U.S. Materials Potentially Undervalued Companies

Silver Bull Resources

Market Cap: US$12.8m

An exploration stage company, acquires, explores, and develops mineral properties in Mexico.

Metallus

Market Cap: US$688.5m

Manufactures and sells alloy steel, and carbon and micro-alloy steel products in the United States and internationally.

Bellevue Gold

Market Cap: US$1.6b

Engages in the exploration, development, mining, and processing of gold properties in Australia.

Quaker Chemical

Market Cap: US$2.4b

Quaker Chemical Corporation, doing business as Quaker Houghton, provides industrial process fluids worldwide.

Glencore

Market Cap: US$39.0b

Engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania.

Western Forest Products

Market Cap: US$135.6m

Operates as an integrated softwoods forest products company in Canada, the United States, Japan, China, Europe, and internationally.

ADF Group

Market Cap: US$223.4m

Engages in the design and engineering of connections including industrial coatings in Canada and the United States.

Vizsla Silver

Market Cap: US$1.9b

Engages in the acquisition, exploration, and development of mineral resource properties in Canada and Mexico.

UBE

Market Cap: US$198.7b

Engages in the materials and machinery businesses in Japan, North America, Europe, Africa, the Middle East, Thailand, India, Latin America, and internationally.

D&L Industries

Market Cap: US$38.9b

Provides products for food ingredients, oleochemicals for personal and home care use, raw materials for plastic products, and aerosol products in the Philippines and internationally.

Yara International

Market Cap: US$94.7b

Provides crop nutrition and industrial solutions in Norway, European Union, Europe, Africa, Asia, North and Latin America, Australia, and New Zealand.

Magnum Mining and Exploration

Market Cap: US$23.2m

Engages in the exploration and evaluation of mineral properties in Australia and the United States.

Kansai Paint

Market Cap: US$434.8b

Manufactures and sells paints and coatings in Japan, India, Asia, Africa, Europe, and internationally.

Supremex

Market Cap: US$91.6m

Manufactures and markets envelopes, and paper-based packaging solutions and specialty products for corporations, direct mailers, resellers, government entities, small and medium sized enterprises, and solution providers in Canada and the United States.

ArcWest Exploration

Market Cap: US$13.3m

Engages in the exploration of mineral properties in Canada.

Philex Mining

Market Cap: US$43.9b

Engages in the exploration, development, and utilization of mineral resources in the Philippines.

Sibanye Stillwater

Market Cap: US$129.3b

Operates as a precious metals mining company in South Africa, the United States, Europe, and Australia.

Toray Industries

Market Cap: US$1.4t

Manufactures, processes, and sells fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering products, and life science products in Japan, China, North America, Europe, and internationally.

Nippon Sanso Holdings

Market Cap: US$2.3t

Engages in the gas business in Japan, the United States, Europe, Asia, and Oceania.

Myers Industries

Market Cap: US$624.4m

Engages in distribution of tire service supplies in Ohio.

ArcelorMittal

Market Cap: US$23.2b

Operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa.

Cleveland-Cliffs

Market Cap: US$5.7b

Operates as a flat-rolled steel producer in the United States, Canada, and internationally.

Trinseo

Market Cap: US$93.1m

Provides specialty material solutions in the United States, Europe, the Asia-Pacific, and internationally.

Lucara Diamond

Market Cap: US$86.4m

A diamond mining company, engages in the development and operation of diamond properties in Africa.

Rio2

Market Cap: US$735.1m

Engages in the exploration, development, and mining of mineral properties in Canada, Peru, Bahamas, and Chile.

New Gold

Market Cap: US$7.6b

An intermediate gold mining company, engages in the development and operation of mineral properties in Canada.

Usinas Siderúrgicas de Minas Gerais

Market Cap: US$5.5b

Processes, manufactures, and markets flat steel products in Brazil and internationally.

Metalla Royalty & Streaming

Market Cap: US$751.4m

A precious metals royalty and streaming company, engages in the acquisition and management of gold, silver, copper royalties, streams, and related production-based interests in Canada.

Stora Enso Oyj

Market Cap: US$7.4b

Provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally.

Aris Mining

Market Cap: US$2.6b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

Monarch Cement

Market Cap: US$869.6m

Engages in the manufacture and sale of portland cement in the United States.

Aura Minerals

Market Cap: US$4.1b

A gold and copper production company, focuses on the development and operation of gold and base metal projects in the Americas.

Pan African Resources

Market Cap: US$1.8b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Lithium Royalty

Market Cap: US$346.1m

Operates as a lithium-focused royalty company in Canada, the United States, Australia, Argentina, Brazil, and South America.

Atlas Consolidated Mining and Development

Market Cap: US$10.9b

Through its subsidiaries, engages in the exploration and mining of metallic mineral properties in the Philippines.

Ramaco Resources

Market Cap: US$358.9m

Engages in the development, operation, and sale of metallurgical coal.