Elmet Gets $450 Million US Investment; Wins Up to $2 Billion Defense Contract to Boost Tungsten Supply Chain

06:23 AM EDT, 09/14/2026 (MT Newswires) -- Elmet (ELMT) announced Monday that it will receive $450 million in committed investment from the US Department of War to expand domestic manufacturing and bolster the supply chain for the strategically important tungsten. Shares of Elmet were up more than 30% in premarket activity. The package includes more than $165 million in investment in Elmet's operations in Maine, Michigan, and Ohio, which manufacture and process tungsten, molybdenum, and other advanced components, in an effort to reduce foreign dependence on critical minerals. The funding will also support the precision-engineered components maker's investments in mining and processing operations in the US, Australia, and Spain. Additionally, the company's Elmet Technologies unit has secured a contract worth up to $2 billion from the Defense Logistics Agency to support the US National Defense Stockpile and strengthen the country's tungsten supply chain. The company does not plan to begin supplying the stockpile until "sufficient incremental supply becomes available," it added. The contract consists of a five-year base ordering period through Aug. 2031, with a two-year extension option through Aug. 2033.