USAR Acquires LCM to Build Domestic Rare-Earth Chain

USA Rare Earth (USAR) has acquired Less Common Metals (LCM), integrating a scaled metal and alloy producer that until now had no comparable capacity outside China.

The deal accelerates USAR’s mine-to-magnet strategy by adding metal-making, alloy production, casting and strip-casting capabilities that serve as essential feedstock for permanent magnet manufacture. USAR CEO Barbara Humpton described the acquisition as the "missing link" for domestic heavy rare-earth processing.

Permanent magnets, critical to aerospace, defence, automotive, consumer electronics and emerging AI hardware, rely on steady supplies of rare-earth metals and strip-cast inputs. LCM’s decades of experience in metal and alloy production gives the US a rare, near-complete onshore capability to convert mined material into magnet-ready components.

The move comes amid efforts to diversify supply chains and reduce dependence on Chinese suppliers. It aligns with broader government and industry initiatives to onshore critical minerals and manufacturing capacity, shifting the priority from lowest cost to guaranteed availability. USAR says the combined operation will serve broader markets, support industrial revival and strengthen national supply-chain resilience.