German Materials Potentially Undervalued Companies

China Hongqiao Group

Market Cap: €205.0b

An investment holding company, manufactures and sells aluminum products in the People's Republic of China, India, Europe, Malaysia, North America, the rest of Southeast Asia, and internationally.

Andean Precious Metals

Market Cap: €962.4m

Engages in the acquisition, exploration, development, and processing of mineral resource properties in the United States.

Antam (Persero)

Market Cap: €70.4t

Operates as a diversified metals and mining company in Indonesia.

Ternium

Market Cap: €8.2b

Manufactures and distributes steel products in Mexico, Southern Region, Brazil, and internationally.

Transcontinental

Market Cap: €485.1m

Engages in the flexible packaging business in Canada, the United States, Latin America, the United Kingdom, and internationally.

Zijin Gold International

Market Cap: €287.7b

An investment holding company, engages in the exploration, mining, processing, smelting, refining, and sale of gold and other non-ferrous metals.

OceanaGold

Market Cap: €8.5b

Engages in the exploration, development, and operation of gold and gold/copper mines in the United States, the Philippines, and New Zealand.

Aeris Resources

Market Cap: €454.9m

Explores, produces, and sells precious metals in Australia.

Cabka

Market Cap: €49.9m

Manufactures and sells pallets and large containers made from recycled plastic in Europe, North America, and internationally.

Elopak

Market Cap: €9.4b

Manufactures and supplies paper-based packaging system solutions for liquid products in Europe, the Middle East, Africa, Asia, Americas, Germany, Canada, Netherlands, Norway, the United States, and internationally.

Maanshan Iron & Steel

Market Cap: €20.4b

Manufactures and sells iron and steel products, and related by-products in Mainland China, Hong Kong, and internationally.

Minerals Technologies

Market Cap: €2.3b

Develops, produces, and markets various mineral, mineral-based products and services.

Fortuna Mining

Market Cap: €3.9b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

Constellium

Market Cap: €4.0b

Engages in the design, manufacture, and sale of rolled and extruded aluminum products for the aerospace, packaging, automotive, commercial transportation, general industrial, and defense end-markets.

Champion Iron

Market Cap: €2.3b

Engages in the acquisition, exploration, development, and production of iron ore properties in Canada.

O-I Glass

Market Cap: €1.5b

Through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers in the Americas, Europe, and internationally.

Nufarm

Market Cap: €1.0b

Develops, manufactures, and sells crop protection solutions and seed technologies in Europe, the Middle East, Africa, North America, and the Asia Pacific.

SSR Mining

Market Cap: €9.3b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

Kemira Oyj

Market Cap: €2.4b

Operates as a chemicals company in Finland, rest of Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

H.B. Fuller

Market Cap: €3.1b

H.B. Fuller Company, together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, coatings, polymers, tapes, encapsulants, additives, and other specialty chemical products.

TIMAH

Market Cap: €25.5t

Engages in tin mining and smelting operations in Indonesia and internationally.

Commercial Metals

Market Cap: €6.8b

Manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally.

Orla Mining

Market Cap: €5.2b

Acquires, explores, develops, and exploits mineral properties.

Lundin Gold

Market Cap: €20.2b

Develops and operates its mineral concessions in Ecuador.

Sylvania Platinum

Market Cap: €227.8m

Operates as a producer of platinum group metals including platinum, palladium, and rhodium, and chrome in South Africa.

Billerud

Market Cap: €16.0b

Provides paper and packaging materials worldwide.

DPM Metals

Market Cap: €11.3b

A gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals.

Kinross Gold

Market Cap: €43.0b

Engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania.

Indocement Tunggal Prakarsa

Market Cap: €13.7t

Manufactures and sells cement products in Indonesia and internationally.

Harmony Gold Mining

Market Cap: €171.9b

Engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australia.

Century Aluminum

Market Cap: €4.3b

Produces primary aluminum and alumina in the United States and Iceland.

Alkane Resources

Market Cap: €2.0b

Operates as a gold exploration and production company in Australia.

Breedon Group

Market Cap: €1.1b

Engages in the quarrying, manufacture, and sale of construction materials and building products in the Great Britain, Ireland, and the United States.

Caledonia Mining

Market Cap: €388.0m

Engages in the exploration, development, and production of gold in Zimbabwe.

Nutrien

Market Cap: €44.1b

Provides crop inputs and services.

Lee & Man Paper Manufacturing

Market Cap: €13.1b

Engages in the manufacture and trading of packaging paper, pulp, and tissue paper in the People’s Republic of China, Vietnam, Malaysia, Macau, and Hong Kong.