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

Freeport-McMoRan

Market Cap: US$110.1b

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

Nucor

Market Cap: US$55.3b

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

Corteva

Market Cap: US$54.6b

Operates in the agriculture business.

Steel Dynamics

Market Cap: US$32.8b

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

PPG Industries

Market Cap: US$25.3b

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

Sociedad Química y Minera de Chile

Market Cap: US$23.4b

Produces and sells specialty plant nutrients, and iodine and its derivatives in Chile, Latin America, the Caribbean, Europe, North America, Asia, and internationally.

Dow

Market Cap: US$23.4b

Through its subsidiaries, provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America.

Coeur Mining

Market Cap: US$21.6b

Operates as a gold and silver producer in the United States, Canada, and Mexico.

International Flavors & Fragrances

Market Cap: US$21.5b

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

CF Industries Holdings

Market Cap: US$19.6b

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

Albemarle

Market Cap: US$16.9b

Provides energy storage solutions worldwide.

Ball

Market Cap: US$16.8b

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$13.9b

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

Alcoa

Market Cap: US$13.7b

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.

Crown Holdings

Market Cap: US$12.8b

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

NewMarket

Market Cap: US$8.6b

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

Element Solutions

Market Cap: US$8.6b

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

AptarGroup

Market Cap: US$8.6b

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.

Eastman Chemical

Market Cap: US$8.5b

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

ICL Group

Market Cap: US$7.5b

Operates as a specialty minerals and chemicals company worldwide.

Commercial Metals

Market Cap: US$7.3b

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

Cleveland-Cliffs

Market Cap: US$6.4b

Operates as a steel producer in the United States and Canada.

Sensient Technologies

Market Cap: US$5.7b

Manufactures and markets colors, flavors, and other specialty ingredients worldwide.

Warrior Met Coal

Market Cap: US$5.6b

Engages in the production and export of non-thermal steelmaking coal for the steel production by metal manufacturers in Europe, South America, and Asia.

Perimeter Solutions

Market Cap: US$5.1b

Manufactures and supplies firefighting products, electronic components, lubricant additives, and engineered machinery in the United States, Germany, and internationally.

Materion

Market Cap: US$4.8b

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

Avient

Market Cap: US$4.1b

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

Scotts Miracle-Gro

Market Cap: US$3.6b

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

Ashland

Market Cap: US$3.3b

Provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally.

H.B. Fuller

Market Cap: US$3.2b

H.B. Fuller Company, together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, coatings, polymers, tapes, encapsulants, additives, and other specialty chemical products.

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.

Innospec

Market Cap: US$2.3b

Develops, manufactures, blends, markets, and supplies specialty chemicals in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Ryerson Holding

Market Cap: US$1.3b

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

Suncrete

Market Cap: US$1.3b

Provides ready-mix concrete logistics and distribution platform serving construction markets in the United States Sunbelt region.

SunCoke Energy

Market Cap: US$822.4m

Operates as an independent producer of coke in the United States and internationally.