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Rheinmetall is the largest German defence prime and — after the 2022-2026 European rearmament cycle — the largest EU-domiciled defence-industrial group by revenue, displacing Airbus Defence & Space and Leonardo on the order-book line.
Group exposure score is 75 including 1 tracked subsidiary — standalone is 81.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 5 suppliers. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
SSAB's own press release: a non-binding letter of intent for SSAB to supply decarbonised steel (SSAB Zero, then SSAB Fossil-free via HYBRIT) to Rheinmetall's production, described as the first such commitment by a defence-equipment manufacturer. No volumes disclosed and the release does not use the term 'armour steel' — do not upgrade this to a confirmed armour-plate supply contract. See prose section below for why this replaces the previously-asserted, uncited thyssenkrupp/Salzgitter claim.
Not a direct Rheinmetall supplier itself — RUAG MRO Holding AG (Switzerland) is Rheinmetall's joint-venture partner in the Nitrochemie Group (Nitrochemie Wimmis AG, CH + Nitrochemie Aschau GmbH, DE), the entity that actually manufactures the propellant powders, artillery charge systems and nitrocellulose components — closing this dossier's 'propellants — not found' gap flagged 2026-08-27. Rheinmetall's own subsidiary page names the JV structure but discloses no ownership percentage or supply-volume figures; treat the split as unconfirmed. RUAG MRO Holding AG already carries its own in-corpus dossier (`ruag-mro`).
Not a direct Rheinmetall supplier itself — Diehl Defence is Rheinmetall Waffe Munition's 50/50-style joint-venture partner in GIWS (Gesellschaft für Intelligente Wirksysteme mbH), the entity that develops, manufactures and markets the SMArt 155 sensor-fuzed artillery submunition and its derivatives. Diehl's own organization page states GIWS 'is a joint venture between Diehl Defence and Rheinmetall Waffe Munition' but discloses no ownership percentage; treat any specific split (secondary reporting suggests 50/50) as unconfirmed. Each SMArt 155 round carries two explosively-formed-penetrator submunitions; secondary sourcing (not Diehl- or Rheinmetall-published) describes the liner material as tantalum, which is not one of this dossier's four scored materials (tungsten/cobalt/neodymium/praseodymium) — recorded as a real production relationship, not a claim about scored-material flow.
ASX-listed Bisalloy (Australia's only armour-grade quenched-and-tempered steel plate maker) received its first confirmed purchase order from Rheinmetall Defence Australia for BISALLOY armour steel plate on the Boxer 8x8 CRV (LAND 400 Phase 2), following a teaming agreement first extended 2020-05-19 and German-government/BAAINBw certification of the specialised grades. Trade-press reporting (Australian Defence Magazine, Defence Connect) of the company's own announcement — Bisalloy's own press-release pages now 301-redirect to a generic homepage, so cited via press coverage rather than the primary release itself; confidence recorded as `secondary`, not `primary-source`, on that basis. This is a materially stronger find than the SSAB row above for the niobium/vanadium armour-steel-plate axis specifically: Boxer/Puma/Lynx hulls are the exact product line the 'Niobium, vanadium' element-level bullet cites, whereas SSAB's LOI never used the term 'armour steel.' Neither company discloses whether niobium/vanadium microalloying is present in the specific grade supplied — that remains an inference from armour-steel metallurgy generally, not a company-confirmed element. A separate 2018-02-09 report (Australian Defence Magazine) names BlueScope Steel as Bisalloy's own flat-steel feedstock supplier for this same program — a second-tier link (BlueScope supplies Bisalloy, not Rheinmetall directly), not written as its own named_counterparties row for that reason, noted in prose only.
Rheinmetall's own press release: a joint venture of Rheinmetall AG and N7 Holding Zrt. (a state-owned Hungarian enterprise) is building an RDX (Research Department eXplosive) plant at Varpalota, Hungary, with Rheinmetall Denel Munition (South Africa) supplying the plant engineering/technology/process know-how under the contract. Rheinmetall's own release states: 'Once completed and taken over by the Hungarian state, Rheinmetall AG will be the primary customer for the explosives produced by the plant' — so this closes the dossier's previously-flagged 'TNT/RDX feedstock — open gap' (see prose section below): N7 Holding becomes the named RDX supplier once the plant is operational, not merely a JV construction partner. related_party: true because Rheinmetall is co-owner of the building/operating JV; note the ownership structure is scheduled to change on handover to the Hungarian state, at which point the relationship becomes an arm's-length supply contract — re-check on the next pass once production start is confirmed. No RDX volume or price figures disclosed. This does not resolve the tungsten gap (still open) or the cobalt/magnet gaps (exhausted, see queue notes) — RDX/TNT are explosive compounds, not among this dossier's nine scored materials.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Another tracked dossier names this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 984 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.
Dossier discloses a neodymium exposure with no Dy/Tb/Sm tag, but Dy/Tb doping is what buys the temperature resistance defence industrial base applications need, so it is doped as a rule pending a disclosed grade.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a buyer, policy pressure across its consumed materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇨🇳 CN accounts for 36% of severity-weighted pressure.