Global Materials Low Leverage High Rewards

Yamato Kogyo

Market Cap: JP¥550.3b

Through its subsidiaries, engages in the manufacture and sale of steel products in Japan, and internationally.

Mino Ceramic

Market Cap: JP¥10.2b

Designs, produces, and sells refractories and advanced ceramics in Japan.

Nissan Chemical

Market Cap: JP¥591.4b

Engages in the chemicals, performance materials, agricultural chemicals, and pharmaceuticals businesses in Japan and internationally.

Huangshan NovelLtd

Market Cap: CN¥7.4b

Manufactures and sells packaging materials in China and internationally.

Holcim

Market Cap: CHF 32.8b

Provides building materials and solutions worldwide.

Changhae Ethanol

Market Cap: ₩73.4b

Produces and sells spirits from sugar cane, tapioca, rice, and barley crops in South Korea.

Universal Cement

Market Cap: NT$19.3b

Manufactures and sells cement, ready-mixed concrete, gypsum board panels, and other building materials in Taiwan.

HEXPOL

Market Cap: SEK 32.1b

Develops, manufactures, and sells various polymer compounds and engineered gaskets, seals, and wheels in Sweden, rest of Europe, the United States, rest of the Americas, and Asia.

Gandhi Special Tubes

Market Cap: ₹8.7b

Manufactures and markets welded and seamless steel tubes, and nuts in India and internationally.

Mory Industries

Market Cap: JP¥32.6b

Manufactures and sells stainless steel and welded carbon steel products in Japan.

EPL

Market Cap: ₹77.2b

Manufactures and sells plastic packaging materials in the form of multilayer collapsible tubes, corrugated boxes, and laminates.

Transcontinental

Market Cap: CA$1.8b

Engages in the flexible packaging business in Canada, the United States, Latin America, the United Kingdom, and internationally.

Treatt

Market Cap: UK£150.3m

Manufactures and supplies various natural extracts and ingredients to beverage, flavor, fragrance, and consumer goods markets in the United Kingdom, Germany, Ireland, rest of Europe, the United States, rest of the Americas, China, and internationally.

Taiyo KagakuLtd

Market Cap: JP¥31.6b

Manufactures and sells ingredients for food, beverage, supplement, and cosmetic applications in Japan and internationally.

Ruchira Papers

Market Cap: ₹4.2b

Manufactures and markets kraft paper, and writing and printing paper products in India and internationally.

Araya Industrial

Market Cap: JP¥22.5b

Manufactures and sells steel products in Japan and internationally.

Nitto Denko

Market Cap: JP¥1.9t

Primarily engages in the adhesive tapes business in Japan, the Americas, Europe, Asia, and Oceania.

SE

Market Cap: JP¥7.9b

Engages in construction material and equipment business in Japan and internationally.

Sakai Chemical Industry

Market Cap: JP¥42.0b

Provides various chemical products in Japan.

Ohishi Sangyo

Market Cap: JP¥9.3b

Engages in the manufacture and sale of industrial packaging materials primarily in Japan.

Daido Steel

Market Cap: JP¥203.3b

Manufactures and sells steel products in Japan and internationally.

Shikoku Kasei Holdings

Market Cap: JP¥85.6b

Engages in the research and development, manufacture, and sale of chemical products and housing materials in Japan and internationally.

CF Industries Holdings

Market Cap: US$14.7b

Engages in the manufacture and sale of hydrogen and nitrogen products for energy, fertilizer, emissions abatement, and other industrial activities in North America, Europe, and internationally.

Qingdao East Steel Tower StockLtd

Market Cap: CN¥10.9b

Manufactures and markets steel structure products in the People’s Republic of China.

Nippon Carbide Industries

Market Cap: JP¥17.2b

Engages in the electronic and functional products, and films and sheetings business in Japan, Asia, and internationally.

KurimotoLtd

Market Cap: JP¥68.8b

Manufactures and sells ductile iron pipes and accessories, valves, industrial equipment and materials, and construction materials in Japan and internationally.

Inner Mongolia Berun Chemical

Market Cap: CN¥18.0b

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

DeHua TB New Decoration MaterialLtd

Market Cap: CN¥8.1b

Produces and sells environmentally friendly furniture panels in China and internationally.

Suzhou Kingswood Education Technology

Market Cap: CN¥4.8b

Suzhou Kingswood Education Technology Co., Ltd.

Gansu Shangfeng CementLtd

Market Cap: CN¥7.5b

Engages in the manufacturing and sale of building materials, and cement and cement clinker products in China.

Jaya Tiasa Holdings Berhad

Market Cap: RM 1.0b

An investment holding company, engages in the extraction and sale of logs in Malaysia.

Union Chemicals Lanka

Market Cap: LK₨1.2b

Manufactures and markets a range of polyvinyl/acrylic emulsions for paint and textile industries, and industrial and domestic use as adhesives in Sri Lanka.

Uzin Utz

Market Cap: €305.2m

Develops, manufactures, and sells construction chemical system products in Germany, the United States, Netherlands, and internationally.

Feng Hsin Steel

Market Cap: NT$37.8b

Manufactures, processes, and trades various steel products in Taiwan.

Narmada Gelatines

Market Cap: ₹2.2b

Manufactures and sells gelatine and related products in India and internationally.

Yamau Holdings

Market Cap: JP¥12.5b

Manufactures and sells concrete products in Japan.