Project to Reshore Titanium Supply Chain and Create Local Jobs
Velta Holding U.S. Inc., the parent company of Ukrainian titanium mining company Velta LLC, is pleased to announce it has received a non-binding Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM). The LOI outlines a provisional sum of US$ 60,000,000 with a repayment term of 20 years, to support the development of Titanium Manufacturing Facility in the U.S.
Velta Holding U.S. plans to use EXIM financing as part of the funding package to construct a cutting-edge titanium powder and alloys production facility with an annual capacity of 1,000 tons. This project is anticipated to create up to 230 jobs in the local community.
The facility qualifies for financing under EXIM’s China and Transformational Exports Program (CTEP), an initiative designed to bolster U.S. competitiveness in key industries. CTEP offers competitive financing to help American companies counter China’s global influence and secure leadership in critical sectors, including titanium production.
“Relying on foreign sources of titanium puts American interests at risk, especially since China and Russia control 75% of the world titanium market,” said Brodsky, CEO of Velta Holding U.S. “The White House has called on federal agencies to strengthen America’s supply chains, and this project, with potential EXIM support, aligns perfectly with that directive,” Brodsky added.
Titanium, a strong, lightweight metal used in a broad range of high-tech products in the defense, aerospace, and medical industries, is critical to U.S. economic and national security. However, the U.S. currently imports more than 90% of its titanium needs.
With 15 years of mining experience and a 2% share of the global titanium market, Velta is well-positioned to become a reliable alternative to foreign titanium suppliers.
ABOUT EXIM:
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov