Magnets, Metals & Alloys

Mkango Magnetic Materials Limited announced that its wholly-owned subsidiary, Mkango Rare Earths Limited, filed an amendment to its registration statement on Form F-4 with the United States Securities and Exchange Commission on September 29, 2026, in connection with its proposed business combination with Crown PropTech Acquisitions, first announced on July 3, 2025. The Amended Form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR covering the common shares and warrants to be issued in the deal. The filing has not yet been declared effective by the SEC and remains subject to completion or amendment. Subject to the SEC review process and customary closing conditions, including approval by CPTK shareholders, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing. Mkango, which is listed on AIM and the TSX-V, is pursuing a strategy to become a market leader in recycled rare earth magnets, alloys and oxides, and its Songwe Hill and Pulawy rare earths projects have both been selected as Strategic Projects under the European Union Critical Raw Materials Act.

Metallus has been awarded a single-award, firm-fixed-price Indefinite Delivery/Indefinite Quantity contract by the U.S. Defense Logistics Agency to supply steel for critical defense applications, with a maximum ceiling of $995 million over a five-year ordering period. The ceiling represents the maximum amount the DLA may order over the contract term and is not a commitment to purchase that amount. On September 29, 2026, Metallus received an initial delivery order under the contract valued at approximately $125 million, and the company has up to 24 months to fulfill each delivery order. Chief executive officer Mike Williams said the award and initial order mark another key step in the continued transformation of Metallus and reflect the company's proven ability to produce specialty steel that meets the rigorous performance, quality and traceability requirements of critical defense applications. Metallus, based in Canton, Ohio, employs approximately 1,850 people and had sales of $1.2 billion in 2025.