The complex era of heightened geopolitical tensions affects every actor, firms included. Firms pursuing profits are caught in a situation where they have to pick sides, face export restrictions, or deal with state interference aimed at aligning firm objectives with the geopolitical goals of states. Firms are not uniform, however. They have different ownership structures and operate in different jurisdictions, and they therefore have different propensities to align, or not to align, with state geopolitical goals.
In this section, we compare three critical mineral processing firms in China, the US, and Indonesia and how these companies navigate different conditions. In China, state control is more direct, as most of the firms are state-owned. In the United States, economic statecraft relies on different tools, and while state involvement might not be direct, the government can still shape supply chains. While the first two are caught in a great power rivalry, Indonesia offers another context. As a non-hegemonic power and developing country, it offers an interesting case for examining how firms upgraded within the nickel processing value chain and how they dealt with external pressures.