Department of War Invests $450 Million in Elmet Group to Bolster U.S. Tungsten Supply Chain
Updated
Updated · CNBC · Sep 14
Department of War Invests $450 Million in Elmet Group to Bolster U.S. Tungsten Supply Chain
3 articles · Updated · CNBC · Sep 14
Summary
$450 million from the Department of War sent Elmet Group shares up 36%, marking one of the market’s biggest midday moves.
Elmet said it will direct more than $165 million of the funding to expand critical infrastructure facilities in Maine, Michigan and Ohio.
The investment is aimed at strengthening the U.S. tungsten supply chain, a strategic materials push that stood out even as broader chip and AI infrastructure stocks fell on AI-safety concerns.