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12 companies · Critical Materials
Critical Materials
A genuinely deleveraged, vertically-integrated aluminum pure-play whose 2025-26 earnings recovery is being borrowed from a tariff — ~60% of US aluminum volume rides a Section-232-inflated Midwest premium that is a policy decision away from evaporating; own the cycle, not the multiple.
Critical Materials
The single most tariff- and operationally-levered way to own a structurally walled-off US aluminum price — a high-beta, low-EV/EBITDA call levered to a record Midwest premium, gated by a Glencore-controlled cap table, a Jamalco material weakness, and a hedge book bleeding against its own thesis.