Global Materials Undervalued based on future growth

Nucor

Market Cap: US$32.1b

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

Gold Fields

Market Cap: R497.6b

Operates as a gold producer with reserves and resources in Australia, South Africa, Ghana, Peru, Chile, and Canada.

Vedanta

Market Cap: ₹1.7t

A diversified natural resources company, explores, extracts, and processes minerals, and oil and gas in India, Europe, China, the United States, Mexico, and internationally.

Steel Dynamics

Market Cap: US$18.2b

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

Ningxia Baofeng Energy Group

Market Cap: CN¥113.5b

Produces, processes, and sells coal mining, washing, coking, coal tar, crude benzene, C4 deep-processed, methanol, and olefin products.

Harmony Gold Mining

Market Cap: R170.0b

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

Boliden

Market Cap: SEK 89.6b

Engages in the extracting, producing, and recycling of base metals in Sweden, Finland, other Nordic region, Germany, the United Kingdom, Europe, North America, and internationally.

Satellite ChemicalLtd

Market Cap: CN¥64.3b

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

Hoa Phat Group

Market Cap: ₫218.8t

Produces and sells steel products in Vietnam.

Yunnan Aluminium

Market Cap: CN¥58.2b

Manufactures and sells aluminum in China.

KGHM Polska Miedz

Market Cap: zł26.8b

Engages in the exploration and mining of copper, nickel, precious metals, and non-ferrous metals in Poland and internationally.

Dangote Cement

Market Cap: ₦9.7t

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

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥42.6b

Henan Shenhuo Coal Industry and Electricity Power Co.

Equinox Gold

Market Cap: CA$6.7b

Engages in the acquisition, exploration, development, and operation of mineral properties in the Americas.

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺192.4b

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.

China National Building Material

Market Cap: HK$36.3b

An investment holding company, engages in building material, new materials, and engineering technical services businesses.

Eldorado Gold

Market Cap: CA$6.3b

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

Resonac Holdings

Market Cap: JP¥632.0b

Operates as a chemical company in Japan, China, rest of Asia, and internationally.

Tongkun Group

Market Cap: CN¥29.8b

Manufactures and sells polyester filament yarns in China.

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥29.1b

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.

Wienerberger

Market Cap: €3.4b

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

New Gold

Market Cap: CA$5.3b

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

OceanaGold

Market Cap: CA$5.2b

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

Empresas CMPC

Market Cap: CL$3.7t

Engages in the production and sale of pulp and wood products in Chile and internationally.

China Gold International Resources

Market Cap: CA$5.2b

A gold and base metal mining company, acquires, explores, develops, and mines mineral resources in the People’s Republic of China and Canada.

Inner Mongolia ERDOS ResourcesLtd

Market Cap: CN¥26.3b

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

Solvay

Market Cap: €2.9b

Provides basic and performance chemicals worldwide.

Titan

Market Cap: €2.9b

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

Zhe Jiang Hai Liang

Market Cap: CN¥23.7b

Engages in the production, sale, and service of copper products, materials of conductors, and aluminum-based materials.

Clariant

Market Cap: CHF 2.7b

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

Greif

Market Cap: US$3.2b

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

SSR Mining

Market Cap: CA$4.2b

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

Inner Mongolia Berun Chemical

Market Cap: CN¥21.9b

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

Acerinox

Market Cap: €2.6b

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

Avient

Market Cap: US$3.0b

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

Fufeng Group

Market Cap: HK$23.4b

An investment holding company, engages in the manufacture and sale of fermentation-based food additives, and biochemical and starch-based products in the People’s Republic of China and internationally.