ASHLAND, Ky., Oct. 9, 2019 /PRNewswire/ -- A report assessing Braidy Industries, Inc.'s ("Braidy") estimated economic impact on the neighboring states of Ohio and West Virginia was issued today by Dr. James V. Koch, Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University.
The report found substantial economic impact in the tristate region as a result of Braidy. It focuses on Braidy's impact as an employer within Lawrence and Scioto counties in Ohio, and Cabell and Wayne counties in West Virginia, a region where individuals commonly work across state lines. The U.S. Census estimates that over 5,000 individuals travel from these counties daily to Boyd County, Kentucky to work.
Today's tristate economic impact report supplements a previous economic study released in April 2019 on Braidy's impact on the Commonwealth of Kentucky. That report found that Braidy will catalyze $2.8 billion in economic growth in Kentucky and $1.54 billion within the six-county Eastern Kentucky region from construction through the first year of production in 2021.
Utilizing the U.S. Department of Commerce's RIMS-II economic impact model, the study forecasts significant economic prosperity generated by Braidy through 2021, including:
- An average Braidy weekly wage 17.5 to 35.5 percent above regional averages within West Virginia and Ohio.
- An estimated impact on the value of output in Ohio of $153.0 million, and a comparable figure in West Virginia of $238.3 million.
- An estimated annual total earnings in Ohio of $205.1 million and $185.3 million in West Virginia.
- West Virginia will experience 61 percent of the non-Kentucky economic output impact of Braidy, while Ohio will experience approximately 39 percent of it.
- 52 percent of the economic impact of non-Kentucky jobs will occur in West Virginia, while 48 percent will be in Ohio.
- Nearly one-in-every six jobs in Wayne County, West Virginia will be tied to Braidy, as well as one-in-every-seven jobs in Lawrence County, Ohio.
"The tristate region is home to a talented workforce eager to help companies like Braidy create prosperity. We chose Ashland, Kentucky because of these dedicated and hard-working people," said CEO Craig Bouchard. "Dr. Koch's study shows the power of private companies and communities working together. We have assembled a multi-disciplinary team consisting of the best of the best to make these impact estimates a reality."
Mr. Bouchard spoke before the UN Global Climate Action Summit in NY last week. Braidy Atlas has taken a leadership role in the international coalition to bring the aluminum Industry to zero net emissions by 2050. The health and prosperity of our community are of a higher priority than political partisanship.
About the Braidy Atlas Mill:
- The Braidy Atlas mill in Ashland, Kentucky (Braidy Atlas) will produce non-proprietary aluminum sheet for the automotive and food and beverage industries. Braidy will not supply aluminum to any branch or department of the US Government. Braidy is not seeking financing from the US Government.
- The mill capacity is already 200% pre-sold utilizing non-binding and binding commitments to private industry customers for the first seven years of production.
- Braidy Atlas, the first aluminum rolling mill to secure a "minor contributing source" air permit from the Federal EPA, targets 20% lower carbon emissions than next lowest competitor.
- Braidy Atlas will become the first rolled products aluminum sheet producer to use 100% low-carbon inputs on an ongoing basis from its inception.
- Rusal is investing $200 million of the $1.7 billion of capital required to build the Braidy mill.
- Thanks to the hydro-produced low carbon aluminum Rusal will provide to the mill, Braidy will have the lowest carbon imprint in the global aluminum rolling mill industry.
About Braidy Industries, Inc.:
Braidy Industries, Inc. was formed to lead a national transformation in the manufacture and use of efficient, eco-friendly metal alloys that are lighter and stronger than metals currently in commercial use. There is a lightweighting revolution occurring in material science, and we intend to disrupt the metal manufacturing industry with transformative economics and technology. The company's first project, the construction of a greenfield aluminum rolling mill at EastPark Industrial Center in Ashland, Kentucky, will position the company as the low-cost provider of 300,000 annual tons of production-ready series 3000, 5000 and 6000 aluminum sheet. Braidy's subsidiary, Veloxint, is an MIT-incubated lightweighting solutions company. Veloxint manufactures powder and parts with a patented nanocrystalline powder technology. Braidy's newest subsidiary, NanoAL is a world leader in the science of nanocrystaline technology applied to sheet aluminum. For more information, visit www.braidy.com.
About Dr. James V. Koch:
Dr. Koch currently serves as the Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University. He has completed nearly 50 economic impact studies, in addition to authoring 12 books, 120 journal articles and features in top-tier publications including The New York Times, The Wall Street Journal and The Washington Post.
SOURCE Braidy Industries, Inc.