Reshoring is moving from political slogan to hard capital spending, and aluminium is suddenly in the spotlight. With the US administration offering tariff relief on qualifying raw aluminium imports for companies that commit to domestic smelting projects, investors are asking which stocks could stand to benefit most from this policy shift. The focus is not just on metals, but on the broader network of businesses tied to defense supply chains and critical infrastructure. This article walks through 3 stocks exposed to this news, helping you evaluate which opportunities may or may not fit your portfolio.

Argan (AGX)

Overview: Argan is an engineering and construction company that builds and maintains large power plants, industrial facilities, and telecom and power networks, primarily for utilities, independent power producers, and government-related customers in the US, UK, and Ireland. Through its Power, Industrial, and Teledata segments, it handles everything from project design and equipment installation to long term maintenance and technical consulting.

Operations: Argan generates most of its US$1.04b revenue from Power projects at US$822.8m, followed by Industrial at US$196.7m and Teledata at US$22.4m, with the United States contributing US$925.0m and the remainder split between the Republic of Ireland and the United Kingdom.

Market Cap: US$8.44b

Investors watching the push to reshore critical infrastructure may find Argan interesting because it already serves complex power and industrial projects that resemble the kind of smelting, grid, and data center facilities expected to attract fresh capital under the new aluminium tariff relief. The company combines a sizeable, diversified backlog with strong profitability metrics like a 34.1% ROE and a debt free balance sheet. Recent earnings, margin, and backlog figures point to operational momentum. However, heavy exposure to large gas fired power projects, dependence on a relatively small number of complex contracts, and a rich P/E multiple mean that execution missteps or a faster shift toward renewables could matter a lot. This is one reason why a closer look at Argan’s detailed forecasts, risks, and valuation can be useful.

Argan’s debt free balance sheet and 34.1% ROE suggest real strength, but the rich P/E and reliance on complex projects leave questions. Get the full picture with the 2 key rewards and 1 important warning sign

Metallus (MTUS)

Overview: Metallus is a long established US steel producer that makes alloy, carbon, and micro alloy steel bars, tubes, billets, and precision components used in everything from autos and trucks to oilfield equipment, bearings, artillery shells, and other defense hardware.

Operations: Metallus generates US$1.19b in revenue from metal processors and fabrication customers, reflecting its focus on supplying high specification steel products and custom components into industrial and defense supply chains.

Market Cap: US$796.3m

Investors considering reshoring and defense supply chain themes may find Metallus relevant because it operates in domestic alloy and specialty steel, an area referenced in recent federal trade and tariff policy. The company has emphasized higher margin aerospace and defense products, has used buybacks to reduce its share count, and reported recent results such as US$308.3m in Q1 2026 sales and US$5.4m in net income. Its reliance on tariff support, exposure to cyclical end markets, and a capital intensive, higher fixed cost base can also make results sensitive to policy changes and demand fluctuations. A deeper look into the business examines these dynamics in more detail.

Metallus is pushing deeper into higher margin aerospace and defense steel, yet its US$1.19b revenue base and capital intensive footprint leave questions. See how the analysis report for Metallus ties policy support, demand swings and pricing power together

Graham (GHM)

Overview: Graham is a US industrial manufacturer that designs and builds fluid, power, heat transfer, and vacuum systems used in chemical processing, oil refining, defense, space, cryogenic and energy markets around the world.

Operations: Graham generates about US$245.3m in revenue from designing and manufacturing heat transfer and vacuum equipment, with roughly US$209.6m coming from the United States and the balance spread across Asia, Canada, the Middle East, South America and other regions.

Market Cap: US$1.23b

Graham stands out in the reshoring theme because it sits directly in the flow of US defense, data center cooling and energy infrastructure spending, backed by record orders, record backlog and a strong book to bill ratio. Management is investing in new facilities, automation and defense welder training to increase capacity for US Navy work and space related projects. It is also targeting 8% to 10% organic revenue growth and higher margins. The flip side is meaningful reliance on multi year defense contracts, legacy refining and petrochemical demand, and a high P/E that already prices in a lot of success. For investors, the key question is whether Graham’s growth, cash generation and execution can keep up with the expectations now built into the stock.

Graham’s accelerating orders and record backlog hint at a bigger growth story that many investors may be underestimating. See how the analyst forecasts for Graham compares with that rich P/E and what might be in the pipeline.

The three stocks covered here are only a starting point, with the full US reshoring-focused US Domestic Industrial Reshoring screener surfacing 18 more US based aluminium related and industrial companies that share equally compelling narratives around defense and critical infrastructure. Use Simply Wall St to identify, filter and analyze those reshoring catalysts, policy angles and balance sheet profiles so you can focus on the highest conviction ideas for your own portfolio.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.