Steel Partners lifts DMC Global (NASDAQ: BOOM) stake to 8.4%

Rhea-AI Filing Summary

Steel Partners-affiliated entities report a significant stake in DMC Global Inc. They beneficially own 1,733,225 shares of DMC Global common stock, representing approximately 8.4% of the shares outstanding.

The filing states that Steel Connect Sub LLC directly owns the 1,733,225 shares, acquired in open-market transactions for an aggregate purchase price of about $24,633,556, including brokerage commissions, using its cash on hand. The ownership percentage is based on 20,590,482 shares outstanding as of October 31, 2025, as reported in DMC Global’s Form 10-Q. Related Steel Partners entities may be deemed to share voting and dispositive power over these shares.

Insights

Equity Ownership and Activism Analyst

Steel Partners discloses an 8.4% open-market stake in DMC Global.

Steel Partners, through Steel Connect Sub and affiliated entities, reports beneficial ownership of 1,733,225 DMC Global shares, or 8.4% of the company. The stake was built via open-market purchases using cash on hand, totaling about $24,633,556 including commissions.

The ownership percentage is calculated against 20,590,482 shares outstanding as of October 31, 2025, as disclosed in DMC Global’s Form 10-Q. Several related Steel entities are listed with shared voting and dispositive power, indicating a coordinated reporting group rather than dispersed holders.

The amendment also notes that Steel Connect Sub’s transactions in the past sixty days were all executed in the open market and are detailed in an exhibit. Subsequent filings and any future amendments may clarify whether this stake changes over time or is paired with governance or strategic proposals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

DMC Global Inc.

(Name of Issuer)

Common Stock, $0.05 Par Value

(Title of Class of Securities)

23291C103

(CUSIP Number)

Warren G. Lichtenstein
Steel Partners Holdings L.P., 590 Madison Avenue, 32nd Floor
New York, NY, 10022
212-520-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/02/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

STEEL PARTNERS HOLDINGS L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Partners Holdings GP Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

SPH Group LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

SPH Group Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Excel Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

Steel Connect LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 23291C103

1

Name of reporting person

STEEL CONNECT SUB LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,733,225.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,733,225.00

11

Aggregate amount beneficially owned by each reporting person

1,733,225.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.05 Par Value
(b)	Name of Issuer: DMC Global Inc.
(c)	Address of Issuer's Principal Executive Offices: 11800 RIDGE PARKWAY, SUITE 300, BROOMFIELD, COLORADO , 80021.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated as follows: The aggregate purchase price of the 1,733,225 Shares owned directly by Steel Connect Sub is approximately $24,633,556, including brokerage commissions. Such Shares were acquired with Steel Connect Sub's cash on hand.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 20,590,482 Shares outstanding, which is the total number of Shares outstanding as of October 31, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025. As of the close of business on the date hereof, Steel Connect Sub owned directly 1,733,225 Shares, constituting approximately 8.4% of the Shares outstanding. By virtue of their relationships with Steel Connect Sub, each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.
(c)	Item 5(c) is hereby amended and restated as follows: The transactions in the Shares by Steel Connect Sub during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STEEL PARTNERS HOLDINGS L.P.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its General Partner
Date:	02/04/2026

Steel Partners Holdings GP Inc.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/04/2026

SPH Group LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Managing Member
Date:	02/04/2026

SPH Group Holdings LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Manager
Date:	02/04/2026

Steel Excel Inc.

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/04/2026

Steel Connect LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/04/2026

STEEL CONNECT SUB LLC

Signature:	/s/ Maria Reda
Name/Title:	Maria Reda, Secretary
Date:	02/04/2026

FAQ

What percentage of DMC Global (BOOM) does Steel Partners currently beneficially own?

Steel Partners-affiliated entities beneficially own about 8.4% of DMC Global’s common stock. This corresponds to 1,733,225 shares, based on 20,590,482 shares outstanding as of October 31, 2025, as reported in DMC Global’s Form 10-Q.

How many DMC Global (BOOM) shares are directly owned by Steel Connect Sub LLC?

Steel Connect Sub LLC directly owns 1,733,225 shares of DMC Global common stock. These shares form the entire reported position and are the basis for the group’s 8.4% beneficial ownership disclosed in the amended Schedule 13D filing.

What was the total purchase price paid by Steel Connect Sub for its DMC Global (BOOM) shares?

Steel Connect Sub paid an aggregate purchase price of approximately $24,633,556 for its 1,733,225 DMC Global shares. This amount includes brokerage commissions and was funded with Steel Connect Sub’s cash on hand, according to the filing.

On what share count is Steel Partners’ 8.4% DMC Global (BOOM) ownership based?

The 8.4% beneficial ownership is calculated using 20,590,482 DMC Global shares outstanding. That outstanding share figure comes from DMC Global’s Form 10-Q, which reported shares outstanding as of October 31, 2025.

Which Steel Partners entities may be deemed to beneficially own DMC Global (BOOM) shares?

Entities that may be deemed to beneficially own the DMC Global shares include Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC, and Steel Connect Sub LLC, through their relationships with Steel Connect Sub.

How were Steel Connect Sub’s recent DMC Global (BOOM) share transactions executed?

The filing states that Steel Connect Sub’s transactions in DMC Global shares during the past sixty days were all effected in the open market. Specific trade details are provided in Exhibit 1, which lists those transactions referenced in the amendment.