Kentucky Gov. Andy Beshear announced the state has secured the return of a $15 million investment the state approved for a company to build an aluminum mill in Boyd and Greenup counties that never materialized.

The $15 million direct investment by the state was approved in 2017 under former governor Matt Bevin’s administration in connection with a planned investment by Braidy Industries to build the mill, according to a news release from Beshear’s office.

Officials said the project did not come to fruition and Braidy – now known as Unity Aluminum (Unity) – recently entered into a joint venture with Steel Dynamics Inc. (SDI).

The governor said that the land, which was previously acquired as part of the proposed project, would also be donated back to the local communities to be used for future economic development opportunities as part of a larger land transaction being negotiated.

According to the news release, the state’s investment has been returned to the Commonwealth Seed Capital. That group will now send the dollars to Kentucky Economic Development Finance Authority.

The authority will administer the funds in accordance with the funding appropriation, and unless otherwise directed by the General Assembly, the purpose of the funds is to facilitate a private sector investment of at least $1 billion in one or more locations in the commonwealth.

In addition to the return of funds by Unity, at the joint venture between SDI and Unity has reached an agreement in principle to donate the property upon which the mill was to be built – about 205 acres and a spec building – to the original owner, the Northeast Kentucky Regional Industrial Authority. The parties also are negotiating the industrial authority’s acquisition of additional parcels owned by the company below the original acquisition cost.

"This announcement has been a long time coming, and I want to recognize members of this administration and Commonwealth Seed Capital, as well as Unity Aluminum, for coming together to do what is right for the community and Kentucky by returning these funds to the commonwealth,” Beshear said. “Given the current economic momentum we are experiencing across the state, I am confident we will secure a significant project on the property, as it is a great site for a potential employer.”