Velta secures $60M for US titanium manufacturing facility
November 28, 2024
Velta Holding U.S. Inc., the parent company of Velta LLC, located in Dnipro, Ukraine, has announced that 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 $60 million with a repayment term of 20 years to support the development of its Titanium Manufacturing Facility in the US.
Velta Holding US plans to use EXIM financing as part of the funding package to construct a 1,000-ton annual capacity titanium powder and alloys production facility. 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 US 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.”
Titanium is critical to US economic and national security as it is used in a broad range of high-tech products in the defence, aerospace, and medical industries. However, the US currently imports more than 90% of its titanium needs.
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