Global Materials Undervalued based on future growth

ArcelorMittal

Market Cap: €20.0b

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

Nippon Steel

Market Cap: JP¥3.1t

Engages in steelmaking and steel fabrication, engineering and construction, chemicals and materials, and system solutions businesses in Japan and internationally.

Steel Dynamics

Market Cap: US$19.1b

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

Vedanta

Market Cap: ₹1.6t

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

Ningxia Baofeng Energy Group

Market Cap: CN¥114.8b

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

POSCO Holdings

Market Cap: ₩20.4t

Operates as an integrated steel producer in Korea and internationally.

Jindal Steel & Power

Market Cap: ₹909.7b

Operates in the steel, mining, and infrastructure sectors in India and internationally.

Harmony Gold Mining

Market Cap: R178.1b

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

Satellite ChemicalLtd

Market Cap: CN¥64.5b

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

Lloyds Metals and Energy

Market Cap: ₹670.8b

Manufactures and sells sponge iron products in India.

Zangge Mining

Market Cap: CN¥56.3b

Engages in the production and sale of potassium chloride under the Blue Sky brand name in China.

Yunnan Aluminium

Market Cap: CN¥53.2b

Manufactures and sells aluminum in China.

Mitsubishi Chemical Group

Market Cap: JP¥974.4b

Provides performance products, chemicals, industrial gases, health care products, and other products in Japan and internationally.

Hoa Phat Group

Market Cap: ₫164.4t

Produces and sells steel products in Vietnam.

Steel Authority of India

Market Cap: ₹474.2b

A steel-making company, manufactures and sells iron and steel products in India and internationally.

Tongling Nonferrous Metals GroupLtd

Market Cap: CN¥40.4b

Tongling Nonferrous Metals Group Co.,Ltd.

Jindal Stainless

Market Cap: ₹460.8b

Manufactures and sells stainless-steel flat products in India and internationally.

LB Group

Market Cap: CN¥38.6b

Manufactures and sells titanium dioxide pigments under the XUELIAN and BILLIONS brand names in China and internationally.

Henan Shenhuo Coal Industry and Electricity Power

Market Cap: CN¥37.8b

Henan Shenhuo Coal Industry and Electricity Power Co.

Western MiningLtd

Market Cap: CN¥36.8b

Engages in the mining, smelting, and trading of metals in Mainland China and internationally.

Tianshan Aluminum GroupLtd

Market Cap: CN¥35.4b

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

Huafon ChemicalLtd

Market Cap: CN¥33.5b

Produces and sells spandex in China.

Dangote Cement

Market Cap: ₦7.2t

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

Xiamen TungstenLtd

Market Cap: CN¥30.0b

Engages in the sale of tungsten, molybdenum, rare earth, and new energy materials in China.

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺158.3b

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

Mitsui Chemicals

Market Cap: JP¥582.6b

Engages in the mobility, life and health care, basic and green materials, ICT, and other businesses worldwide.

Eldorado Gold

Market Cap: CA$5.5b

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

China National Building Material

Market Cap: HK$30.1b

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

MMG

Market Cap: HK$29.5b

An investment holding company, engages in the exploration, development, and mining of mineral properties.

Tongkun Group

Market Cap: CN¥25.3b

Manufactures and sells polyester filament yarns in China.

JCHX Mining ManagementLtd

Market Cap: CN¥23.9b

Engages in mine engineering, development, and construction activities in the People’s Republic of China and internationally.

Resonac Holdings

Market Cap: JP¥467.6b

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

Yunnan CopperLtd

Market Cap: CN¥23.6b

Engages in the copper exploration, mining, and smelting activities in China.

Inner Mongolia ERDOS ResourcesLtd

Market Cap: CN¥22.9b

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

Luxi Chemical Group

Market Cap: CN¥21.9b

Manufactures and sells chemical and fertilizer products.

Mitsubishi Gas Chemical Company

Market Cap: JP¥424.1b

Manufactures and sells basic and fine chemicals, and functional materials in Japan.