Global Materials Undervalued based on future growth

Nucor

Market Cap: US$30.9b

Engages in the manufacture and sale of steel and steel products.

Steel Dynamics

Market Cap: US$20.5b

Operates as a steel producer and metal recycler in the United States.

Hengli PetrochemicalLtd

Market Cap: CN¥115.9b

Engages in petrochemical industry in China and internationally.

Harmony Gold Mining

Market Cap: R197.9b

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

Yunnan Aluminium

Market Cap: CN¥66.8b

Manufactures and sells aluminum in China.

Satellite ChemicalLtd

Market Cap: CN¥62.5b

A low-carbon chemical company, manufactures and sells functional chemicals, new polymer materials, and new energy materials in China and internationally.

Tongling Nonferrous Metals GroupLtd

Market Cap: CN¥57.0b

Tongling Nonferrous Metals Group Co.,Ltd.

Tianshan Aluminum GroupLtd

Market Cap: CN¥50.3b

Produces and sells primary aluminum, alumina, prebaked anodes, high-purity aluminum, and aluminum deep-processed products and materials in China and internationally.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥42.8b

Henan Shenhuo Coal Industry and Electricity Power Co.

TCC Group Holdings

Market Cap: NT$178.9b

Engages in the production and sale of cement and ready-mix concrete in Taiwan.

Dangote Cement

Market Cap: ₦8.6t

Engages in the preparation, manufacturing, distribution, and sale of cement and related products in Nigeria.

Eldorado Gold

Market Cap: CA$8.0b

Engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, and Greece.

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺221.6b

Produces and sells iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed steel, coke, and by-products in Turkey and internationally.

Arkema

Market Cap: €4.2b

Manufactures and sells specialty materials in Europe, the United States, Canada, Mexico, China, Hong Kong, Taiwan, and internationally.

OceanaGold

Market Cap: CA$6.7b

A gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand.

Huaibei Mining HoldingsLtd

Market Cap: CN¥34.0b

Primarily engages in coal mining, washing, processing, sales, and production of coal chemical products in China.

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥33.6b

Asia-Potash International Investment (Guangzhou)Co.,Ltd., together with its subsidiaries, engages in the research, development, processing, production, and sale of potash fertilizers in China and internationally.

SSR Mining

Market Cap: CA$6.5b

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

Tongkun Group

Market Cap: CN¥32.6b

Manufactures and sells polyester filament yarns in China.

Sasol

Market Cap: R68.8b

Operates as a chemical and energy company.

Wienerberger

Market Cap: €3.2b

Produces and sells clay blocks, facing bricks, roof tiles, and pavers in Europe West, Europe East, and North America.

Nine Dragons Paper (Holdings)

Market Cap: HK$28.1b

Manufactures and sells packaging paper, printing and writing paper, and specialty paper products and pulp in the People’s Republic of China.

Torex Gold Resources

Market Cap: CA$5.0b

Operates as an intermediate gold producer.

Inner Mongolia ERDOS ResourcesLtd

Market Cap: CN¥24.4b

Engages in clothing, and power metallurgy and chemical businesses in China.

Verallia Société Anonyme

Market Cap: €2.8b

Manufactures and sells glass packaging products for beverages and food products worldwide.

Solvay

Market Cap: €2.8b

Provides basic and performance chemicals worldwide.

Acerinox

Market Cap: €2.8b

Manufactures, process, and markets stainless steel products in Spain, the United States, Africa, Asia, Rest of Europe, and internationally.

Avient

Market Cap: US$3.2b

Operates as a formulator of material solutions in the United States, Canada, Mexico, Europe, South America, and Asia.

Clariant

Market Cap: CHF 2.5b

Develops, manufactures, distributes, and sells specialty chemicals in Switzerland, Europe, the Middle East, Africa, the United States, and the Asia Pacific.

Titan

Market Cap: €2.7b

Engages in the production, trade, and distribution of construction materials in Greece, the Balkans, Egypt, Türkiye, the United States, and Brazil.

Inner Mongolia Berun Chemical

Market Cap: CN¥22.4b

Engages in the soda ash, methanol, fertilizer and agricultural production materials, and other businesses in China.

Xinfengming Group

Market Cap: CN¥22.4b

Researches, develops, produces, and sells polyester filaments.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥20.8b

Processes, manufactures, and sells electrolytic aluminum and aluminum products in China.

Greif

Market Cap: US$2.9b

Engages in the production and sale of industrial packaging products and services worldwide.

Lingbao Gold Group

Market Cap: HK$22.6b

Primarily engages in mining, processing, smelting, refining, and sale of gold products in the People’s Republic of China.

Ta Chen Stainless Pipe

Market Cap: NT$81.3b

Manufactures, processes, and sells stainless steel pipes, plates, and fittings, and venetian blinds in Taiwan, the United States, China, and internationally.