U.S. Materials Undervalued over 20% based on DCF

Freeport-McMoRan

Market Cap: US$88.2b

Engages in the mining of mineral properties in North America, South America, and Indonesia.

Steel Dynamics

Market Cap: US$26.1b

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

LyondellBasell Industries

Market Cap: US$25.6b

Operates as a chemical company in the United States, Germany, China, Mexico, Italy, Japan, France, Poland, the Netherlands, and internationally.

PPG Industries

Market Cap: US$23.1b

Manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa.

CF Industries Holdings

Market Cap: US$20.0b

Engages in the production of ammonia in North America, Europe, and internationally.

Alcoa

Market Cap: US$18.9b

Engages in the bauxite mining, alumina refining, aluminum production, and energy generation business in Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and internationally.

DuPont de Nemours

Market Cap: US$18.6b

Provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa.

International Flavors & Fragrances

Market Cap: US$18.5b

Manufactures and markets food, beverage, health and biosciences, scent, and complementary adjacent products in the United States, and internationally.

Amcor

Market Cap: US$18.4b

Engages in the production and sale of packaging products in Europe, North America, Latin America, and the Asia Pacific.

Ball

Market Cap: US$16.0b

Supplies aluminum packaging products for the beverage, personal care, and household products industries in the United States, Brazil, and internationally.

RPM International

Market Cap: US$12.5b

Provides specialty chemicals for the construction, industrial, specialty, and consumer markets.

Solstice Advanced Materials

Market Cap: US$12.1b

Operates as a specialty chemicals and advanced materials company in the United States and internationally.

Crown Holdings

Market Cap: US$11.4b

Engages in the packaging business in the United States and internationally.

Eastman Chemical

Market Cap: US$8.6b

Operates as a specialty materials company in the United States, China, and internationally.

AptarGroup

Market Cap: US$8.0b

Designs and manufactures drug delivery, consumer product dispensing, and active material science solutions and services for the pharmaceutical, fragrance, facial skincare, color cosmetics, personal care, home care, and food and beverage markets.

Celanese

Market Cap: US$7.2b

Produces and sells engineered polymers worldwide.

Commercial Metals

Market Cap: US$6.9b

Manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally.

NewMarket

Market Cap: US$6.0b

Through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives.

Eagle Materials

Market Cap: US$5.9b

Through its subsidiaries, manufactures and sells heavy construction products and light building materials in the United States.

Cabot

Market Cap: US$4.0b

Operates as a specialty chemicals and performance materials company.

Constellium

Market Cap: US$3.7b

Engages in the design, manufacture, and sale of rolled and extruded aluminum products for the aerospace, packaging, automotive, commercial transportation, general industrial, and defense end-markets.

Scotts Miracle-Gro

Market Cap: US$3.7b

Engages in the manufacture, marketing, and sale of products for lawn, garden care, and indoor and hydroponic gardening in the United States 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.

Materion

Market Cap: US$3.1b

Produces advanced engineered materials in the United States, Asia, Europe, and internationally.

Graphic Packaging Holding

Market Cap: US$2.9b

Engages in the design, production, and sale of consumer packaging products to brands in food, beverage, foodservice, household, and other consumer products in the Americas, Europe, and the Asia Pacific.

Titan America

Market Cap: US$2.8b

Through its subsidiaries, manufactures and supplies heavy building materials and services in the United States.

Alpha Metallurgical Resources

Market Cap: US$2.7b

A mining company, produces, processes, and sells met and thermal coal in Virginia and West Virginia.

FMC

Market Cap: US$2.2b

An agricultural sciences company, develops, markets, and sells crop protection chemicals in Latin America, North America, Europe, the Middle East, Africa, and Asia.

Quaker Chemical

Market Cap: US$2.1b

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

Sylvamo

Market Cap: US$1.7b

Produces and markets uncoated freesheet for cutsize, offset paper, and pulp in Europe, Latin America, and North America.

Ecovyst

Market Cap: US$1.4b

Offers virgin and regenerated sulfuric acid products and services in the United States and internationally.

Ryerson Holding

Market Cap: US$1.1b

Processes and distributes industrial metals in the United States and internationally.

Myers Industries

Market Cap: US$788.8m

Engages in distribution of tire service supplies in Ohio.

Mercer International

Market Cap: US$94.3m

Manufactures and sells northern bleached softwood kraft (NBSK) and northern bleached hardwood kraft (NBHK) pulp in the United States, Germany, China, and internationally.

Nocopi Technologies

Market Cap: US$17.2m

Develops and markets specialty reactive inks for applications in the educational and toy products, and document and product authentication industries in North America, South America, Europe, Asia, and Australia.

CL Workshop Group

Market Cap: US$13.6m

An integrated forestry company, engages in management and harvesting, and down-stream wood-processing and distribution activities.