Poor tortoise. When it rains it pours and when it pours, it pours pure caa caa. Mitch McConnell went to considerable lengths in 2019 to get sanctions lifted on Russian company Rusal, and then surprise, surprise, Rusal announced its commitment to invest $200 million in an aluminum plant in Kentucky. Now, the cat’s out of the bag about Russian interference in the 2020 election and Joe Biden isn’t having it, and Oleg Derispaka who owns En+, the majority stakeholder in Rusal, has evidently decided he’s blown enough cash McConnell’s direction, so Rusal is cutting bait. Bloomberg:
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.
The funding freeze is the latest in a series of twists, including a battle for control of the mill that led to the ousting last year of Braidy’s chief executive officer, and questions over the timing when the U.S. lifted sanctions on Rusal. The plan announced in 2017 was for a $1.3 billion rolling mill to meet growing demand for the metal from the automotive, packaging and aerospace markets.
Look on the positive side, Mitch. You’ve still got bourbon and you can bet on the horses. This won’t be the first or last fall out between Russians and Republicans, watch.