RUSAL, Braidy Industries to build rolled aluminum plant in US
MOSCOW, Apr 15 (PRIME) -- Russian aluminum giant UC RUSAL and Braidy Industries Inc. plan to set up a joint venture for production of rolled aluminum products in the U.S. state of Kentucky for the local car industry, RUSAL said in a statement on Monday.
“RUSAL and Braidy Industries have entered into an exclusive letter of intent which details the commercial conditions for the joint venture alongside with providing details for any future negotiations going forward. The binding documentation for the project is expected to be signed during the second quarter of 2019 after the final decision about the implementation of the project is made,” the statement read.
The facility will make 500,000 tonnes of hot rolled products and 300,000 tonnes of ready cold rolled products annually.
RUSAL will get 40% of the company and will supply aluminum to the plant from its new Taishet smelter that is currently under construction in Siberia.