Washington, D.C. — On April 29, 2025, the United States Senate Committee on Armed Services held a hearing to consider the nomination of Mike Cadenazzi, Jr., to be Assistant Secretary of Defense for Industrial Base Policy. That role directly oversees and implements the Department of Defense’s key tools to make significant investments in the rare earth magnet supply chain: the Industrial Base Analysis and Sustainment (IBAS) Program and the Defense Production Act.
During the hearing, North Carolina Senator Ted Budd—a member of the Armed Services Committee—highlighted Vulcan Elements’ contributions to onshoring and securing the rare earth magnet supply chain.
Senator Budd: “The United States should have created a rare earth supply chain independent from China a decade ago. Companies like Vulcan Elements, which is a rare earth magnet manufacturer that’s fully decoupled from China, are attempting to do that. But efforts need to accelerate, and accelerate at scale. You discussed your intent to leverage the Defense Production Act as well as the Industrial Base Analysis and Sustainment Program to support private sector investment in our defense industrial base. If confirmed, how would you leverage these authorities to end our reliance on China for rare earths?”
Mr. Cadenazzi: “This is a critical opportunity for the country to increase its ability to develop domestic resources and decrease our reliance on China within the industrial base. If confirmed, I’m eager to work with this committee and with you on the issues associated with the application of DPA and IBAS, as direct opportunities to increase our investment into the domestic mineral production chain… This time and this window where there’s some sense of urgency about it, before we lose that sense of urgency, we need to make real initiatives and real effort to close the gap… It’s an exciting opportunity and time for us to help with that.”
Watch the full exchange: https://www.armed-services.senate.gov/hearings/to-consider-the-nominations-of-mr-michael-p-cadenazzi-jr-to-be-assistant-secretary-of-defense_for-industrial-base-policy-and-vice-admiral-scott-w-pappano-usn-to-be-principal-deputy-administrator–national-nuclear-security-administration
Vulcan Elements manufactures permanent sintered NdFeB magnets for critical defense and commercial applications. Vulcan Elements is committed to strengthening the domestic rare earth magnet supply chain by advancing technological innovations, galvanizing America’s manufacturing workforce, and collaborating with public and private sector stakeholders.
For further inquiries, please contact: Jonah Glick-Unterman
Chief of Staff
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