Rasterizer Type
First modify the text to be able to work on it: Layer > Rasterizer > Type.
After that make it a selection by pressing Crtl + clic on text layer or by: Selection >
Load Selection - Channel = METAL Transparency
Save it: Selection > Save Selection - Channel = New - Name = METAL
Working with Channels
Go to Channels Palette and there you see a channel called Metal, click on it to activate.
Now apply Gaussian Blur, but be carefull dont lose the selection: Filter > Blur > Gaussian Blur
Apply the filter 4 times with the values 6, 4, 2 and 1 px the last one (fourth).
Lighting Effects
Now apply Lighting Effects: Filter > Render > Lighting Effects.
Use the parameters of the next image.
Give it a bit deep and realism. Add a shadow and bisel: Layer > Layer Style > Drop Shadow - Layer > Layer Style > Bevel and Emboss
The Result
Use the default parameters.
And this is the result.
This is the result with a textured background.
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