Mainebiz

V O L . X X X I I N O. X X I V O C T O B E R 1 9 , 2 0 2 6 14 M A N U FA C T U R I N G / I N T E R N AT I O N A L T R A D E L ast year when the U.S. government began buying equity stakes in com- panies active in strategic industries from minerals to semiconductors, leaders at Elmet Group Co. took notice. e niche manufacturer, whose Lewiston industrial roots go back nearly a century making tungsten for lightbulb filaments for Netherlands-based Royal Philips, saw an opportunity to cash in on its cachet as the only U.S.-owned and -operated, vertically integrated manufac- turer of pure tungsten and molybdenum products and parts. Tungsten is a hard, dense, heat-resis- tant metal mined from the Earth's crust in no more than a dozen countries, pre- dominantly China. It is used in satellites, rockets, missiles, submarines, medical imaging and electronics. After years as a supplier to federal defense programs, Elmet set out to woo Uncle Sam as an investor. It began by contacting the U.S. departments of Defense and Commerce — two of the four agencies that have gone on a buying spree since Japan-based Nippon Steel's $15 billion cash acquisition of U.S. Steel. e deal, initially blocked by President Joe Biden in January 2025, was approved by President Donald Trump that June via a national security agreement that granted the U.S. government a "golden share" veto right over major strategic and operational decisions. e following month, the Defense Department paid $400 million for 15% of MP Materials, a Las Vegas-based rare-earth magnet manufacturer that struck a long-term supply deal with Apple five days later. Anticipating a new era of government stockpiling and shareholding, Elmet leaders began courting government offi- cials more than a year ago. "We were just waving this flag that we have this amazing business in Maine," recalls Scott Knoll, executive vice president of corporate strategy at Elmet, a Portland-based company that incorporated in Delaware in 2024. Fully aware that "we weren't the only tungsten business they [government officials] were talking to," Elmet pressed ahead while pursuing its own acquisitions and public share sale that raised a net $125.5 million, making its pitch to government officials. "It was not quick, but over the year it came together," Knoll says. $450M deal to gain 'gravitas' Talks between Elmet and government officials led to a deal this September that saw the Defense Department invest $450 million in the company to "strengthen domestic tungsten capacity, bolster U.S. industrial resilience and military readiness and help secure an essential It gives us gravitas, when we talk to some of these larger companies, to say that the Department of War owns 20% of us. — Peter V. Anania Elmet Group Peter V. Anania P H O T O / C O U R T E S Y O F E L M E T G RO U P C O. P H O T O / C O U R T E S Y O F E L M E T G RO U P C O. F O C U S Elmet Technologies' production floor in Lewiston, viewed from the crossover mezzanine. Elmet timeline 1929 American Electro Metals Corp. founded in Lewiston 2004 Elmet Technologies spun off from Royal Philips 2015 Anania & Associates Investment Co. buys Elmet Technologies 2026 Elmet Group raises net $125M in IPO; shares debut on Nasdaq exchange (April) U.S. government invests $450M in Elmet, becomes 19.9% shareholder (Sept.) Elmet strikes deals in U.K., Vietnam to secure tungsten supply (Sept.) $36M defense contract awarded to Elmet subsidiary (Sept.) S O U R C E : Elmet Group, Mainebiz research S O U R C E : Nasdaq, Federal Reserve Bank of St. Louis ELMET CLOSING SHARE PRICES VS. S&P500, SEPT. 10 TO OCT. 2 9/10 9/11 9/14 9/15 9/16 9/17 9/18 9/21 9/22 9/23 9/24 9/25 9/28 9/29 9/30 10/1 10/2 150% 140% 130% 120% 110% 100% 90% Elmet S&P500 Heavy Metal What Uncle Sam's investment in Elmet means for niche Maine manufacturer B Y R E N E E C O R D E S

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