Braidy's new Chairman misses hearing; CEO, other officials address lawmakers

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FRANKFORT, Ky. (WSAZ/AP) -- Braidy Industries Chairman Charles Price did not attend a Kentucky Senate committee hearing Tuesday; instead, he addressed the committee by letter.

In the letter to the Kentucky Senate Appropriations and Revenue Committee, newly named Braidy Industries Chairman, Charles Price, apologized for being unable to attend the hearing in person due to "fulfilling a prior commitment." He went on to say, "I am however excited that so many senior members of the Braidy team are in the room with you today." In the letter, Price also says, "Together, we are committed to bringing the Braidy mill to completion in Eastern Kentucky."

The letter was read by Braidy interim CEO Tom Modrowski before he and other Braidy officials answered the committee’s questions.

Price's letter went on to say, "While my position as Chairman of the Board is new, my involvement in this project and growing Kentucky's business portfolio is not."

Price said he grew up in Western Kentucky and currently resides in Louisville. Price is also, "personally invested in Braidy".

In the letter Price says, "An economic impact report found that Braidy will generate 8,247 additional jobs in the six-country Eastern Kentucky area and 18,025 additional jobs in Kentucky overall."

In terms of tax receipts, Price says that "local government entities in the mill's six-county area will receive $35.31 million". Price also said in the letter that the Commonwealth will receive $75.40 million in overall tax receipts.

Price went on in the letter to thank the committee for its support as Braidy Industries moves forward.

The Associated Press reported Tuesday that the company still needs to raise $500 million to build the $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 Gov. Matt Bevin persuaded lawmakers to approve a $15 million state investment in the project.

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