Russian Backer Halts Funds in New Blow to U.S. Aluminum Project
- Rusal suspends investments in Unity Aluminum project in U.S.
- Company waiting for U.S. partners to raise more funds
Branding for Rusal on aluminum ingots.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The Russian company backing an aluminum project in Kentucky said it’s suspending investments as it waits for U.S. partners to raise funds, dealing a new setback to the billion-dollar-plus mill that was supposed to be completed last year.
United Co. Rusal International PJSC announced the move on Unity Aluminum, formerly known as Braidy Industries, in a call on Wednesday. Rusal has so far poured $65 million into the venture, which local officials have been counting on to bring hundreds of high-paying jobs to the region.