American Metal Company
American Metal Company was a United States-based nonferrous metals trading, processing, and mining company that became AMAX Inc. after its 1957 merger with Climax Molybdenum Company.
Last updated August 25, 2026
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Overview
American Metal Company, commonly abbreviated AMCO, was an American nonferrous metals trading, processing, and mining enterprise founded in New York in 1887. Its origins were closely connected with Metallgesellschaft AG of Germany, whose founder Wilhelm Ralph Merton assigned his cousin Berthold Hochschild responsibility for the German group's United States metals-trading activities. Hochschild moved to the United States in 1884, and the American company initially acted as an agent for Metallgesellschaft, Henry R. Merton & Co. of the United Kingdom, and Société Le Nickel of France. The company's early growth was driven by strong demand for copper, particularly from Germany, which at the time absorbed a substantial share of United States copper exports. Under Jacob Langeloth, who joined Hochschild in New York in 1887, AMCO expanded beyond brokerage and agency work into industrial production. It opened lead and copper refining facilities, beginning a long-term shift toward vertical integration. Rather than relying exclusively on outside suppliers, the company increasingly combined purchasing contracts, mining interests, smelting, refining, and international distribution. AMCO's development accelerated during the early twentieth century. Before World War I, it acquired a minority interest in Climax Molybdenum Company, an important molybdenum producer. The investment benefited from wartime demand for molybdenum. After Langeloth's death in 1914, Carl M. Loeb became president and expanded the company's ownership of smelting and refining assets. He also secured raw materials through exclusive contracts with major mines and broadened the company's activities in Mexico, including lead, silver, and zinc mining. World War I created a major ownership and governance crisis. Metallgesellschaft held a controlling interest in AMCO, but the United States' entry into the war and the Trading with the Enemy Act of 1917 placed German-owned assets under the authority of the Office of Alien Property Custodian. Although efforts were made to characterize the ownership differently, the German interest was ultimately treated as enemy property. The confiscated 51 percent stake was sold at public auction in 1918 for $5.75 million. A syndicate including Ludwig Vogelstein, Berthold Hochschild, and Carl M. Loeb acquired substantial interests. The ownership dispute continued afterward, including a claim by Richard Merton that the confiscation was unlawful. His effort was undermined by the exposure of bribery involving government officials, and the claim was rejected. During the interwar period, AMCO continued expanding its mining portfolio. Carl Loeb resigned as president in 1929 after opposing debt-financed purchases of African copper interests. In 1930, the company acquired significant interests in major African copper mines, including the Roan Antelope Copper Mine in what was then Northern Rhodesia and interests associated with Rhodesian Selection Trust. Harold K. Hochschild became president in 1934 and later chairman in 1947. During World War II, AMCO benefited from military demand and expanded its activities into petroleum, potash, and silver. Walter Hochschild replaced Harold as president in 1950. In 1957, Hans Vogelstein became president and arranged the merger of American Metal Company with Climax Molybdenum Company. The combined company was named AMAX Inc., ending AMCO's independent corporate identity. AMAX later merged with Cyprus Mines Corporation in 1993 to create Cyprus Amax Minerals Company. That business was acquired by Phelps Dodge Corporation in 1999, and Phelps Dodge was acquired by Freeport-McMoRan in 2007. Consequently, AMCO's historical businesses became part of a succession of larger international mining groups, although the original American Metal Company no longer operates as an independent company.
History
American Metal Company's history began with the international metals-trading network of Metallgesellschaft AG in Germany. Wilhelm Ralph Merton assigned his cousin Berthold Hochschild to oversee the group's United States metal-trading activities. Hochschild relocated to the United States in 1884, and the American business was incorporated in New York in 1887. At the outset, AMCO represented Metallgesellschaft, the British firm Henry R. Merton & Co., and the French Société Le Nickel. The company benefited from expanding copper consumption and from the importance of Germany as a destination for United States copper exports. Jacob Langeloth joined Hochschild from Metallgesellschaft and helped build the company's operations. AMCO gradually developed from an agency and trading business into a producer, establishing lead and copper refining plants. This created a vertically integrated model in which the company could obtain raw materials, process them, and market refined metals. Before World War I, AMCO bought a minority interest in Climax Molybdenum Company. The investment became valuable as military demand increased the importance of molybdenum. Following Langeloth's death in 1914, Carl M. Loeb became president. Loeb expanded ownership of smelters and refineries and arranged exclusive purchasing agreements with mines, giving AMCO greater control over supply. The company also entered Mexican lead, silver, and zinc mining, first acting for Metallgesellschaft and later acquiring interests directly. The First World War produced a decisive change in AMCO's ownership. In 1917, Metallgesellschaft transferred its 51 percent interest to American citizens associated with the company, but United States authorities treated the stake as German-owned after the country's entry into the war. Under the Trading with the Enemy Act, the shares were placed under the Office of Alien Property Custodian. In 1918, the confiscated interest was sold at public auction for $5.75 million. Buyers included a syndicate associated with Ludwig Vogelstein, Berthold Hochschild, and Carl M. Loeb. Hochschild became chairman in 1920, with Loeb continuing as president. The ownership dispute did not end with the auction. Richard Merton asserted in 1921 that the confiscation was invalid because the shares had allegedly been moved to a Swiss subsidiary before the United States entered the war. The claim was rejected after bribery connected to attempts to recover the assets was exposed. The episode also became connected to prosecutions involving Alien Property Custodian Thomas W. Miller and allegations surrounding Attorney General Harry Daugherty. AMCO continued to grow during the 1920s and 1930s. Loeb resigned in 1929 after disagreeing with the company's decision to assume debt to finance African copper acquisitions. In 1930, AMCO acquired major interests in two large African copper operations, including the Roan Antelope mine in Luanshya and the Rhodesian Selection Trust. Harold K. Hochschild became president in 1934 and chairman in 1947, while Otto Sussman became chairman after Ludwig Vogelstein's death. Wartime demand during World War II produced another period of expansion, and AMCO diversified into petroleum, potash, and silver. Walter Hochschild became president in 1950. Hans Vogelstein assumed the presidency in 1957 and arranged the merger with Climax Molybdenum Company. The resulting business was renamed AMAX Inc., marking the end of AMCO as a separate company. AMAX subsequently merged with Cyprus Mines Corporation in 1993. Cyprus Amax Minerals Company was acquired by Phelps Dodge in 1999, and Phelps Dodge was acquired by Freeport-McMoRan in 2007. The original American Metal Company is therefore defunct, but its corporate and industrial legacy continued through successive mining-company consolidations.
- 2007
Phelps Dodge acquired by Freeport-McMoRan
[1]The later corporate successor was absorbed by Freeport-McMoRan.
- 1999
Cyprus Amax acquired by Phelps Dodge
[1]The successor business became part of Phelps Dodge.
- 1993
AMAX combines with Cyprus Mines Corporation
[1]The transaction formed Cyprus Amax Minerals Company.
- 1957
Merger creates AMAX Inc.
[1]AMCO merged with Climax Molybdenum Company and adopted the AMAX name.
- 1934
Harold K. Hochschild becomes president
[1]His tenure included further diversification and wartime expansion.
- 1930
Expansion into African copper mining
[1]AMCO acquired major interests in African copper mines, including Roan Antelope and Rhodesian Selection Trust.
- 1920
Berthold Hochschild becomes chairman
[1]Hochschild became chairman while Loeb remained president.
- 1918
Confiscated shares sold at auction
[1]The 51 percent interest was sold publicly for $5.75 million.
- 1917
German stake placed under wartime government control
[1]The United States treated Metallgesellschaft's controlling interest as enemy property after entering World War I.
- 1914
Carl M. Loeb becomes president
[1]Loeb succeeded Jacob Langeloth and pursued greater vertical integration.
Products and positioning
A vertically integrated international nonferrous-metals enterprise combining commodity trading, exclusive mine-supply contracts, mining interests, smelting, refining, and industrial materials production.
Nonferrous metal
Copper
Copper was central to AMCO's original trading business and later to its refining and mining activities. The company expanded its copper capabilities through refining plants, mine-supply contracts, and African mining interests, including the Roan Antelope operation.
Nonferrous metals
Lead and zinc
AMCO traded and processed lead and zinc and developed related mining interests in Mexico. These materials formed part of the company's broader nonferrous-metals portfolio.
Specialty metal
Molybdenum
The company held a minority investment in Climax Molybdenum Company before the First World War. Rising wartime demand increased the value and strategic importance of this investment, which ultimately contributed to the 1957 merger creating AMAX.
Precious and industrial metal
Silver
Silver was among the metals associated with AMCO's Mexican mining activities and later diversification. It was part of the company's wider portfolio alongside lead, zinc, copper, and other raw materials.
Natural resources
Petroleum and potash
During Harold K. Hochschild's tenure and the World War II period, AMCO broadened beyond metals into petroleum and potash, reflecting a strategy of diversification across extractive industries.
Controversies
Brand decisions
1957
Merge with Climax Molybdenum CompanyM&ABackground
AMCO already held a historical investment in Climax Molybdenum and sought a larger combined mining and materials business.
Action taken
Hans Vogelstein arranged the merger, creating AMAX Inc.
Aftermath
American Metal Company ceased to exist as an independent corporate entity.
1930
Acquire African copper interestsStrategyBackground
AMCO pursued greater ownership of mining assets after years of relying substantially on supply contracts.
Action taken
The company purchased major interests in African copper mines, including Roan Antelope and Rhodesian Selection Trust.
Aftermath
The acquisitions expanded AMCO's international mining footprint and copper-resource base.
1914
Increase vertical integrationStrategyBackground
AMCO sought more control over raw-material supply and processing after Carl M. Loeb became president.
Action taken
The company expanded ownership of smelters and refineries and entered exclusive agreements to purchase mine output.
Aftermath
The strategy strengthened AMCO's position across trading, processing, and resource procurement.
Recent events
North American Motor Car launches American Metal[2]
Reported:
North American Motor Car announced the launch of American Metal, a new brand offering custom-built cars, motorcycles and apparel.
Sources2 sources
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