Aluminum Plant Reveals Investors In $1.3 Billion Plant

Dec 28, 2017

Credit Creative Commons

Braidy Industries released the names of its shareholders over the weekend. The aluminum company is planning a state-subsidized $1.3 billion facility in Greenup County.

 

The move came after the Courier Journal requested a list of investors and shareholders. That request was partially denied. The list the paper received showed only two previously known owners, with the rest of the names blacked out.

 

Attorney General Andy Beshear ruled in October that the Kentucky Cabinet for Economic Development violated the state’s open records law by not releasing the investors’ names. Beshear’s ruling was appealed and the case is ongoing.

The Courier-Journal reports the state became a 20 percent owner of the planned Greenup County aluminum mill after directly investing $15 million. Private companies are not required to divulge their investors. Braidy industries plans to break ground on the facility in April. It’s expected to create more than 550 permanent jobs and about 1,000 construction jobs.