Begin with a blank image and place some black text on it.
CTRL+Click on this
layer, and choose Select>Save
Selection. Open the channels palette and duplicate channel #4.
Select channel #5, and apply Filter>Blur>Gaussian Blur
with a value of 2.
Edges with values of 2, 2, 2.
Load up the RGB channel, and select our layer with the text on it.
Make sure "Preserve Transparency" is not on, and then
Edit>Fill>50% Gray. Then Filter>Render>Lighting
Effects with an Omni light, and channel #5 as the texture channel. Make
sure white is high is ticked, and the height setting is not too high. Now
apply Filter>Texture>Grain with values of 13, 50, regular.
Load selection #4, and Select>Modify>Expand with a
value of 3.
CTRL+Shift+I to inverse the
selection, then Del to clear the surrounding area. With the selection
still loaded, create a new layer below the metal text. CTRL+Shift+I
to inverse the selection again, and then Select>Modify>Expand
with a value of 1. Hit D to restore default colours, and then
ALT+Del to fill with black. CTRL+D to deselect everything.
Apply Filter>Blur>Gaussian Blur with a value of 2.
to choose the move tool, and use
the arrow keys to move the shadow until your are happy. And that is it.