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Business Wire
3 hours ago
- Business
- Business Wire
Materion Corporation Reports Second-Quarter 2025 Financial Results
MAYFIELD HEIGHTS, Ohio--(BUSINESS WIRE)--Materion Corporation (NYSE: MTRN) today reported second-quarter 2025 financial results and affirmed full year outlook. Financial Summary Net sales were $431.7 million; value-added sales 1 were $269.0 million Net income of $25.1 million, or $1.21 per share, diluted, versus net income of $19.0 million, or $0.91 per share, in the prior year quarter; adjusted earnings of $1.37 per share versus $1.42 in the prior year quarter Operating profit of $36.8 million versus operating profit of $32.1 million in the prior year quarter; adjusted EBITDA 2 of $55.8 million, versus $57.8 million in the prior year quarter Business Highlights Delivered second-quarter record adjusted EBITDA margin of 20.8% Generated ~$36 million free cash flow 3 in the quarter Repurchased 100,000 shares during the quarter at an average of ~$78/share Completed acquisition to expand semiconductor footprint and capabilities in Asia 'Our business performed very well in the quarter, delivering record margins and strong cash flow, despite the anticipated slowdown in demand from our customers in China,' said Jugal Vijayvargiya, President & CEO of Materion. 'These results are a testament to the outstanding work our teams have done to improve the cost profile and operational performance of our company.' 'Looking ahead, we are encouraged by positive signs we are seeing in several of our end markets. As order rates start to improve and we continue to win new business, we feel confident in affirming our full year guide, despite continued uncertainty surrounding the tariff environment.' SECOND-QUARTER 2025 RESULTS Net sales for the quarter were $431.7 million, compared to $425.9 million in the prior year period. Value-added sales were $269.0 million for the quarter, down 2% organic 4 from the prior year period due to lower PMI shipments and sales into China. This decrease was partially offset by strength in aerospace & defense, energy and non-China semiconductor. Operating profit for the quarter was $36.8 million and net income was $25.1 million, or $1.21 per diluted share, compared to operating profit of $32.1 million and net income of $19.0 million, or $0.91 per share, in the prior year period. Excluding special items 5, adjusted EBITDA was $55.8 million, or 20.8% of value-added sales, a second-quarter record, compared to $57.8 million or 20.7% of value-added sales in the prior year period. This decrease was driven by lower volume, partially offset by continued strong operational performance and structural cost improvements. Adjusted net income was $28.5 million excluding acquisition amortization, or $1.37 per diluted share, compared to $1.42 per share in the prior year period. OUTLOOK The business performed well in the first half of the year, driving strong results in a volatile and uncertain macroeconomic environment. As we look to the second half, we remain focused on delivering to our customers, driving above market growth and capturing new business opportunities in several key end markets. With improving market dynamics, we expect to deliver a strong second half. With that, we are affirming our initial guide of $5.30 to $5.70 adjusted earnings per share for the full year. ADJUSTED EARNINGS GUIDANCE It is not possible for the Company to identify the amount or significance of future adjustments associated with potential insurance and litigation claims, legacy environmental costs, acquisition and integration costs, certain income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance for the full year to a comparable GAAP range. However, items excluded from the Company's adjusted earnings guidance include the historical adjustments noted in Attachments 4 through 9 to this press release. CONFERENCE CALL Materion Corporation will host an investor conference call with analysts at 10:00 a.m. Eastern Time, July 30, 2025. The conference call will be available via webcast through the Company's website at By phone, please dial (888) 506-0062. Calls outside the U.S. can dial (973) 528-0011; please reference participant access code of 928518. A replay of the call will be available until August 13, 2025 by dialing (877) 481-4010 or (919) 882-2331 if international; please reference replay ID number 51694. The call will also be archived on the Company's website. FOOTNOTES 1 Value-added sales deducts the impact of pass-through metals from net sales 2 EBITDA represents earnings before interest, taxes, depreciation, depletion and amortization 3 See reconciliation of operating cash flow to free cash flow in Attachment 9 4 Excludes value-added sales from the divested Albuquerque, New Mexico large area targets business sold in 2024 5 Details of the special items can be found in Attachments 4 through 9 ABOUT MATERION Materion Corporation is a global leader in advanced materials solutions for high-performance industries including semiconductor, industrial, aerospace & defense, energy and automotive. With nearly 100 years of expertise in specialty engineered alloy systems, inorganic chemicals and powders, precious and non-precious metals, beryllium and beryllium composites, and precision filters and optical coatings, Materion partners with customers to enable breakthrough solutions that move the world forward. Headquartered in Mayfield Heights, Ohio, the Company employs more than 3,000 talented people worldwide, serving customers in more than 60 countries. FORWARD-LOOKING STATEMENTS Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned elsewhere herein: the global economy, including inflationary pressures, potential future recessionary conditions and the impact of tariffs and trade agreements; the impact of any U.S. Federal Government shutdowns or sequestrations; the condition of the markets which we serve, whether defined geographically or by segment; changes in product mix and the financial condition of customers; our success in developing and introducing new products and new product ramp-up rates; our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values; our success in identifying acquisition candidates and in acquiring and integrating such businesses; the impact of the results of acquisitions on our ability to fully achieve the strategic and financial objectives related to these acquisitions; our success in implementing our strategic plans and the timely and successful start-up and completion of any capital projects; other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal consignment fees, tax rates, exchange rates, interest rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Company's stock price on the cost of incentive compensation plans; the uncertainties related to the impact of war, terrorist activities, and acts of God; changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; the conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects; the disruptions in operations from, and other effects of, catastrophic and other extraordinary events including outbreaks of infectious diseases and the conflict between Russia and Ukraine; realization of expected financial benefits expected from the Inflation Reduction Act of 2022; and the risk factors set forth in Part 1, Item 1A of the Company's 2024 Annual Report on Form 10-K. Attachment 2 Materion Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) (Thousands) June 27, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 12,591 $ 16,713 Accounts receivable, net 198,377 193,793 Inventories, net 444,637 441,299 Prepaid and other current assets 79,508 72,419 Total current assets 735,113 724,224 Deferred income taxes 3,055 2,964 Property, plant, and equipment 1,357,772 1,315,586 Less allowances for depreciation, depletion, and amortization (825,175 ) (804,781 ) Property, plant, and equipment—net 532,597 510,805 Operating lease, right-of-use assets 75,363 64,449 Intangible assets, net 107,627 109,312 Other assets 21,757 22,140 Goodwill 265,695 263,738 Total Assets $ 1,741,207 $ 1,697,632 Liabilities and Shareholders' Equity Current liabilities Short-term debt $ 19,880 $ 34,274 Accounts payable 132,338 105,901 Salaries and wages 15,890 20,939 Other liabilities and accrued items 43,658 47,523 Income taxes 3,236 4,906 Unearned revenue 16,899 13,191 Total current liabilities 231,901 226,734 Other long-term liabilities 12,541 12,013 Operating lease liabilities 72,165 62,626 Finance lease liabilities 13,612 12,404 Retirement and post-employment benefits 27,185 26,411 Unearned income 61,642 75,769 Long-term income taxes 2,449 1,818 Deferred income taxes 3,370 3,242 Long-term debt 405,697 407,734 Shareholders' equity 910,645 868,881 Total Liabilities and Shareholders' Equity $ 1,741,207 $ 1,697,632 Expand Attachment 3 Materion Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Six Months Ended (Thousands) June 28, 2024 Cash flows from operating activities: Net income $ 42,838 $ 32,445 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, and amortization 34,047 32,698 Amortization of deferred financing costs in interest expense 1,412 857 Stock-based compensation expense (non-cash) 5,437 5,334 Deferred income tax expense (benefit) (25 ) 926 Changes in assets and liabilities: Accounts receivable (949 ) 5,274 Inventory 94 (24,312 ) Prepaid and other current assets (3,029 ) (12,494 ) Accounts payable and accrued expenses 4,193 (20,863 ) Unearned revenue (8,525 ) (10,340 ) Interest and taxes payable (1,230 ) (3,906 ) Other-net (8,821 ) 858 Net cash provided by operating activities 65,442 6,477 Cash flows from investing activities: Payments for purchase of property, plant, and equipment (25,003 ) (38,412 ) Payments for mine development (10,175 ) (10,375 ) Proceeds from sale of property, plant, and equipment 266 527 Net cash used in investing activities (34,912 ) (48,260 ) Cash flows from financing activities: Proceeds from borrowings under credit facilities, net (2,219 ) 73,649 Repayment of long-term debt (15,111 ) (15,172 ) Principal payments under finance lease obligations (306 ) (382 ) Cash dividends paid (5,705 ) (5,493 ) Deferred financing costs (2,856 ) — Repurchase of common stock (7,843 ) — Payments of withholding taxes for stock-based compensation awards (2,337 ) (6,402 ) Net cash provided by/(used in) financing activities (36,377 ) 46,200 Effects of exchange rate changes 1,725 (613 ) Net change in cash and cash equivalents (4,122 ) 3,804 Cash and cash equivalents at beginning of period 16,713 13,294 Cash and cash equivalents at end of period $ 12,591 $ 17,098 Expand Attachment 4 Materion Corporation and Subsidiaries Reconciliation of Non-GAAP Measure - Value-added Sales, Operating Profit, and EBITDA (Unaudited) Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net Sales Performance Materials $ 182.8 $ 187.5 $ 356.8 $ 356.2 Electronic Materials 224.4 212.7 449.2 404.7 Precision Optics 24.5 25.7 46.0 50.3 Other — — — — Total $ 431.7 $ 425.9 $ 852.0 $ 811.2 Less: Pass-through Metal Cost Performance Materials $ 14.3 $ 14.4 $ 28.3 $ 27.5 Electronic Materials 148.3 131.6 295.3 245.9 Precision Optics 0.1 0.1 0.1 0.1 Other — — — — Total $ 162.7 $ 146.1 $ 323.7 $ 273.5 Value-added Sales (non-GAAP) Performance Materials $ 168.5 $ 173.1 $ 328.5 $ 328.7 Electronic Materials 76.1 81.1 153.9 158.8 Precision Optics 24.4 25.6 45.9 50.2 Other — — — — Total $ 269.0 $ 279.8 $ 528.3 $ 537.7 Gross Margin Performance Materials (1) $ 48.9 $ 48.7 $ 97.1 $ 88.8 Electronic Materials (1) 27.2 25.2 51.0 50.2 Precision Optics (1) 6.5 7.0 10.7 13.1 Other — — — — Total $ 82.6 $ 80.9 $ 158.8 $ 152.1 (1) See reconciliation of gross margin to adjusted gross margin in Attachment 8 Note: Quarterly information presented within this document and previously disclosed quarterly information may not equal the total computed for the year due to rounding Expand Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Operating Profit Performance Materials $ 31.0 $ 31.9 $ 62.3 $ 54.5 Electronic Materials 13.3 8.9 20.1 18.7 Precision Optics (0.6 ) (1.4 ) (4.7 ) (4.7 ) Other (6.9 ) (7.3 ) (13.7 ) (14.2 ) Total $ 36.8 $ 32.1 $ 64.0 $ 54.3 Non-Operating (Income)/Expense Performance Materials $ 0.1 $ 0.2 $ 0.1 $ 0.3 Electronic Materials (0.1 ) — (0.1 ) — Precision Optics (0.1 ) (0.2 ) (0.4 ) (0.3 ) Other (0.5 ) (0.6 ) (0.9 ) (1.3 ) Total $ (0.6 ) $ (0.6 ) $ (1.3 ) $ (1.3 ) Depreciation, Depletion, and Amortization Performance Materials $ 10.2 $ 8.7 $ 19.6 $ 16.9 Electronic Materials 4.2 4.5 8.5 9.1 Precision Optics 2.6 2.8 4.9 5.7 Other 0.5 0.5 1.0 1.0 Total $ 17.5 $ 16.5 $ 34.0 $ 32.7 Segment EBITDA Performance Materials $ 41.1 $ 40.4 $ 81.8 $ 71.1 Electronic Materials 17.6 13.4 28.7 27.8 Precision Optics 2.1 1.6 0.6 1.3 Other (5.9 ) (6.2 ) (11.8 ) (11.9 ) Total $ 54.9 $ 49.2 $ 99.3 $ 88.3 Special Items (2) Performance Materials $ 0.4 $ 2.7 $ 0.6 $ 7.7 Electronic Materials 0.2 3.7 2.4 3.8 Precision Optics 0.1 0.5 1.5 1.2 Other 0.2 1.7 0.7 2.0 Total $ 0.9 $ 8.6 $ 5.2 $ 14.7 Adjusted EBITDA Excluding Special Items Performance Materials $ 41.5 $ 43.1 $ 82.4 $ 78.8 Electronic Materials 17.8 17.1 31.1 31.6 Precision Optics 2.2 2.1 2.1 2.5 Other (5.7 ) (4.5 ) (11.1 ) (9.9 ) Total $ 55.8 $ 57.8 $ 104.5 $ 103.0 Expand The cost of gold, silver, platinum, palladium, copper, ruthenium, iridium, rhodium, rhenium, and osmium is passed through to customers and, therefore, the trends and comparisons of net sales are affected by movements in the market price of these metals. Internally, management also reviews net sales on a value-added basis. Value-added sales is a non-GAAP financial measure that deducts the value of the pass-through metals sold from net sales. Value-added sales allows management to assess the impact of differences in net sales between periods or segments and analyze the resulting margins and profitability without the distortion of the movements in pass-through market metal prices. The dollar amount of gross margin and operating profit is not affected by the value-added sales calculation. The Company sells other metals and materials that are not considered direct pass throughs, and these costs are not deducted from net sales to calculate value-added sales. The Company's pricing policy is to pass the cost of these metals on to customers in order to mitigate the impact of price volatility on the Company's results from operations. Value-added information is being presented since changes in metal prices may not directly impact profitability. It is the Company's intent to allow users of the financial statements to review sales with and without the impact of the pass-through metals. Expand Attachment 5 Materion Corporation and Subsidiaries (Unaudited) Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net sales $ 431.7 $ 425.9 $ 852.0 $ 811.2 Pass-through metal cost 162.7 146.1 323.7 273.5 Value-added sales $ 269.0 $ 279.8 $ 528.3 $ 537.7 Net income $ 25.1 $ 19.0 $ 42.8 $ 32.4 Income tax expense 4.0 4.9 7.3 6.1 Interest expense - net 8.3 8.8 15.2 17.1 Depreciation, depletion and amortization 17.5 16.5 34.0 32.7 Consolidated EBITDA $ 54.9 $ 49.2 $ 99.3 $ 88.3 Net Income as a % of Net sales 5.8 % 4.5 % 5.0 % 4.0 % Net Income as a % of Value-added sales 9.3 % 6.8 % 8.1 % 6.0 % EBITDA as a % of Net sales 12.7 % 11.6 % 11.7 % 10.9 % EBITDA as a % of Value-added sales 20.4 % 17.6 % 18.8 % 16.4 % Special items Restructuring and cost reduction $ 0.5 $ 6.7 $ 2.6 $ 9.1 Additional start up resources and scrap — 1.2 — 4.9 Merger, acquisition and divestiture related costs 0.2 0.7 2.3 0.7 Business transformation costs 0.2 — 0.3 — Total special items 0.9 8.6 5.2 14.7 Adjusted EBITDA $ 55.8 $ 57.8 $ 104.5 $ 103.0 Adjusted EBITDA as a % of Net sales 12.9 % 13.6 % 12.3 % 12.7 % Adjusted EBITDA as a % of Value-added sales 20.8 % 20.7 % 19.8 % 19.2 % In addition to presenting financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release contains financial measures, including operating profit, segment operating profit, earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), net income, and earnings per share, on a non-GAAP basis. As detailed in the above reconciliation and Attachment 6, we have adjusted the results for certain special items, including the following: Restructuring and cost reduction – Costs include restructuring charges, costs associated with temporarily idled facilities as a result of decreased demand and costs associated with disposal of assets associated with obsolete products. Additional start up resources and scrap – Represents incremental resource, consulting and specialists costs incurred related to the ramp of the precision clad strip facility and scrap related to product qualifications. Merger, acquisition and divestiture related costs – Includes due diligence costs associated with potential merger, acquisition and divestitures as well as loss on asset disposals. Business transformation costs – Represents project management and implementation expenses related to the Company's automation and transformation initiatives. Internally, management reviews the results of operations without the impact of these costs in order to assess the profitability from ongoing activities. We are providing this information because we believe it will assist investors in analyzing our financial results and, when viewed in conjunction with the GAAP results, provide a more comprehensive understanding of the factors and trends affecting our operations. Expand Attachment 6 Second Quarter Ended Six Months Ended (Millions) June 27, 2025 Diluted EPS June 28, 2024 Diluted EPS June 27, 2025 Diluted EPS June 28, 2024 Diluted EPS Net income and EPS $ 25.1 $ 1.21 $ 19.0 $ 0.91 $ 42.8 $ 2.05 $ 32.4 $ 1.55 Special items Restructuring and cost reduction $ 0.5 $ 6.7 $ 2.6 $ 9.1 Additional start up resources and scrap — 1.2 — 4.9 Merger, acquisition and divestiture related costs 0.2 0.7 2.3 0.7 Business transformation costs 0.2 — 0.3 — Debt extinguishment costs (1) 0.5 — 0.5 — Provision for income taxes (2) (0.2 ) (0.3 ) (0.7 ) (2.2 ) Total special items 1.2 0.05 8.3 0.40 5.0 0.24 12.5 0.60 Adjusted net income and adjusted EPS $ 26.3 $ 1.26 $ 27.3 $ 1.31 $ 47.8 $ 2.29 $ 44.9 $ 2.15 Acquisition amortization (net of tax) 2.2 0.11 2.4 0.11 4.4 0.21 4.9 0.23 Adjusted net income and adjusted EPS excl. amortization $ 28.5 $ 1.37 $ 29.7 $ 1.42 $ 52.2 $ 2.50 $ 49.8 $ 2.38 (1) Debt extinguishment costs - Represents debt extinguishment costs incurred in connection with the amendment of the Company's Credit Agreement in June 2025. (2) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of certain discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods. Expand Attachment 7 Reconciliation of Segment Net sales to Segment Value-added sales and Segment EBITDA to Adjusted Segment EBITDA (Unaudited) Performance Materials Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net sales $ 182.8 $ 187.5 $ 356.8 $ 356.2 Pass-through metal cost 14.3 14.4 28.3 27.5 Value-added sales $ 168.5 $ 173.1 $ 328.5 $ 328.7 EBITDA $ 41.1 $ 40.4 $ 81.8 $ 71.1 Restructuring and cost reduction 0.3 1.5 0.5 2.8 Business transformation costs 0.1 — 0.1 — Additional start up resources and scrap — 1.2 — 4.9 Adjusted EBITDA $ 41.5 $ 43.1 $ 82.4 $ 78.8 EBITDA as a % of Net sales 22.5 % 21.5 % 22.9 % 20.0 % EBITDA as a % of Value-added sales 24.4 % 23.3 % 24.9 % 21.6 % Adjusted EBITDA as a % of Net sales 22.7 % 23.0 % 23.1 % 22.1 % Adjusted EBITDA as a % of Value-added sales 24.6 % 24.9 % 25.1 % 24.0 % Electronic Materials Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net sales $ 224.4 $ 212.7 $ 449.2 $ 404.7 Pass-through metal cost 148.3 131.6 295.3 245.9 Value-added sales $ 76.1 $ 81.1 $ 153.9 $ 158.8 EBITDA $ 17.6 $ 13.4 $ 28.7 $ 27.8 Restructuring and cost reduction 0.1 3.7 0.6 3.8 Merger, acquisition and divestiture related costs 0.1 — 1.8 — Adjusted EBITDA $ 17.8 $ 17.1 $ 31.1 $ 31.6 EBITDA as a % of Net sales 7.8 % 6.3 % 6.4 % 6.9 % EBITDA as a % of Value-added sales 23.1 % 16.5 % 18.6 % 17.5 % Adjusted EBITDA as a % of Net sales 7.9 % 8.0 % 6.9 % 7.8 % Adjusted EBITDA as a % of Value-added sales 23.4 % 21.1 % 20.2 % 19.9 % Precision Optics Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net sales $ 24.5 $ 25.7 $ 46.0 $ 50.3 Pass-through metal cost 0.1 0.1 0.1 0.1 Value-added sales $ 24.4 $ 25.6 $ 45.9 $ 50.2 EBITDA $ 2.1 $ 1.6 $ 0.6 $ 1.3 Restructuring and cost reduction 0.1 0.5 1.5 1.2 Adjusted EBITDA $ 2.2 $ 2.1 $ 2.1 $ 2.5 EBITDA as a % of Net sales 8.6 % 6.2 % 1.3 % 2.6 % EBITDA as a % of Value-added sales 8.6 % 6.3 % 1.3 % 2.6 % Adjusted EBITDA as a % of Net sales 9.0 % 8.2 % 4.6 % 5.0 % Adjusted EBITDA as a % of Value-added sales 9.0 % 8.2 % 4.6 % 5.0 % Other Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 EBITDA $ (5.9 ) $ (6.2 ) $ (11.8 ) $ (11.9 ) Restructuring and cost reduction — 1.0 — 1.3 Business transformation costs 0.1 — 0.2 — Merger, acquisition and divestiture related costs 0.1 0.7 0.5 0.7 Adjusted EBITDA $ (5.7 ) $ (4.5 ) $ (11.1 ) $ (9.9 ) Expand Attachment 8 Materion Corporation and Subsidiaries Reconciliation of Non-GAAP Measure - Gross Margin to Adjusted Gross Margin (Unaudited) Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Gross Margin Performance Materials $ 48.9 $ 48.7 $ 97.1 $ 88.8 Electronic Materials 27.2 25.2 51.0 50.2 Precision Optics 6.5 7.0 10.7 13.1 Other — — — — Total $ 82.6 $ 80.9 $ 158.8 $ 152.1 Special Items (1) Performance Materials $ — $ 2.0 $ — $ 6.2 Electronic Materials — 2.0 — 2.0 Precision Optics — 0.1 — 0.2 Other — — — — Total $ — $ 4.1 $ — $ 8.4 Adjusted Gross Margin Performance Materials $ 48.9 $ 50.7 $ 97.1 $ 95.0 Electronic Materials 27.2 27.2 51.0 52.2 Precision Optics 6.5 7.1 10.7 13.3 Other — — — — Total $ 82.6 $ 85.0 $ 158.8 $ 160.5 (1) Special items impacting gross margin represent restructuring and cost reduction and additional start up resources and scrap in 2024. Expand Attachment 9 Materion Corporation and Subsidiaries Reconciliation of Non-GAAP Measure - Operating Cash Flow to Free Cash Flow (Unaudited) Second Quarter Ended Six Months Ended (Millions) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net cash provided by (used in) operating activities $ 49.9 $ 20.3 $ 65.4 $ 6.5 Payments for purchase of property, plant and equipment (12.7 ) (17.1 ) (25.0 ) (38.4 ) Payments for mine development (1.5 ) (5.1 ) (10.2 ) (10.4 ) Free cash flow (FCF) $ 35.7 $ (1.9 ) $ 30.2 $ (42.3 ) Free cash flow (FCF) represents operating cash flow adjusted for capital expenditures and mine development costs. Management believes FCF is an important performance measure of the business. FCF is not a measure calculated in accordance with GAAP, and it should not be considered a substitute for operating cash flow or any other measure of financial performance presented in accordance with GAAP. Expand
Business Wire
a day ago
- Business
- Business Wire
Almonty Appoints Respected U.S.-Based Financial Executive Brian Fox as Chief Financial Officer
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (' Almonty ' or the ' Company ') (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten critical to the U.S. defense and technology sectors, today announced the appointment of Brian Fox, CPA as Chief Financial Officer, succeeding Mark Gelmon, CPA,CA, effective August 25, 2025. Mr. Fox most recently served as Chief Financial & Operating Officer at CBIZ Marks Paneth, a top-tier U.S. accounting and advisory firm, where he played a key role in strategic growth initiatives and post-merger integration. His prior experience includes leadership roles at Loureiro Engineering and United Subcontractors, as well as senior audit work at Arthur Andersen. He holds a Master's degree in Management from Harvard University and a Bachelor of Science in Accounting from the University of Connecticut. Mr. Gelmon, who joined Almonty in 2015 through its acquisition of Woulfe Mining Corp. (former owner of the Sangdong Mine Project) and became CFO in 2017, will remain involved with the Company as a financial consultant. The Company thanks Mr. Gelmon for his unwavering dedication and years of service. Lewis Black, Chief Executive Officer of Almonty, commented: 'As Almonty advances its U.S. redomiciling strategy following our successful US$90 million public offering and Nasdaq listing, the appointment of a U.S.-based executive with deep financial and operational acumen was a deliberate and strategic move. Brian brings exactly the type of disciplined execution and institutional-grade financial leadership we need as we scale operations and align with U.S. capital markets. His track record in guiding complex organizations through growth and transformation will prove invaluable. We thank Mark for his years of dedication and are thrilled to welcome Brian to the team.' About Almonty Almonty (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty's flagship Sangdong Mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit Legal Notice The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Information This news release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as 'plan', 'development', 'growth', 'continued', 'intentions', 'expectations', 'emerging', 'evolving', 'strategy', 'opportunities', 'anticipated', 'trends', 'potential', 'outlook', 'ability', 'additional', 'on track', 'prospects', 'viability', 'estimated', 'reaches', 'enhancing', 'strengthen', 'target', 'believes', 'next steps' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the completion of the Offering, the Company's redomiciling initiatives, the Company's position as a leading supplier of tungsten to the U.S. and its allies, the timing of any listing of the Common Shares on the Nasdaq, the continued listing of the Common Shares on the TSX and the ASX and trading on the Frankfurt Stock Exchange, and the use of proceeds of the Offering. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the absence of market conditions that could adversely impact the Offering or the intended listing of the Common Shares on the Nasdaq; the satisfaction of all listing requirements of the Nasdaq and continued listing requirements of the TSX and ASX; the achievement of any closing conditions to the Offering; and the absence of material adverse changes in the Company's industry or the global economy including interest rates, inflationary pressures, supply chain disruptions, and commodity market volatility. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, including, without limitation, the risks and uncertainties identified in the Registration Statement; risks relating to the Offering not being completed in a timely manner or at all, including due to unfavourable market or other conditions or factors; the possibility that the required approvals for or conditions to the Offering will not be received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the Offering; business disruption during the pendency of or following the Offering; diversion of management time on Offering-related issues; the ability to retain members of Almonty's management team; the impact of the Offering on relationships with customers, suppliers, employees and other business counterparties; risks related to the reaction of customers, shareholders and members of the public to the Offering; and other events that could adversely impact the completion of the Offering, including industry or economic conditions outside of Almonty's control. Any of these risks could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company's Registration Statement, the most recent Annual Information Form and the amended Management Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Economic Times
21-07-2025
- Business
- Economic Times
India must enhance its potential as trade and tech partner, and look beyond US
Aap up and away, kya? What is the nature of India's current foreign policy problem, or at least predicament? Donald Trump's episodic statements and social media posts are attention-grabbing. His inner circle's pay-as-you-go diplomacy is alarming. The endless, but unavoidable, wait for tranche 1A of the bilateral trade deal is exasperating. Yet, tactical responses (or non-responses) to any or all of these should not detain us from a strategic re-appraisal. The US' retrenchment from global commitments is creating gaps in three areas - the world's trade and economic system; security frameworks; and provision of international public goods. There is far from a total withdrawal, but the 800-pound gorilla is slimming down to a 700-pound gorilla. What's more, the fat is not being reduced evenly across sectors, regions and geographies. As such, there is the 'known unknown' of the quantum of decline - the notional 100 pounds - but also an 'unknown unknown' of the consistency of American retrenchment: the where, when and for how long. No one nation, partnership or coalition can fill the gap America leaves. This is as true for consumer demand as it is for security architecture. To be sure, different groupings can address some of the gaps in different regions and domains. Read along with fitful, but still inexorable, US-China great power competition, this is leading to two parallel processes of hedging for countries such as India: Tech & security: There's straightforward hedging between the US and China in the digital and strategic technology spheres, as well as security and security-adjacent domains. Here, the space for hedging is like many others, is making its choices. These choices are systemic choices. They have a greater resilience and buy-in in US government agencies, and tech and business constituencies. They will advance with or without the White House's outright support. Sometimes they could even do so in spite of it. Of course, pace and visibility will be modulated. US plus one: Then, a second process involves hedging between the US and like-minded, non-China partners. Here, the space for hedging is actually expanding. Actors such as India seek, if not alternatives, then at least complements and supplements to their export and trade, supply chains, defence and security, and tech relationships with the US. Skewed dependencies are sought to be mitigated to the degree possible. There are attempts to diversify. India and Europe looking to do more together in trade, defence supply chains and innovation is one example. India-Australia cooperation in rare earths is another. Increasing partnerships involving non-US Quad countries, as well as non-Quad countries, in the Indo-Pacific is a said that, in some domains, even a partial withdrawal of the US footprint is so substantial that no new arrangement can entirely fill it. Nevertheless, it is what it is. Volatility and unpredictability are now a way of then, does India navigate the Trumpian age? Revisit the basics. In 1991 (liberalisation), 2000 (Y2K), 2014 (Modi mandate), or 2020-21 (post-Covid), excitement about India was rooted in its potential as a trade and tech partner, as a market for key countries, and as a possible sourcing and supply chains hub for many more. Everything else - cultural and civilisational wealth, democratic and transparency credentials - was, and remains, a useful add-on. Minus economic leverage, India is not a vishwa guru, or even a vishwa mitra; it is a vishwa also-ran. In a time of tariffs and turbulence, with global trade rules being upended and the whole notion of most favoured nation being hollowed out, India once more needs to make its economy and trade attributes the headline of its external strategy. It is not enough to conclude free trade agreements - more accurately, feasible trade agreements - with, depending on who in the government is describing it, 'complementary economies', 'partners to our West' or 'rich countries'. The game is much more gritty, granular and painstaking. India offering a meaningful trade relationship, an economic stake or a supply chain must-have to as many countries as possible is the hard, slow and relentless mechanism to building foreign policy leverage. In such a reckoning, they are simply no non-partners - no countries one can afford to ignore. There will be limitations to what India can do with China and Pakistan, but aside from that, India will need to strive to make itself indispensable to some economic imperative or the other with about every will include individual Asean countries, neighbouring countries - in some of which reckless application of Indian quality control orders (QCOs) has caused legitimate pushback - as well as problem countries such as Turkiye. In the end, what unique economic stake and proposition India offers another nation is the best metric of its foreign policy influence. An aggregation of such stakes and propositions will make for composite national relevance in a smash-and-grab world Minister Narendra Modi's two visits this week - to the UK to conclude a trade deal that, among other things, could give Scotch a market advantage over bourbon, and to the Maldives, where bloody-minded economic engagement has outlasted political acerbity - offer a glimpse of what could be. There'll still be about 200 countries to go. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Paid less than plumbers? The real story of freshers' salaries at Infy, TCS. What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR? As deposit ground slips under PSU banks' feet, they chase the wealthy If data is the new oil, are data centres the smokestacks of the digital age? Stock Radar: M&M likely to break out from 1-year consolidation range; time to buy? Will consumer stocks see a comeback this festive season? 12 stocks to keep an eye on even when analysts are not bullish Don't fear volatility, focus on businesses: 5 mid-cap stocks from different sectors with upside potential of up to 27% Best way to deal with volatility, just ' Hold' for wealth creation: 7 large-cap stocks with an upside potential of up to 41%
Yahoo
21-07-2025
- Business
- Yahoo
ReElement Technologies Corporation and Impossible Metals Announce Collaboration on First U.S. Deep Sea Nodule Refinement Program
Joint effort aims to create a sustainable, domestic supply chain for rare earth and critical minerals from deep sea nodules Impossible Metals is an innovative sustainable deep sea nodule harvesting company ReElement is commercially producing magnet-, specialty- and defense-grade, separated critical minerals and rare earth oxides in the United States FISHERS, IN / / July 21, 2025 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), along with its holding in ReElement Technologies Corporation ("ReElement"), a leading U.S. innovator in rare earth element (REE) and critical mineral refining, is pleased to announce the signing of a Memorandum of Understanding (MOU) with Impossible Metals, Inc. ("Impossible Metals"), a pioneer in sustainable deep-sea nodule harvesting. The MOU outlines a strategic collaboration to jointly investigate developing and deploying a vertically integrated critical mineral supply chain solution, combining Impossible Metals' proprietary nodule collection technology with ReElement's innovative and industry-leading critical mineral refining platform to create a globally competitive, sustainable, and independent rare earth supply chain in the United States. Key highlights of the MOU include: Focus on essential elements: Copper, cobalt, nickel, manganese, and rare earth elements. Joint commitment to explore a sustainable, non-China critical mineral supply chain to meet growing global demand. Toll-processing framework: ReElement to refine deep sea nodules and deliver separated minerals to Impossible Metals' customers. Strategic collaboration to enhance and secure the global critical mineral value chain and identify further joint opportunities. Integration of ReElement's platform, delivering high-throughput, low-waste, cost-effective refining of ultra-pure critical minerals. End-to-end U.S. supply chain: From seabed mining in federal waters near American Samoa to refining operations in Indiana. The MOU follows President Trump's April 2025 Executive Order, Unleashing America's Offshore Critical Minerals and Resources, which underscores the urgency of domestic collaboration across the exploration, harvesting, processing, and environmental stewardship of seabed mineral resources. Impossible Metals has played a direct role in shaping global policy on responsible seabed mining. At the regulatory level, Impossible Metals successfully requested the Department of the Interior to initiate permitting for deep-sea minerals in U.S. federal waters and has personally updated members of the U.S. Congress on the importance of this unique feedstock. On the technical front, Impossible Metals is preparing to deploy Eureka III in 2026 - the commercial embodiment of its autonomous underwater collection platform. The system is capable of selectively collecting polymetallic nodules without disturbing visible life and builds on years of successful prototype development and in-ocean trials. Mark Jensen, CEO and Chairman of ReElement, commented, "I have known Oliver for over 4 years now and the scientific and technical progress he and his team have made is extremely impressive. We're excited to bring ReElement's advanced refining capabilities to this important mission and serve as the toll processor for materials essential to America's energy and defense security." Oliver Gunasekara, CEO and Co-Founder of Impossible Metals, added, "We're thrilled to begin our collaboration with ReElement. Both of our teams share a clear vision for establishing an efficient, scalable, and 100% U.S. mining-to- processing supply chain for the critical materials necessary for defense and advanced industrial purposes." The agreement marks another key milestone in the journey to deliver U.S.-processed, high-purity rare earth products to the global value chain and reinforces both companies' commitment to building a resilient, environmentally sound and sustainable supply network. About Impossible Metals Impossible Metals (YC, Public Benefit Corporation) is a North American underwater robotics company unleashing sustainable critical minerals from the deep ocean. The company has built the Eureka collection system, which is the world's first autonomous underwater robotics platform for selectively collecting polymetallic nodules while preserving and protecting the marine ecosystem. About American Resources Corporation (NASDAQ: AREC) American Resources Corporation is a leader in the critical mineral supply chain, developing innovative solutions both upstream and downstream of the refining process. The company and its affiliates focus on the extraction and processing of metallurgical carbon and iron ore, essential ingredients in steelmaking, as well as critical and rare earth minerals for the electrification market and recycled metals. Leveraging its affiliation and former parent status of ReElement Technologies Corporation, a leading provider of high-performance refining capacity for rare earth and critical battery elements, American Resources is investing in and developing efficient upstream and downstream critical mineral operations. These operations include mining interests in conventional and unconventional sources, recycling, and manufacturing. American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit or connect with the Company on Facebook, Twitter, and LinkedIn. About ReElement Technologies Corporation ReElement Technologies Corporation, a portfolio company of American Resources Corporation (NASDAQ:AREC), is a leading provider of high-performance refining capacity for rare earth and critical battery elements. Its multi-mineral, multi-feedstock platform technology focuses on the refining of recycled material from rare earth permanent magnets and lithium-ion batteries, concentrated ores and brines, as well as coal-based waste streams and byproducts to create a cost effective and environmentally-safe, circular supply chain. ReElement has developed its innovative and scalable "Powered by ReElement" process which collaboratively utilizes its exclusively licensed intellectual property within its partners' material processing flow sheets to more efficiently support the global supply chain's growing demand for magnet and battery-grade products. For more information visit or connect with the Company on Facebook, Twitter, and LinkedIn. Learn more about ReElement Technologies' process and technology here - Video. Special Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved. Investor Contact:JTC Team, LLCJenene Thomas(908) 824 - 0775arec@ Media Inquiries:Marjorie Weisskohl703-587-1532mweisskohl@ Company Contact:Mark LaVerghetta317-855-9926 ext. 0investor@ SOURCE: American Resources Corporation View the original press release on ACCESS Newswire
Time of India
15-07-2025
- Business
- Time of India
Apple pours $500 million into MP Materials in rare earths power move — Pentagon-backed deal sends MP stock soaring 11% to $53.85
Apple has announced a $500 million investment in MP Materials, the only U.S.-based rare earth mine. The deal includes building two new U.S. facilities — one in Mountain Pass, California, for recycling rare earths, and another in Fort Worth, Texas, to produce magnets for Apple products. This move aligns with President Trump's push to reduce U.S. reliance on China for critical minerals and strengthen national security. Just days earlier, the Department of Defense also invested $400 million in MP Materials, calling it a major step in creating a domestic rare earth supply chain. The deal comes as tensions with China continue to loom over global technology supply chains, especially when it comes to rare earths—materials that power everything from iPhones to electric vehicles. This bold step isn't just about business—it's about national security, tech independence, and a cleaner future. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Un simple sorbo antes de acostarse purifica el hígado y derrite la grasa del vientre Lulutox Undo According to Reuters, this deal marks one of Apple's biggest efforts to invest directly in U.S. production infrastructure. MP Materials, the company behind the only operating rare-earth mine in the country, will play a key role in making magnets from 100% U.S.-sourced and recycled materials. Why is Apple investing $500 million in MP Materials? Apple's $500 million investment in MP Materials isn't just another supply deal—it's a full-on strategic play to protect its future. Live Events Right now, China dominates over 90% of the global rare earth magnet production, a critical part in devices like iPhones, AirPods, and Macs. These magnets power the haptics, speakers, and other essential components. Any disruption in China's exports can cause serious ripple effects across the industry. With this investment, Apple is backing the expansion of MP's domestic magnet factory in Fort Worth, Texas, as well as a new recycling line at the Mountain Pass facility in California. These magnets are made from neodymium-praseodymium (NdPr), one of the most valuable rare earth elements. According to BusinessWire, MP will start shipping these magnets to Apple by 2027—and they're expected to go into hundreds of millions of Apple devices. How does this deal benefit MP Materials? For MP Materials, this isn't just a cash boost—it's validation and long-term business security. The company has already been scaling up with government support. Earlier this year, the Department of Defense awarded MP a $400 million contract to expand rare earth processing capacity. Add in Apple's funding, and the company now has a strong mix of public and private backing. MP plans to produce 10,000 metric tons of rare-earth magnets a year by 2028, up from the current output of 1,000 tons. That's a tenfold increase, and it could make MP the largest non-China producer in the world. This investment comes with real jobs too—MP's expansion in Fort Worth and Mountain Pass is expected to create over 500 new direct jobs and more than 1,000 indirect jobs in the next few years. What's happening with MP Materials stock after Apple's investment? Investors loved the Apple deal. MP Materials' stock, trading under the ticker MP, shot up as much as 12% in pre-market trading on the day of the announcement. As of midday Tuesday, shares were trading at $48.52, up around 3.4% on the day. The rally isn't just about Apple. MP stock has had a wild ride in 2025, surging over 217% in the past year, according to Barron's. The company has gained ground as global investors search for non-China rare earth sources. Analyst ratings are also rising. Canaccord Genuity raised its price target from $27 to $55 . Baird sees a fair value at $52 . Yet, MarketBeat still shows a cautious average target of $31 , reflecting the uncertainty around execution. Still, this momentum—backed by both Apple and the Pentagon—is hard to ignore. MP now has both defense and tech demand locked in , which could reduce its reliance on short-term market cycles. MP Materials stock reaction MP stock surged 11% after Apple's investment was reported, hitting around $53.85. It had already jumped over 50% following the Pentagon's announcement. Year-to-date, MP shares are up 90–110%, with analysts raising price targets up to $55. What about Apple stock? Apple stock moved slightly higher (~0.2%), trading near $208–209. Investors see it as a smart long-term supply-chain strategy, though the market reaction was mild. Why is this rare-earth magnet deal so important for the U.S.? This deal is about more than magnets. It's about controlling the future of clean energy, defense, and consumer tech. Rare-earth magnets power electric vehicles , wind turbines , drones , and fighter jets . By bringing this supply chain home, Apple and MP are reducing reliance on China while helping the U.S. gain control over a critical technology sector. The U.S. government has been pushing for this kind of investment for years. Now with Apple stepping in, private industry is finally matching that urgency. It's also a win for sustainability—MP's recycling plans mean less mining and less waste. With Apple now in the game, expect more tech companies to follow. This could be the start of a major reshaping of how rare-earth supply chains work—and who controls them. Is this a turning point for U.S. tech supply chains? The story of Apple investing $500 million in MP Materials is more than just business—it's a signal that big tech is ready to bring critical manufacturing home. With rare-earth magnets at the center of modern devices, this deal could shape the next decade of innovation. MP now has momentum, government support, and a flagship customer. Apple gets security, sustainability, and control. The market is watching closely—and so are competitors. If all goes as planned, the U.S. could finally break its rare-earth dependency and set the tone for tech production going forward. FAQs: What is Apple's $500 million MP Materials deal about? Apple is investing $500M in MP Materials to boost U.S. rare earth production and reduce China reliance. What does MP Materials do? MP Materials is a U.S.-based company that owns and operates the only rare earth mine in America. MP Materials mines and processes rare earth elements used in magnets for electronics, defense systems, and electric vehicles.
