Russian aluminium giant Rusal and U.S. manufacturer of aluminium alloys Braidy Industries plan to create a joint project to produce flat rolled aluminium products in the United States for the U.S. automotive industry, Rusal said.
Russian aluminium giant Rusal and U.S. manufacturer of aluminum alloys Braidy Industries plan to create a joint project to produce flat rolled aluminium products in the United States for the U.S. automotive industry, Rusal said.
The binding documentation for the project — in which Rusal and Braidy Industries will get a 40% and a 60% stake, respectively — is expected to be signed in the second quarter, Rusal said. Both firms plan to approach financial markets for funding of the project. Delivering value added products to the Kentucky mill will also help Rusal's commitment to increase the share of VAP in its sales, the company added.The United States imposed sanctions on the company and its co-owner Oleg Deripaska in April of 2018. Sanctions against Rusal and En+ were lifted in January as Deripaska reduced his stake in Rusal via its parent company En+ after months of talks and several extensions of the deadline for sanctions to take full effect.
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