Braidy Industries names new CEO

Ashland, Kentucky-based Braidy Industries has named Don Foster as its acting president and CEO. Foster is a metals industry veteran, having previously served as an executive with United States Steel Corp. and the L.B. Foster Co. He now also serves as CEO of BridgeConsulting LLC and will remain in that post, according to a Braidy Industries news release.

“Braidy Industries is the future of aluminum, and there is no one better to lead the team than an experienced professional like Don Foster,” says Braidy board chair Charles Price. “Don has more than 40 years in the industry and is a proven, successful metals executive with a history of profitable business development and large project experience.”

“The business case for this project is strong, and I’m honored to be a part of it,” says Foster. “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.”

Adds Price, “The board of directors [has] worked very hard and are dedicated to see this project to fruition. Don Foster is ready to lead our team, including management in Ashland and consultants like BridgeConsulting, forward on the goal at hand—to finalize the fundraising and build the Braidy mill.”

Preceding Braidy Industries CEO Craig Bouchard left under a cloud of legal filings, accusations and counter-accusations between Bouchard and the Braidy board.

The project has received media scrutiny in Kentucky, in part because the government of the commonwealth invested $15 million during the term of the previous Kentucky governor. Bouchard’s track record also was scrutinized in terms of Braidy’s inability to attract big-ticket investors beyond the commonwealth of Kentucky and Russia-based Rusal.

In the late June news release announcing Foster’s appointment, Braidy says its “leadership team will now accelerate plans to build the world’s most technologically advanced aluminum rolling mill at a time when global capacity is significantly constrained.”

Foster was already tied to the Braidy project since his BridgeConsulting and joint venture partner Nippon Steel Trading had previously entered into a long term “take or pay” agreement. According to Braidy, that agreement, subject to definitive documentation, requires the JV partners to: “purchase 50,000 metric tons of aluminum annually; provide IT and management systems; and provide structured trade finance and working capital solutions anticipated to peak at $500 million once Braidy is operating at full capacity.”