(LEX 18) — A Russian company plans to invest $200 million in an aluminum plant being built in Ashland, in part with taxpayer money.
Braidy Industries, which is building the plant, officially announced the partnership with Rusal, a Russian company tied to billionaire Oleg Deripaska, on Monday at the New York Stock Exchange.
Braidy Industries says this new plant will create 1,500 construction jobs, 650 permanent manufacturing jobs and 3,600 additional jobs in the community.
Gov. Matt Bevin’s administration has been a major backer of the project, jump-starting it with a $15 million commitment from Kentucky taxpayers.
Rusal’s investment comes just months after it was removed from a list of sanctioned companies not allowed to do business in the United States.
“The highest quality aluminum alloys made in the world with the lowest possible carbon footprint and at the lowest price available are going to be made with pride in the Commonwealth of Kentucky,” Bevin said in a statement. “An ally to the alloy — I guess is what we really are.”