Braidy commits to aluminum mill development under new CEO

Pittsburgh — Braidy Industries will accelerate plans to its build a new aluminum rolling mill in Ashland, Kentucky, following the appointment of Don Foster to replace Craig Bouchard as the company's new CEO, Braidy said June 24.

"The business case for this project is strong, and I'm honored to be a part of it," Foster said in a statement. "Braidy's state-of-the-art mill is being engineered with proven, world class technology and our team of motivated aluminum experts are going to get it built. It is essential to the North American automotive industry supply chain and vital to the economy of Eastern Kentucky."

Foster said Braidy would now focus on completing financing for the mill's development but was unable to provide a timeline for the mill's construction and commissioning.

"I wouldn't be bold enough to put a stake in the ground on a date, but I've seen some momentum and I'm encouraged," Foster said in a statement to S&P Global Platts. "I think once you see one or two of the smarter strategic and financial houses declare their investments, you'll build momentum."

Construction of the mill could take about 30 months to complete once financing is completed, a spokeswoman for Braidy told Platts.

The mill is expected to annually produce 300,000 mt of aluminum sheet for the automotive and beverage can industries, Braidy has said.

Foster also serves as CEO of Bridge Consulting, and he has previously held leadership roles for US Steel and the LB Foster Company.

In January, Braidy said Bouchard would step down as CEO and continue as a member of its board of directors as the company entered into its final fundraising stage for the mill's development. Bouchard subsequently filed a lawsuit against Braidy and several of its stockholders in the Delaware State Court of Chancery to dispute his removal.

Braidy said June 9 it had settled all litigation with Bouchard.

"As part of the settlement, Bouchard has stepped down from the Board of Directors of Braidy Industries and is no longer involved with the company in any capacity," Braidy said in a statement at that time. Other terms of the settlement were not disclosed.