Global Materials Undervalued based on future growth

Wanhua Chemical Group

Market Cap: CN¥206.0b

Provides polyurethane, petrochemical, and performance chemicals and materials worldwide.

Vedanta

Market Cap: ₹2.1t

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$22.7b

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

Smurfit Westrock

Market Cap: US$18.3b

Manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products.

Harmony Gold Mining

Market Cap: R186.5b

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

KGHM Polska Miedz

Market Cap: zł39.0b

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

Tianshan Aluminum GroupLtd

Market Cap: CN¥64.9b

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

Satellite ChemicalLtd

Market Cap: CN¥59.8b

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

Shanjin International Gold

Market Cap: CN¥57.7b

Explores for, mines, and trades in precious and non-ferrous metal ores in China.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥57.5b

Henan Shenhuo Coal Industry and Electricity Power Co.

IAMGOLD

Market Cap: CA$11.1b

Through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

Hoa Phat Group

Market Cap: ₫206.5t

Produces and sells steel products in Vietnam.

Solstice Advanced Materials

Market Cap: US$7.3b

Operates as a specialty materials company.

Ternium

Market Cap: US$7.1b

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

Capstone Copper

Market Cap: CA$9.3b

A copper mining company, mines, explores for, and develops mineral properties in the United States, Chile, and Mexico.

Artemis Gold

Market Cap: CA$8.5b

Focuses on the identification, acquisition, and development of gold properties.

Compañía de Minas BuenaventuraA

Market Cap: US$6.0b

Engages in the exploration, mining, concentration, smelting, and marketing of polymetallic ores and metals in Peru.

New Gold

Market Cap: CA$8.1b

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

Eldorado Gold

Market Cap: CA$7.9b

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

B2Gold

Market Cap: CA$7.7b

Operates as a gold producer company in Canada.

Tongkun Group

Market Cap: CN¥37.5b

Manufactures and sells polyester filament yarns in China.

DPM Metals

Market Cap: CA$7.1b

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

Huaibei Mining HoldingsLtd

Market Cap: CN¥35.6b

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

G Mining Ventures

Market Cap: CA$6.7b

A mining company, engages in the acquisition, exploration, and development of precious metal projects.

Sasol

Market Cap: R77.2b

Operates as a chemical and energy company.

Torex Gold Resources

Market Cap: CA$6.1b

Operates as an intermediate gold producer.

SSR Mining

Market Cap: CA$6.0b

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

Inner Mongolia ERDOS ResourcesLtd

Market Cap: CN¥29.1b

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

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺167.3b

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.

BUA Cement

Market Cap: ₦5.7t

Engages in the manufacture and sale of cement under the BUA Cement brand in Nigeria and internationally.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥28.0b

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

Inner Mongolia Berun Chemical

Market Cap: CN¥27.8b

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

Trimegah Bangun Persada

Market Cap: Rp64.9t

PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing business in China, Switzerland, Sweden, and Indonesia.

Titan

Market Cap: €3.3b

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

HBIS

Market Cap: CN¥26.8b

Hbis Company Limited produces and sells steel products in China and internationally.

Nine Dragons Paper (Holdings)

Market Cap: HK$28.4b

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