Aubert & Duval Secures €51.1mn to Boost Titanium Forging Capacity

Aubert & Duval

French aerospace forging capacity expands amid supply chain realignment

Aubert & Duval forging press investment has gained strong state support through a €51.1 million loan to upgrade France’s aerospace manufacturing capacity. Backed by Crédit Agricole CIB and the French state’s Strategic Project Guarantee, this financing will fund a new 6,000-ton press at A&D’s Pamiers site.

Strategic upgrade to reduce dependence on Russian forgings

The new forging press, scheduled for commissioning in 2027, will replace the aging Schloemann press. It will enable Aubert & Duval to produce large aerospace components including landing gear, engine disks, and structural titanium parts. This expansion is a critical step toward reducing Europe’s reliance on Russia’s VSMPO-Avisma, which previously dominated large titanium forgings in the region.

Press acquisition supports reshoring and supply chain resilience

A&D signed a €75 million purchase agreement with Germany’s SMS Group in January 2024. The move comes after Airbus, Safran, and Tikehau Capital acquired A&D from Eramet in 2023 to reinforce Europe's titanium supply chain. However, despite this progress, Europe still lacks large-scale forging capabilities above 60,000 tons and flat rolling infrastructure—two major bottlenecks in the downstream titanium value chain.

The Metalnomist Commentary

Aubert & Duval’s forging press investment signals Europe’s serious intent to restore industrial sovereignty in titanium. While it won’t close the capability gap entirely, it strengthens aerospace supply chains at a time when geopolitical risks demand domestic resilience.

Carpenter Technology aerospace growth set to accelerate through FY2026

Carpenter Technology

Aerospace-led mix lifts earnings and margins

Carpenter Technology aerospace growth will drive a stronger FY2026. The company guides earnings to $660mn–$700mn, up 26–33pc. Management cites robust demand from aerospace and defense, medical, and power generation. However, it notes softer trends in industrial and consumer markets. Carpenter Technology aerospace growth already reshaped revenue mix toward higher-value alloys.

Order trends and product mix underpin outlook

Carpenter Technology aerospace growth reflects a 20pc rise in FY2025 A&D sales to $1.4bn. Quarterly A&D sales also rose 2pc to $383.8mn. The A&D market now contributes over 60pc of company revenue. Meanwhile, pounds sold in SAO declined 11pc to 186.3mn lbs. Lower volumes still supported higher margins through favorable mix and pricing discipline.

Cash generation strengthens despite volume headwinds

Profitability improved sharply on premium content. Full-year profit reached a record $376mn, nearly double last year. Energy sector sales also increased year over year. However, SAO quarterly pounds dropped 18pc to 46.9mn lbs. The company offsets volume pressure with price, mix, and operational efficiency. Therefore, management remains confident in FY2026 guidance.

The Metalnomist Commentary

Carpenter’s pivot toward high-spec aerospace and defense alloys continues to pay off. Mix, not tons, drives this cycle as airframe and engine content rises. Watch lead times, melt capacity, and forging bottlenecks, which could further support pricing into FY2026.

Norsk Titanium DED titanium parts face slower shift but capacity expands

Norsk Titanium

Norsk Titanium DED titanium parts adoption is slower than expected across OEMs. The company pushed breakeven to early 2027. However, revenue rose 54% to $2mn in January–June. Norsk Titanium DED titanium parts still target aerospace, defense, and industrial growth. Therefore, management doubles down on serial readiness. Norsk Titanium DED titanium parts remain central to the firm’s strategy.

Transition dynamics and near-term commercial outlook

OEMs still prefer forgings for many qualified parts. As a result, transition timelines lengthen across programs. Operating expenses rose to $17.2mn from $13.4mn. The company now forecasts $70mn revenue in 2026. Mix splits roughly 50:50 between A&D and industrial. Contracts and mature discussions underpin the target. Execution depends on qualification pace and lot sizes.

Production readiness, RPD advantages, and scale plans

Norsk delivered contracted parts to Airbus this year. It qualified two additional machines and plans a third contract. Serial SKUs grew to 54 in the first half. Orders lifted the count to 56 with DOE parts. In-house machining and heat treatment reduce lead times. RPD melts titanium wire in argon to near-net shapes. Scrap falls below 10% versus conventional forging. Installed capacity stands at 700 t/yr.

The Metalnomist Commentary

RPD economics improve with higher buy-to-fly ratios and stable cadences. Watch OEM design-for-additive incentives and multi-year LTA scope. Qualification velocity will decide 2026–2027 cash inflection.