forward, said Osborne. Putin got the sanctions lifted, and Mitch McConnell got played for a fool. person will not be tolerated. Cloudy with occasional rain showers. Incidentally, Kentucky is the 27th state and the last Southern state to enact right-to-work legislation. You have permission to edit this article. Your e-mail address will be used to confirm your account. The closure of the aluminum plant in Kentucky had a significant economic, environmental, and political impact on the local community. "Its time for Moscow Mitch to tell the truth to the people of Kentucky. Tribe to have last say. Gov. Some experts have claimed that it is possible Deripaska could use his ties with these companies to exert some influence over Rusal. Russia's Rusal invests $200 million in Kentucky plant after US lifts Announces New Aluminum End Manufacturing Facility Fortunately, there are solutions to mitigate the environmental impacts of the plants closure. Im sorry for the stress that was created in Ashland yesterday. Bill orders Kentucky to recover $15 million in stalled He has covered politics and government in Kentucky since May 1978. Rusal has so far poured $65 million into the venture, which local officials have been counting on to bring hundreds of high-paying jobs to the region. (This content is not subject to review by Daily Kos staff prior to publication. Century Aluminum said the Hawesville plant is its largest "U.S. smelter and the largest producer of high purity primary aluminum in North America.". 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. Through interviews with former employees, local businesses, and politicians, we gain insight into the causes of the closure and its far-reaching impacts. The Committees findings, along with other information recently released by the Intelligence Community, confirm what we already knew: Russia, China, Iran, and other foreign actors want to influence our politics, interfere with our elections, and stoke fear and division among Americans," McConnell said. Keep it Clean. 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. How a McConnell-backed effort to lift Russian sanctions boosted 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. Many of the former employees were unable to find work elsewhere and had to leave the area in search of employment. "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. Will The Real CEO Of Braidy Industries Please Stand Up? After working as a DJ and program director, he knew he wanted to come home to Lexington and try his hand in public radio. 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. Kentucky Gov. In 2008, the plant underwent a major restructuring effort, which included layoffs and cost-cutting measures. Despite the financial losses, he expressed sadness at the loss of jobs for so many in the local community. Legal Statement. Invalid password or account does not exist. Associated Press. Century Aluminum Sebree in Robards, Kentucky is one of only five remaining active aluminum smelters in the U.S. Required fields are marked *. The Ashland Alliance is the chamber of commerce group representing Boyd and Greenup counties. The report says Paul Manafort Trump's former campaign chairman worked for Deripaska in the past and was in close contact with a Russian intelligence officer, Konstantin Kilimnik,whom the report describes as having been "Manafort's primary liaison to Deripaska ". The long-delayed aluminum plant project near Ashland, Kentucky is facing another setback. 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. Andy Beshear announced the recovery of a $15 million investment to build an aluminum mill in northeastern Kentucky that never materialized. Surprise! Russia cancels Kentucky aluminum plant after They suggested that the local government should do more to incentivize businesses to stay in the area and invest in the community. Bevin asked us to do that has not come to fruition. suspending investments as it waits for U.S. partners to raise funds, that is degrading to another person. All rights reserved. Reynolds Metals Company 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 Kentucky Aluminum Plant Idling, Laying off 600 Workers. The plant along the Ohio River had recently increased production and in April announced an addition of 60 jobs. Matt Bevin, but current Gov. Letters: Ky aluminum plant deal was like buying a bridge in Matt Bevin (R) boasted was as significant as any economic deal ever made in the history of Kentucky.. Matt Bevins administration with Braidy Industries to bring jobs to the state. Reach reporter Morgan Watkins: 502-582-4502; mwatkins@courierjournal.com; Twitter:@morganwatkins26. Our shady former (R) Governor was on that deal and sunk $15M KY tax dollars in it. Additionally, the government could incentivize businesses to invest in green technologies, such as solar and wind power. smelter and the largest producer of high purity primary aluminum in North America.. The best states in the U.S. come from coast to coast. Roberts said the company told him that its power costs have risen dramatically this year. McConnell Said No to Money for Miners, Yes to Russian-Backed The controversial company, partially funded by Kentucky taxpayers and a Russian aluminum company previously blacklisted by the U.S. Government, left Kentuckys politicians befuddled Friday as its founder and the board of directors he appointed publicly battled for control of the company. The U.S. Senate voted down a measure opposing the plan to end thesanctions against Rusal and EN+ Group in January 2019. Market data provided by Factset. What You Need To Know The county's judge-executive, Johnny Roberts, told the newspaper the company gave him no assurances the plant would reopen after that. Maybe for Monday consumption. LOUISVILLE, Ky. 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 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. However, in 2019, the plant closed its doors for good, leaving many in the community wondering what happened. In the days since President Joe Biden formally launched his 2024 campaign, key members of the sprawling political coalition that lifted him over former President Donald Trump in 2020 are far from excited about the prospect of four more years. 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. Site content may be used for any purpose without explicit permission unless otherwise specified. Beshear on Thursday said it will go down as the shadiest economic development deal in Kentuckys history.. 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 Don't Threaten. Fox News Flash top headlines are here. Bloomberg News reported: The Russiancompany backing an aluminum project in Kentuckysaid its suspending The agreement requires the companies to report any contact between Deripaska and company affiliates, including members of the board. 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. Andy Beshear, have said they hope the mill project will succeed and create job opportunities in the commonwealth. Quotes displayed in real-time or delayed by at least 15 minutes. Kentucky's state government also has a financial stake in the mill's future, followinga direct investment it made in Braidy in 2017. Jason is the managing editor. Andy Beshear said through a spokesman that had been told the resignation of Bouchard will not impact the current status of the project.. I have not stepped down as the CEO of Braidy Industries, and I am the Chairman of the Board and CEO of Braidy Atlas., He added: After I complete my next flight, have a chance to kiss my wife and hug my kids, I will begin to prepare a longer statement for you and for the press. According to a Bloomberg report, Rusal, the formerly blacklisted Russian He said that management was always looking for ways to cut costs and improve efficiency, but these efforts were ultimately unsuccessful in keeping the plant afloat. The plant, with about 628 workers, is the second-largest employer in Hancock County, the Owensboro Messenger-Inquirer reported. The Republican-led Senate committee released a report Tuesday that detailed extensive connections between President Donald Trump's 2016 campaign advisers and people with ties to Russian President Vladimir Putin's regime. Exploring the Many Uses of Aluminum, Aluminum Composite: Exploring the Benefits and Uses of This Durable Material, What Happens When You Stop Using Deodorant With Aluminum? 'We Don't Think About A Plan B': Braidy Execs Offer Reassurance, Few Details In Hearing. 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.
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