Braidy executives give update on plans for aluminum plant

FRANKFORT, Ky. (AP) – A Braidy Industries executive says the company still needs to raise $500 million to build a $1.7 billion aluminum plant in eastern Kentucky.

Company executives appeared before a Senate committee Tuesday. Their appearance comes after a recent management shakeup raised concerns about the project.

Company officials expressed confidence the project will become a reality. The plant would create more than 650 full-time jobs.

Kentucky taxpayers have a direct stake in Braidy’s plans to build the aluminum rolling mill near Ashland.

During his term, former Governor Matt Bevin persuaded lawmakers to approve a $15 million state investment in the project.