The closure of the aluminum plant in Kentucky had a significant economic, environmental, and political impact on the local community. Andy Beshear announced the recovery of a $15 million investment to build an aluminum mill in northeastern Kentucky that never materialized. Four years later, however, there is still nothing to show for it. Ive been very concerned about it for a while. Senate Majority Leader Mitch McConnell, as well as Sen. Rand Paul, bothKentucky Republicans, voted against that attempt to keep the sanctions in place. Everyone wants to see the project materialize, said Stivers, because it would be greatly helpful to a region that has lost AK Steel and will soon lose one of two hospitals. The agreement struck with the Treasury Department gave the Swiss commodities firm Glencore, a company that has done business with Deripaska for years and whose CEO previously sat on Rusal's board, some of Deripaska's lost shares. The purpose of this article is to explore the closure of the aluminum plant in Kentucky and its economic, environmental, and political implications. Putin got the sanctions lifted, and Mitch McConnell got played for a fool. Barker is the executive chairman of Rusal and its parent company EN+. Rusal, the aluminum company partially owned by Russian oligarch Oleg Deripaska, announced plans to invest around $200 million to build a new aluminum plant All rights reserved. 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. 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 Tuesday, July 19, 2022. If you forget it, you'll be able to recover it using your email address. All rights reserved. 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. Steel Dynamics said it will completely own the two supporting recycled aluminum slab centers one to be built in the southwestern U.S. and the other in Mexico. Matt Bevins administration with Braidy Industries to bring jobs to the state. "Its time for Moscow Mitch to tell the truth to the people of Kentucky. The closure of the aluminum plant also had environmental implications. FRANKFORT, Ky. (AP) Gov. An oligarch with ties to Putin promised a $200 million investment in the state and hundreds of jobs. With fewer people in the area, businesses were forced to make drastic cuts or close altogether. There's a good end to that aluminum plant story at least. Choose wisely! We'll send breaking news and news alerts to you as they happen! Employees learned of the pending layoffs on Wednesday. See latest map, NFL Draft: Reaction to Tennessee Titans taking Kentucky quarterback Will Levis, After being drafted by Commanders, Chris Rodriguez knows his mom would be proud. Incidentally, Kentucky is the 27th state and the last Southern state to enact right-to-work legislation. Century Aluminum said the Hawesville plant is its largest U.S. This is the name that will be displayed next to your photo for comments, blog posts, and more. aluminum Top headlines:VA hospital let neighbor illegally decide veteran's fate, report says, Braidy which recently brought a new acting president and CEO, Don Foster, on board responded through a spokeswoman with the following statement: "Don Foster is hard at work every day, utilizing his expertise and expansive network built during his 40 years in the metals industry to finalize financing and build the mill in Ashland, KY.". Now, state lawmakers are trying to figure out how to recoup taxpayer money, in case the project never gets off the ground. Century Aluminum has announced plans to shut down its Hawesville smelter for nine to 12 months starting in August. However, in 2019, the plant closed its doors for good, leaving many in the community wondering what happened. In a statement, the company says the plant idling is Stay informed daily on the latest news and advice on COVID-19 from the editors at U.S. News & World Report. The story of Braidy Industries and its plans to build a $1.7 billion aluminum mill in northeastern Kentucky has always been complicated. Josh James fell in love with college radio at Western Kentucky University's student station, New Rock 92 (now Revolution 91.7). 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. The Russians have cut off the cash. This governors office is committed to seeing it through and you know its a project that is going to mean generational change in that area., The only statement from Beshears office came through his spokesman, Sebastian Kitchen. The company that received $15 million in taxpayer money to build an aluminum mill in Eastern Kentucky is changing its name as it looks to move forward without its former chief executive. All rights reserved. The deal was originally brokered under former Gov. Tweets from https://twitter.com/heralddispatch/lists/hd-news-4. The closure of the aluminum plant had a significant economic impact on the local community. The closure of the aluminum plant in Kentucky was the result of a series of events that began in the late 2000s. An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account. And McConnell told reportersin May 2019 that his decision to support lifting the sanctions was unrelated to "anything that might happen in my home state. Gov. On Thursday, Braidy Industries released a statement saying CEO and Board Chairman Craig Bouchard had stepped down. WP was on it, though it took a few months. (This content is not subject to review by Daily Kos staff prior to publication. Real-time updates and all local stories you want right in the palm of your hand. Century Aluminum said the Hawesville plant is its largest "U.S. smelter and the largest producer of high purity primary aluminum in North America.". The plant provided well-paying jobs and allowed people to stay in the area rather than having to move away in search of employment. Tribe to have last say. The Russian bank VTB, nicknamed Putin's piggy bank, also got a stake in Deripaska's companies. Russian Backer Halts Funds in New Blow to U.S. Aluminum Project Kentucky Rusal will have a 40 percent stake in the facility. Support strong local journalism by subscribing today:courier-journal.com/subscribe. An elite leader of young people. LexCath hires St. Xavier assistant as football coach. Through interviews with former employees, local businesses, and politicians, we gain insight into the causes of the closure and its far-reaching impacts. The U.S. government previously imposed sanctions on Rusal and its parent company, EN+ Group. Andy Beshear, have said they hope the mill project will succeed and create job opportunities in the commonwealth. 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. We'd love to hear eyewitness The production equipment was, therefore, installed in long rows, which eliminated the need for the expensive transporting of the product. It also asked about the status of Rusal'sinvestment in the mill, whether Braidy intends to continue its business relationship with that firm, and how Braidy's efforts to secure financing for the mill are proceeding. suspending investments as it waits for U.S. partners to raise funds, 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. 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? 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.". Still, analysts have expressed concern that Deripaska, who was sanctioned in April 2018 for attempting to meddle in the U.S. elections, may still wield influence over his companies from behind the scenes. Matt Bevin speak with reporters in Wurtland, Ky., on April 26, 2017. Braidy CEO disputes he stepped down from aluminum Be Proactive. Kentucky Gov. The best states in the U.S. come from coast to coast. By STEVE PEOPLES and ZEKE MILLER With a Putinesque smile, Rusal explains itssuspendingits investment in theboondoggleproject while it waits for other partners to raise funds. Notwithstanding anything herein to the contrary, the Chairman, President and/or Chief Executive Officer may be removed, either with or without cause, solely by an affirmative vote of seventy (70%) percent of the members of the Board of Directors, the bylaws read. "Rusal, one of the leading global aluminium producers, and Braidy Industries Inc., a U.S. base holding company which owns both Veloxint, an MIT-incubated lightweighting solutions company, and NanoAl, a Northwestern University incubated materials research and technology company, announce an intent to establish a joint project in Ashland, Kentucky, USA to produce flat-rolled aluminium products for the U.S. automotive industry," according to a company press release. 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.
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