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Metal Mining: capital spending and supply chain

SIC 1000 · 6 companies with filed cash-flow statements

Capital spending, 12 months$3.0B
Operating cash flow$7.2B
Capex / cash flow42%
Capex / revenue4.7%
Top 3 share95%

Analysis

6 companies in Metal Mining (SIC 1000) spent $3.0B on capital projects over their latest twelve months, 42% of the $7.2B their operations generated; the three largest spenders — SCCO, CLF, MP — account for 95%.

Capital spending is 4.7% of the industry's $64.1B of annual revenue.

By the industry's asset mix most of it goes to structures (64%); about $535M is imported.

The largest supplier of that spending is other nonresidential structures ($2.8B).

Its largest supplying industries, by the input-output tables: iron, gold, silver, and other metal ore mining ($6.4B), imports ($2.6B), electric power generation, transmission, and distribution ($2.4B).

Charts

Metal Mining: capital spending by company, latest twelve monthsMetal Mining: capital spending by company, latest twelve monthsSCCO$1.8BCLF$601MMP$483MUSAR$139MDYNR$2.1MIE$1.4M
Filed cash-flow statements (SEC XBRL).
Metal Mining: what the capital spending buys (US part)Metal Mining: what the capital spending buys (US part)Structures$4.2BEquipment$1.9BSoftware$29.3MOther$476M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Metal Mining: the industries that build and sell what it buysMetal Mining: the industries that build and sell what it buysOther nonresidential structures$2.8BManufacturing structures$1.3BMining and oil and gas field mach…$1.0BConstruction machinery manufactur…$438MState and local government (other…$133MOffice and commercial structures$87.3MMaterial handling equipment manuf…$65.2MLight truck and utility vehicle m…$62.5MAir conditioning, refrigeration, …$58.2MOther general purpose machinery m…$46.6M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Metal Mining: its first-tier supplying industriesMetal Mining: its first-tier supplying industriesIron, gold, silver, and other met…$6.4BImports$2.6BElectric power generation, transm…$2.4BManagement of companies and enter…$1.9BPetroleum refineries$1.9BNonresidential maintenance and re…$1.4BTruck transportation$1.3BCopper, nickel, lead, and zinc mi…$1.3BPetroleum and petroleum products$717MMachinery, equipment, and supplies$637M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Metal Mining: where the industry's cash came from (+) and went (−)Metal Mining: where the industry's cash came from (+) and went (−)Operating cash flow$13.7BOther investing (out)−$7.3BDividends−$4.2BCapital spending−$2.9BNet borrowing$1.6BCash added to the balance she…−$1.2BCash drawn from the balance s…$888MPaid to partners−$629MShares issued$352MBuybacks−$305MOther investing (in)$212MOperating cash outflow−$191MOther financing (in)$98.2MTaxes paid on employees' shar…−$70.5M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
SCCO Southern Copper$1.8B$7.4B24%TTM to Q3 2026
CLF Cleveland-Cliffs$601M$116M518%TTM to Q3 2026
MP MP Materials$483M−$54.6M—TTM to Q3 2026
USAR USA Rare Earth$139M−$106M—TTM to Q2 2026
DYNR Dynaresource$2.1M$6.5M32%TTM to Q2 2026
IE Ivanhoe Electric$1.4M−$116M—TTM to Q3 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
FCXMIMTF17%Stated in 10-K (XBRL)filing
CLFATKR—Stated in 10-K (named, share not stated)filing
CLFWS—Stated in 10-K (named, share not stated)filing

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.