Elmet Group, a leading US-owned supplier of critical refractory metals, secured a $450 million investment from the Department of War and a $2 billion contract with the Defense Logistics Agency. This funding supports its aggressive expansion in domestic and allied tungsten sourcing, including strategic joint ventures, EU manufacturing acquisitions, and global supply agreements. The company aims to strengthen its vertically integrated tungsten and molybdenum supply chain, vital for defense and aerospace industries. Despite risks like geopolitical tensions with China and execution challenges, Elmet projects revenues of $1.5–1.7 billion by 2031 with strong gross margins, justifying its premium valuation.
Elmet Group's recent defense contracts provide context for this market snapshot. For readers following the Basic Materials sector, 48 of 62 priced US stocks rose and 11 fell today. Notable movers include Avient Corporation at USD 38.87 with a -5.15% change, ArcelorMittal SA at USD 64.11 with a +4.58% change and a typical hold time of 36 days, and Hudbay Minerals Inc. at USD 26.37 with a +3.86% change and 100% buy order activity on Pluang, as of Oct 09, 2026 18:11 WIB.
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