Refining & separation · United Kingdom
Johnson Matthey
JMAT LN Work there, own it, buy from it ↓
PGM refining — holds How this is computedCount of bottlenecks on which this organisation is recorded as a producer, a holder of the capacity, or a supplier of a critical part.Method →Code → of the How this is computedCount of rows in the bottleneck corpus: every material plus every non-material chokepoint.Method →Code → bottlenecks tracked here.
Why graded so · Long-established PGM chemistry; a short list of peers worldwide.
Role cited from matthey.com ↗. The grade is this project’s judgement. Report an error
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01Chokepoints it holds
- Ruthenium, sputtering and ALD gradeEstimate by Substrata, 2026-09-15: concentration 3 + substitution 2 + lead time 3 + inelasticity 2 = 10 of 12. A by-product of South African and Russian PGM mining, so supply cannot answer demand. Ruthenium interconnect at leading nodes is the demand shock.Estimate, not a measurementconcentration 3 + substitution 2 + lead time 3 + inelasticity 2 = 10 of 12. A by-product of South African and Russian PGM mining, so supply cannot answer demand. Ruthenium interconnect at leading nodes is the demand shock.By Substrata · 2026-09-15Supporting source →/123+2+3+2
Refine · Within two years
Other makers: Sibanye-Stillwater ZA, Impala Platinum ZA, Nornickel RU, Heraeus DE, Umicore BE, Furuya Metal JP, Tanaka Kikinzoku JP
Score = concentration + substitution + lead time + inelasticity, each 0–3, an analyst judgement dated 2026-09-15; open a score for its rationale and assessment. Makers are those the corpus records, not the whole market. No market-share figure is sourced, so none is shown.
02What has happened
About what it holds, not naming Johnson Matthey
- 2026-09-14Ruthenium, sputtering and ALD grade
The EU updates its dual-use control list to add atomic layer deposition equipment for molybdenum and ruthenium. policy.trade.ec.europa.eu ↗
03Unread leads
Ruthenium price records steep rise tradium.com ↗
Ruthenium Targets Surpasses 2K Unit Delivery en.vitalchem.com ↗
5 Reasons Ruthenium Crisis Will Increase Salt Cell Costs cpoclass.com ↗
2026 Update of the EU Control List of Dual-Use Items policy.trade.ec.europa.eu ↗
Pages the sweep found on these chokepoints. Nobody here has read them yet; they are not events and not evidence.
04Others at the same step of the chain
- Wacker ChemieElectronic-grade polysiliconChokepoint
- Hemlock SemiconductorElectronic-grade polysiliconChokepoint
- TokuyamaElectronic-grade polysiliconChokepoint
- OCIPolysiliconConcentrated
- China Northern Rare EarthRare-earth separationChokepoint
- Shenghe ResourcesRare-earth separation and tradingChokepoint
- ChalcoGallium from alumina refiningChokepoint
- HeraeusPrecious-metal refiningConcentrated
- UmicorePGM refining and recyclingConcentrated
- LindeIndustrial and electronic gasesConcentrated
- Air LiquideIndustrial and electronic gasesConcentrated
- Air ProductsIndustrial gases and heliumConcentrated
- IceblickNeon and rare gasesConcentrated
- 5N PlusHigh-purity specialty metalsConcentrated
05Ways to take part
Not investment advice. This says how the public can reach a company — a job, its shares, its products — not whether anyone should. It takes no account of anyone’s circumstances, and a company holding a chokepoint is not a reason to own it. What this is not
- Work there
- It publishes its roles on its own careers page.Official careers page ↗
- Own part of it
- Its shares trade publicly as JMAT LN, bought and sold through a broker that reaches that exchange.JMAT LN listing record ↗
- Buy from it
- What it does in the chain: PGM refining. At this depth of the chain most sales are to other businesses, under contract. Its own page describes what it offers.Its own page ↗
06Hiring
Its roles are published on its own site, which Substrata links rather than reads. Official careers page ↗
07What this holds up
- Siliconone turn: Months
makes Ruthenium, sputtering and ALD grade, which gates it.
Worst judgement on this loop: How this is computedThe highest severity score among the bottlenecks recorded as gates on the loop.Method →Code →, judged 2026-09-15 · this join is sourced
- Materials qualificationone turn: Years
makes Ruthenium, sputtering and ALD grade, which gates it.
Worst judgement on this loop: How this is computedThe highest severity score among the bottlenecks recorded as gates on the loop.Method →Code →, judged 2026-09-15 · this join is sourced
A loop is one design, build and measure turn. Severity is a dated judgement on a 0–12 scale, not a measurement, and the judgements are not added together — the figure shown is the worst single one.
08Sources
- matthey.com ↗ — its role in the chain: PGM refining; Ruthenium, sputtering and ALD grade: refine
Discussion
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