Demo

Direction

1. File > New > 400x100 pixels with white background.

2. Set foreground color as gray and type some text.

3. Press Ctrl + click on text layer (load selection).

4. Open Channels palette (Window > check Channels).

5. Click Create new channel icon at the bottom of the palette.

6. Set foreground color as white > Edit > Fill.

7. Go to Filter > Blur > Gaussian blur > set Radius 10 pixels.

8. Back to Layers palette. Right click on text layer > Rasterize layer.

9. Ctrl + D.

10. Go to Filter > Render > Lighting Effects, use these settings.

Now you got something like this?

11. Hit Ctrl + M, set the curve like this.

Looks a bit like metal now?

12. Now set foreground as light grey color > Ctrl + click on text layer > Edit > Stroke > 2 pixels outside.

13. Press Ctrl + U > check Colorize, you can play around with the colors or use my settings - Hue: 211 Saturation: 14 Lightness: 0.