Fluor Corp. has been selected as the engineering, procurement and construction management (EPCM) partner for USA Rare Earth, Inc.’s Round Top Rare Earth Project in Sierra Blanca, Texas. The partnership will support the definitive feasibility study and an accelerated mine plan, positioning Fluor to deliver complex mining and processing infrastructure for a domestic rare‑earth supply chain.
The deal aligns with Fluor’s strategy to expand its critical‑materials footprint, a key growth engine within its Urban Solutions segment. Fluor’s Urban Solutions business has been delivering high‑margin engineering services for mining, energy and infrastructure projects, and the Round Top project represents a significant opportunity to deepen that presence.
Fluor’s recent quarterly results illustrate the company’s mixed performance. In Q3 2025, revenue fell 18% to $3.4 billion, while adjusted EPS rose 33% to $0.68, beating consensus by $0.24. The revenue decline was largely driven by a $653 million reversal related to a Santos ruling, which also compressed margins. In Q1 2025, revenue increased to $3.98 billion, but the company posted a net loss of $241 million versus a $59 million net income in the same quarter a year earlier, reflecting higher operating costs and one‑time charges.
Within the Urban Solutions segment, profit grew to $70 million in Q1 2025 from $50 million a year earlier, driven by increased execution activity and higher project volumes. The segment’s performance underscores the strategic value of the Round Top partnership, which is expected to generate additional high‑margin work for Fluor’s engineering and construction teams.
The announcement was welcomed by investors, who viewed the selection of Fluor and WSP as a critical step toward accelerating the definitive feasibility study and moving the project closer to commercial production in late 2028. The partnership is expected to de‑risk the project timeline and strengthen USA Rare Earth’s domestic supply chain strategy.
Fluor’s involvement in the Round Top project signals a broader shift toward critical‑materials projects that support national security and economic diversification. By leveraging its engineering expertise and project management capabilities, Fluor is positioned to capture a growing share of the rare‑earth market, while USA Rare Earth gains a trusted partner to navigate the complex development path.
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