Photo: The Elmet Group

The Defense Department on Monday said it has taken a $450 million equity stake in The Elmet Group [ELMT] that the Maine-based company will use to support a more vertically integrated supply chain for tungsten and expand manufacturing. The Industrial Base Analysis and Sustainment program investment was redeemable preferred equity. Tungsten is heat-resistant, hard metal used in missiles, munitions, aerospace propulsion, naval, electronics and industrial manufacturing applications. The Elmet Group support more than 100 DoD programs such as the F-35…