Looking for metal, floated around (7)
I believe the answer is:
hunting
'looking for' is the definition.
'metal floated around' is the wordplay.
'metal' becomes 'tin' (tin is a kind of metal).
'floated' becomes 'hung' (as in to hang in the air).
'around' indicates putting letters inside.
'tin' put within 'hung' is 'HUNTING'.
(Other definitions for hunting that I've seen before include "Tracking down" , "The chase" , "Controversial rural pursuit" , "Field sport" , "Questing for game" .)