U.S. Department of War takes $450 million equity stake in Elmet to secure tungsten for F-35, Patriot, THAAD and submarines

The U.S. government committed $450 million in redeemable preferred equity to Elmet Group to expand domestic production of tungsten materials and components. Elmet plans more than $165 million in related investment across Maine, Michigan and Ohio, including capacity for ammonium paratungstate, a key intermediate product. Tungsten supports programmes such as F-35, Patriot, THAAD, Trident D5, Javelin and submarines, while China controls an estimated 85% of global supply. The transaction is intended to reduce a strategic supply-chain dependency, but ownership terms and production milestones will determine its lasting effect.