Elmet Group awarded $2 billion U.S. tungsten contract with Pentagon investment
Elmet Group (ELMT) surged nearly 46% in pre-market trading after securing a roughly $2 billion contract from the U.S. Defense Logistics Agency to rebuild the National Defense Stockpile and enhance the resilience of the U.S. tungsten supply chain. The deal includes a separate $450 million investment by the Pentagon, signaling strong government support for domestic critical mineral production. Tungsten is essential in defense applications such as armor-piercing rounds and high-speed cutting tools, making this contract strategically significant during ongoing global supply chain disruptions. This development highlights growing U.S. efforts to reduce reliance on foreign sources of strategic materials by bolstering homegrown mining and processing capabilities.
Tickers: $ELMT
Topics: defense government contracts supply chain