Glencore plc is a world-leading producer and marketer of commodities, headquartered in Baar, Switzerland. Operating in over 35 countries, it operates an integrated business model encompassing mining, processing, trading, and logistics, with a product portfolio including metals like copper, cobalt, zinc, and nickel, as well as coal and oil. With operations at more than 150 mining sites, Glencore reported revenue of approximately $215 billion in FY2025. It holds a dominant position in the global commodities market, leveraging its unparalleled diversified resource base (notably in copper and cobalt), industry-leading integrated operations, and extensive trading and logistics network spanning key resource-rich nations and consumer markets worldwide.
Strengths: Glencore's core strengths are the significant cost and efficiency advantages derived from its fully integrated operations from mine to market; its globally leading and diversified resource reserves and production scale in key energy transition metals like copper and cobalt; and its powerful marketing, logistics, and risk management capabilities across major resource-producing and consuming regions.
Weaknesses: The company's performance is heavily exposed to cyclical and volatile global commodity prices. It faces increasing regulatory pressures worldwide on environmental protection, carbon emissions, and sustainable mining practices. Its operations in key resource countries, particularly in Africa, are susceptible to geopolitical risks and policy changes.

BHP Group Limited is a world-leading diversified resources company with dual headquarters in Melbourne, Australia, and London, UK. Operating in 25 countries, it focuses on mining and operating key commodities including iron ore, copper, coal, and nickel, possessing a world-class asset portfolio featuring the Western Australia iron ore operations and Chile's Escondida copper mine. The company reported revenue of approximately $65 billion in FY2025, with the Chinese market contributing nearly half. BHP maintains an absolute leadership position in the global mining sector, leveraging its unparalleled scale and quality of assets, industry-benchmark operational efficiency and cost control, and robust financial strength supporting sustainable shareholder returns.
Strengths: BHP's core strengths are the structural cost advantage and pricing power derived from its globally leading portfolio of world-class, large-scale, high-quality mining assets; its industry-leading operational efficiency and exemplary safety and environmental record in automation and digital mining; and its strong capacity for generous and sustainable shareholder returns, supported by robust cash flow and a solid balance sheet.
Weaknesses: The company's earnings are highly sensitive to cyclical price fluctuations of key global commodities, particularly iron ore and copper. Its traditional fossil fuel assets (e.g., coal) face long-term strategic pressure from the global energy transition. Operations in key regions like the Americas and Australia are also exposed to complex non-operational risks including geopolitics, environmental regulations, and Indigenous community relations.

Rio Tinto Group is a world-leading mining and metals company with dual headquarters in London, UK, and Melbourne, Australia. Operating in 35 countries, it focuses on mining and processing key commodities such as iron ore, aluminum, and copper, with its core asset being the Pilbara iron ore operations in Western Australia. The company reported revenue of approximately $55 billion in FY2025, with China being its largest single market, contributing about 45% of revenue. Rio Tinto holds a leadership position in the global mining industry, leveraging its world-class, large-scale, low-cost asset base, industry-leading automation and digital mining technologies, and exceptional operational efficiency.
Strengths: Rio Tinto's core strengths are its ownership of a globally leading portfolio of large-scale, high-quality mining assets (notably the Pilbara iron ore operations), which delivers significant economies of scale and industry-low cash costs; and the highly efficient and safe operational barriers built through its globally advanced technology applications in areas like autonomous haulage systems and automated rail networks.
Weaknesses: The company's revenue is heavily reliant on a single commodity (iron ore, 60% of revenue) and the Chinese market, making its performance vulnerable to demand and price cyclicality in these areas. It also faces increasing pressure from environmental, carbon emission regulations, and geopolitical/social challenges related to Indigenous communities worldwide.

Vale S.A. is a world-leading metals and mining company headquartered in Rio de Janeiro, Brazil. Operating in over 30 countries, it focuses on key metal resources including iron ore, nickel, and copper, ranking among the globe's largest iron ore producers and exporters. With its core assets located in Brazil, Vale reported revenue of approximately $45 billion in FY2025, with iron ore contributing about 75% and China being its largest single market. Vale holds a significant leadership position in the global iron ore market, leveraging its superior resource base featuring some of the world's highest-grade iron ore deposits and the notable cost advantage derived from large-scale integrated mines and its own logistics network.
Strengths: Vale's core strengths are its structural cost advantage and product quality premium stemming from ownership of the world's largest and highest-grade iron ore reserves (e.g., Carajás mine); and the operational efficiency and supply chain reliability ensured by its fully integrated logistics system from mine to port.
Weaknesses: The company's primary challenges are the geographic and political risks associated with the high concentration of its core assets and operations in Brazil; persistent safety, environmental, reputational pressures and massive remediation costs stemming from historical tailings dam failures; and dual reliance on the single commodity of iron ore and the Chinese market, making its earnings highly vulnerable to cyclical fluctuations in these areas.

Zijin Mining Group Co., Ltd. is a leading Chinese multinational mining corporation headquartered in Longyan City, Fujian Province. Operating in 15 countries globally, it focuses on the exploration, mining, and smelting of polymetallic resources including gold, copper, zinc, and lithium, reporting revenue of approximately RMB 350 billion (about USD 50 billion) in FY2025. Listed in Shanghai and Hong Kong, Zijin Mining is not only one of China's largest gold producers but also a benchmark for Chinese mining companies' internationalization, demonstrated by its successful operation of world-class overseas projects and robust copper output growth.
Strengths: Zijin Mining's core strengths are the significant cost advantage built upon its exceptional technical expertise in developing low-grade and refractory mineral resources; the globalized asset portfolio featuring multiple world-class projects and rich international operating experience gained through proactive overseas acquisitions; and the strong growth trajectory and execution capability it exhibits as a Chinese mining champion.
Weaknesses: The company's key challenges include exposure to complex geopolitical and community relations risks in key operating countries; high sensitivity of its earnings to cyclical price fluctuations of metals like gold and copper; and the ongoing pressure to meet environmental compliance and ESG management standards amid its rapid expansion.

CMOC Group Limited is a leading Chinese multinational mining corporation headquartered in Luoyang City, Henan Province. Operating in over 10 countries, it focuses on the development and trading of polymetallic resources including molybdenum, tungsten, copper, cobalt, and niobium, with its core assets including the world-class TFM and KFM copper-cobalt mines in the Democratic Republic of the Congo (DRC). Listed in both Shanghai and Hong Kong, CMOC reported revenue of approximately RMB 180 billion (about USD 25 billion) in FY2025, with around 70% derived from overseas operations. Leveraging its high-quality overseas resources, distinctive multi-metal portfolio, and mature global operational capabilities, the company has become a benchmark for the globalization of Chinese mining enterprises.
Strengths: CMOC's core strengths are its world-class, low-cost, high-growth asset portfolio, particularly in copper and cobalt (e.g., the TFM/KFM projects), acquired through successful overseas mergers and acquisitions; and the strong anti-cyclical capability and strategic synergy derived from its diversified product structure combining “traditional metals (Mo/W) + new energy metals (Cu/Co)”.
Weaknesses: The company's earnings are highly sensitive to fluctuations in international market prices for metals like copper and cobalt. Its core operating jurisdictions (e.g., the DRC) carry significant geopolitical and policy risks. Additionally, its global operations across continents and cultures present management complexity and integration challenges.

Owens Corning is a world-leading manufacturer of building and composite materials, headquartered in Toledo, Ohio, USA. Operating in over 30 countries, it focuses on three core businesses: glass fiber, insulation, and roofing systems, supported by a global network of 50+ manufacturing sites. Listed on the NYSE, Owens Corning reported revenue of approximately $9.5 billion in FY2025. The company holds a significant position in the global specialty building materials market, leveraging its worldwide technological leadership in glass fiber materials, broad applications providing key solutions for building energy efficiency, and strong sustainability practices.
Strengths: Owens Corning's core strengths are its globally leading technological expertise and brand reputation in glass fiber manufacturing and composite materials applications; its solid market leadership and extensive customer base in the critical building insulation and energy efficiency segment; and its ability to align material innovation with green building trends through sustainable development initiatives.
Weaknesses: The company's performance is sensitive to cyclical fluctuations in the North American and global construction and housing markets. Its profit margins face ongoing pressure from cost volatility of key raw materials like resins and energy. It also encounters intense price competition from both local and international rivals in growth markets.

China Jushi Co., Ltd. is the world's largest specialized fiberglass manufacturer, headquartered in Tongxiang, Zhejiang Province, China. Its products reach over 100 countries and regions, supported by five major production bases in Tongxiang, Jiujiang, and Chengdu (China), Egypt, and the USA, with an annual capacity exceeding 3 million tons and a global market share of over 25%. Listed on the Shanghai Stock Exchange, it reported revenue of approximately RMB 35 billion in FY2025. The company holds an absolute leadership position in the global fiberglass industry, leveraging its unparalleled production scale, leading process technologies like large-scale tank furnace fiberizing, and the significant cost advantages derived therefrom.
Strengths: China Jushi's core strengths are its unparalleled economies of scale and superior cost control capabilities stemming from its position as the world's largest producer; its industry-leading core process technologies, particularly in large tank furnace operations; and the supply chain resilience built through its globalized production footprint extending from China to Egypt and the USA.
Weaknesses: The company's performance is susceptible to cyclical demand fluctuations in the fiberglass industry. Rising costs of key raw materials and energy pose ongoing pressure on its cost control. It also faces market risks associated with changes in the international trade environment and potential trade barriers.

Imerys S.A. is the world's leading provider of industrial mineral solutions, headquartered in Paris, France. Operating in over 40 countries, it runs more than 120 mines and 150 processing sites, boasting an exceptionally diverse product portfolio including high-value-added minerals such as calcium carbonate, kaolin, talc, and functional minerals. Listed on Euronext, the company reported revenue of approximately €5.5 billion in FY2025. Imerys holds a position of absolute leadership in the global industrial minerals market, leveraging its unparalleled breadth and depth of product offerings, strong downstream application innovation and technical solution capabilities, and a worldwide production network.
Strengths: Imerys' core strengths are its market coverage and customer stickiness derived from the world's broadest and deepest product portfolio spanning numerous key mineral types like calcium carbonate, kaolin, and talc; its technical expertise in providing high-value-added solutions for diverse downstream industries (e.g., plastics, ceramics, environmental) based on robust R&D; and its well-balanced global production and sales footprint.
Weaknesses: The company's performance is sensitive to cyclical fluctuations in the global macroeconomic environment, particularly industrial production and construction activity. Its energy-intensive production processes make profitability vulnerable to energy price volatility. It also faces increasing regulatory pressure worldwide regarding environmental compliance and sustainable mining practices at its mining and processing operations.

POSCO Holdings Inc. is a world-leading steel manufacturing group headquartered in Pohang, South Korea. Operating in over 50 countries, it runs two world-class integrated steel mills in Pohang and Gwangyang, South Korea, with a combined annual crude steel capacity of 43 million tons. The company reported revenue of approximately $65 billion in FY2025, with overseas sales contributing 50%. POSCO holds a position as a technological leader in the global high-end steel market, leveraging its top-tier expertise in areas like automotive steel sheets and electrical steel (e.g., proprietary FINEX technology), exceptional product quality, and strong brand reputation.
Strengths: POSCO's core strengths are its globally leading technological R&D and manufacturing capabilities in high-end steel products (particularly automotive and electrical steel for EVs), which underpin its exceptional product quality and strong brand premium; and its highly automated, efficient operational system coupled with a global sales and processing network.
Weaknesses: The company's profitability is highly vulnerable to sharp fluctuations in the prices of key raw materials like iron ore and coal; it faces intensifying price competition within the global steel industry, which suffers from overcapacity; and it is under significant pressure to transition towards greener production to meet carbon neutrality goals.