The winners of deglobalization: Why Almonty Industries, Rheinmetall, and the RENK Group are now in the spotlight

Almonty Industries – Focus on tungsten

The tungsten market is experiencing an extraordinary year. Prices rose by more than 160% in 2025 and are continuing their upward trend at the beginning of 2026. This is not a classic cycle, but a structural shortage. China, which controls over 80% of global production, has further restricted its exports. At the same time, geopolitical tensions and national security interests, such as the US import ban on Chinese tungsten for defense goods from 2027, are demanding alternative, reliable sources. The metal is irreplaceable for modern industries and defense.

This is precisely the gap that Almonty Industries is filling. The Company is taking the decisive step from being a small producer to a large-scale producer that is irreplaceable for Western supply chains. Active mining operations at its flagship Sangdong mine in South Korea began in December 2025. It is set to become one of the largest and longest-lasting tungsten mines outside China. The strategic direction is clear: Almonty is building an integrated, Western-oriented supply platform to provide up to 40% of non-Chinese tungsten. Long-term purchase agreements already secured, including for US defense applications, underscore this path.

In his latest letter dated January 20, CEO Lewis Black underscores the significance of this milestone. Sangdong is the operational foundation for the coming growth phase. At the same time, Almonty is pushing ahead with the expansion of the long-established Panasqueira mine in Portugal and developing a US production base with the recently acquired project in Montana. Financing is secured through successful capital measures. For investors, the opportunity now lies in supporting a company that is expanding into a fundamentally underserved market at precisely the right time with production-ready assets. The stock is currently trading at USD 9.44 on the NASDAQ.

Rheinmetall – More than just tanks

For investors, Rheinmetall has long since ceased to be just an arms manufacturer. The Company has developed into a systemically important technology provider for physical and digital security. This strategic breadth makes it a key player in an uncertain global situation. While its core business is benefiting from sustained high demand for defense in Europe, current projects show how the Company is transferring its expertise to civilian fields of the future. This dual-use capability is creating additional growth areas beyond the traditional defense business.

The first weeks of January have provided impressive evidence of this strategy. Two milestones underscore the Company's military innovation. In the UK, the new Challenger 3 main battle tank, equipped with a Rheinmetall cannon, successfully completed its first firing tests with a crew. At the same time, a contract for the delivery of modern Lynx infantry fighting vehicles to Ukraine took effect in early 2026. Both projects demonstrate how Rheinmetall contributes decisively to the technological superiority and defense capabilities of allied nations.

However, the Group's importance is not limited to the battlefield. A research project launched in January on the remote control of trains demonstrates the civilian application of security technology. Here, Rheinmetall is contributing its expertise in high-availability communication and artificial intelligence to increase the resilience of critical infrastructure such as rail transport. This involvement in a wide range of security domains consolidates the Company's unique market position and makes it attractive in the long term.
The share is currently trading at around EUR 1,902.50.

RENK Group – From niche supplier to strategic player

The RENK Group is undergoing a remarkable transformation. The Augsburg-based company, once a broad-based drive specialist, is sharpening its profile with clear determination. By 2030, around 90% of revenue is expected to come from the defense business. This focus is no coincidence. Against the backdrop of geopolitical tensions and rising military budgets worldwide, RENK is positioning itself specifically as a systemically important supplier. The long life cycles of tanks and naval vessels offer a stable basis with a high degree of planning security.

This strategic orientation is underpinned by substantial investments. RENK has joined the "Made for Germany" initiative and plans to invest up to EUR 325 million in Germany by 2028. The money will go toward digitalization, capacity expansion, and new technologies such as drive-by-wire systems for autonomous vehicles. At the same time, the bulging order book worth EUR 6.4 billion reflects concrete demand. A new 5-year contract with the US Army worth up to USD 75.5 million recently underscored the Company's growing international importance.

Financially, RENK is already performing at a high level. With an EBIT margin of 16.6% and a return on capital of just under 20%, the Company is well-positioned. By 2030, the margin is expected to rise to 20%. This is an ambitious goal that would make the Company even more attractive. For investors, RENK is therefore a concrete bet on the ongoing defense cycle and the ability to translate technological leadership in high-performance drives into massive profitable growth. The current volatility of the stock reflects the tension between this long-term perspective and short-term valuation issues. The stock is currently trading at EUR 58.46.

De-globalization and geopolitical tensions are creating new strategic winners. Almonty Industries is becoming a systemically important tungsten supplier for the West through its Sangdong mine. Rheinmetall is consolidating its role as an indispensable technology provider for physical and digital security in a destabilized environment. The RENK Group is transforming itself into a profitable key supplier with a focus on high-performance drives for defense. Together, they stand for resilience and technological sovereignty, the new guiding values in a fragmented world order.