Braidy Industries Chief Executive Officer Craig Bouchard said the company is on track for opening its Atlas mill in 2021 with the company also on schedule for raising the necessary capital.
Bouchard said Tuesday the mill’s projected total cost is $1.7 billion. As of Tuesday $300 million has been raised and the majority of the remaining capital needed is now in hand in cash, binding commitments or letters of intent.
Braidy is scheduled to construct a massive aluminum rolling mill at EastPark Industrial Center in Ashland, Ky. The mill will be the first greenfield aluminum rolling mill built in the U.S. in 37 years.
The project has received $15 million in taxpayer seed money. The mill is considered a major component in ongoing efforts to rebuild the eastern Kentucky economy in the aftermath of major losses of jobs in the coal and steel sectors throughout the region.
For a full update on this project, read this article published by The daily Independent.