Exclusive: Defense executives plan to meet at White House as strikes on Iran diminish stockpiles

• Summary

• Companies

• Meeting aims to accelerate weapons production after recent military operations

• Pentagon may seek around $50 billion supplemental budget for Middle East operations

• Trump administration pressures contractors to prioritize production over shareholder payouts

WASHINGTON, March 3 (Reuters) - The Trump administration plans ​to meet with executives from the biggest U.S. defense contractors at the White House on Friday to discuss ‌accelerating weapons production, as the Pentagon works to replenish supplies after strikes on Iran and several other recent military efforts, five people familiar with the plan told Reuters.

Companies including Lockheed Martin (LMT.N), opens new tab and Raytheon parent RTX (RTX.N), opens new tab, along with other key suppliers, have been invited to ​attend the meeting, the people said, speaking on condition of anonymity because the discussions are private.

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The meeting underscores ​the urgency felt in Washington to shore up weapons stocks after the Iran operation ⁠drew heavily on munitions. Since Russia invaded Ukraine in 2022 and Israel began military operations in Gaza, the ​U.S. has drawn down billions of dollars’ worth of weapons stockpiles, including artillery systems, ammunition and anti-tank missiles. The conflict in ​Iran has consumed longer-range missiles than those furnished to Kyiv.

At least one of the people said the gathering was expected to center on pressing weapons makers to move faster to boost output.

Lockheed, the Pentagon and White House did not immediately respond to requests for ​comment. RTX declined to comment. In a social media post Monday, Trump said there was a “virtually unlimited ​supply” of U.S. munitions and that “wars can be fought “forever,” and very successfully, using just these supplies.”

The White House meeting comes as Deputy ‌Defense ⁠Secretary Steve Feinberg has been leading Pentagon work in recent days on a supplemental budget request of around $50 billion that could be released as soon as Friday, one of the people said. The new money would pay for replacing the weapons used in recent conflicts including those in the Middle East. The figure is preliminary and could change.

The push ​to boost production has intensified ​following U.S. military strikes ⁠on Iran, where the U.S. deployed Tomahawk cruise missiles, F-35 stealth fighters and low-cost one-way attack drones on Saturday.

Tomahawk missile maker Raytheon has a new agreement with the Pentagon to ​eventually ramp production to 1,000 units annually. The Pentagon currently plans to buy 57 of ​the missiles in ⁠2026 at an average cost of $1.3 million each.

The administration has been steadily ratcheting up pressure on defense contractors to prioritize production over shareholder payouts. President Donald Trump signed an executive order in January to identify contractors deemed to be underperforming on ⁠contracts while ​distributing profits to shareholders.

The Pentagon is expected to release a list ​of underperforming contractors. Companies named will have 15 days to submit board-approved plans to correct the situation. If those plans are judged insufficient, the Pentagon ​can pursue enforcement actions, including contract terminations.

Reporting by Mike Stone in Washington; Editing by Chris Sanders and Lisa Shumaker

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Mike Stone

Thomson Reuters

Mike Stone is a Reuters reporter covering the U.S. arms trade and defense industry. Most recently Mike has been focused on the Golden Dome missile defense shield. Mike also spends a lot of his time writing on Ukraine and how industry has adapted, or faltered as it supports that conflict. Mike, a New Yorker, has extensively covered how the U.S. has supplied Ukraine with weapons, the cadence, decisions and milestones that have had battlefield impacts. Before his time in Washington Mike’s coverage focused on mergers and acquisitions for oil and gas companies, financial institutions, defense companies, consumer product makers, retailers, real estate giants, and telecommunications companies.

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