Metals, Mining & Steel

Diversified miners, copper, lithium, rare earths, aluminum and steel.

Companies

With a moat

20%

Average quality

0 wide moat · 17 narrow moat · 70 no moat · Open in screener →

Updated 27 Sep 2026

Metals, Mining & Steel covers diversified miners, copper, lithium, rare earths, aluminum and steel. MoatScope covers 84 companies here. None has a wide moat; 15 have a narrow moat and 69 none.

How the industry makes money

Miners and steelmakers are price takers: profit is the market price minus their cost of production. Low-cost, long-life mines and efficient mills earn through the cycle; high-cost producers lose money when prices fall.

Where the moats are

Cost advantages appear in 13 of the 15 moat-rated companies, from exceptional ore bodies or efficient production.

The narrow-moat group includes BHP, Rio Tinto, Southern Copper, Freeport-McMoRan, Ternium, Nucor and Steel Dynamics. Southern Copper scores 82 on MoatScope's quality scale.

What wears moats down

Metal prices swing with global demand, ore grades decline, new supply comes online, and trade policy reshapes steel markets.

What to watch

Copper, iron ore, lithium and steel prices.
Demand from China and from electrification.
Tariffs and trade policy.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Metals, Mining & Steel into 4 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Diversified miners & copper

Iron ore, copper, nickel, potash and diversified mining.

Global market · $546.5B total revenue in 2025 · source: USGS Mineral Commodity Summaries 2026. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Copper, iron ore and nickel mine output at 2025 prices.

#	Business	Market share	Revenue
1	RIO · RIO TINTO PLC	8.4%	$45.8B
2	BHP · BHP Group Ltd	8.3%	$45.4B
3	VALE · Vale S.A.	7.0%	$38.4B
4	FCX · FREEPORT-MCMORAN INC	4.7%	$25.9B
5	SCCO · SOUTHERN COPPER CORP/	2.5%	$13.4B
6	TECK · TECK RESOURCES LTD	0.9%	$4.9B
7	GSM · Ferroglobe PLC	0.2%	$1.3B
8	CMP · COMPASS MINERALS INTERNATIONAL INC	0.2%	$1.2B
9	BVN · BUENAVENTURA MINING CO INC	0.2%	$1.2B
10	AP · AMPCO PITTSBURGH CORP	<0.1%	$434M
	All other companies	67.3%	$367.8B

Steel

Steelmakers and steel processors.

Global market · $1.00T total revenue in 2025 · source: worldsteel · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. World steel output at regional 2025 prices; US prices ran about twice China's.

#	Business	Market share	Revenue
1	MT · ArcelorMittal	6.1%	$61.4B
2	PKX · POSCO HOLDINGS INC.	4.7%	$46.7B
3	NUE · NUCOR CORP	3.2%	$32.5B
4	CLF · CLEVELAND-CLIFFS INC.	1.9%	$18.6B
5	STLD · STEEL DYNAMICS INC	1.8%	$18.2B
6	TX · Ternium S.A.	1.6%	$15.6B
7	RS · RELIANCE, INC.	1.4%	$14.3B
8	GGB · GERDAU S.A.	1.2%	$11.9B
9	CMC · COMMERCIAL METALS Co	0.8%	$7.8B
10	SID · NATIONAL STEEL CO	0.7%	$7.4B
	All other companies	75.6%	$758.6B

Aluminum & specialty metals

Aluminum, titanium and specialty alloys.

Global market · $194.2B total revenue in 2025 · source: International Aluminium Institute 2025 output. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Primary aluminium output at the 2025 LME average.

#	Business	Market share	Revenue
1	RIO · RIO TINTO PLC Aluminium & Lithium	8.8%	$17.1B
2	AA · Alcoa Corp	6.6%	$12.8B
3	CSTM · CONSTELLIUM SE	4.4%	$8.4B
4	ATI · ATI INC	2.4%	$4.6B
5	KALU · KAISER ALUMINUM CORP	1.7%	$3.4B
6	CRS · CARPENTER TECHNOLOGY CORP	1.5%	$2.9B
7	CENX · CENTURY ALUMINUM CO	1.3%	$2.5B
8	MTRN · MATERION Corp	0.9%	$1.8B
9	XXC · XINXU COPPER INDUSTRY TECHNOLOGY Ltd	<0.1%	$113M
	All other companies	72.4%	$140.6B

Lithium & battery metals

Lithium, graphite and other battery materials.

Global market · $13.9B total revenue in 2025 · source: USGS Mineral Commodity Summaries 2026. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Mined lithium at 2025 prices; POSCO's figure is battery materials, not mining.

#	Business	Market share	Revenue
1	ALB · ALBEMARLE CORP Energy Storage (lithium) · filed under Chemicals	19.5%	$2.7B
2	PKX · POSCO HOLDINGS INC. Battery materials	15.0%	$2.1B
3	ELVR · Elevra Lithium Ltd	1.0%	$145M
4	SGML · Sigma Lithium Corp	0.8%	$110M
5	ABAT · AMERICAN BATTERY TECHNOLOGY Co	<0.1%	$4M
	All other companies	63.6%	$8.8B

Companies

Company	Moat	Quality	Market
BHP BHP Group Ltd	Narrow	71	Diversified miners & copper	8.3%	$211.2B
SCCO SOUTHERN COPPER CORP/	Narrow	82	Diversified miners & copper	2.5%	$168.4B
RIO RIO TINTO PLC	Narrow	60	Diversified miners & copper + 1 other market	8.4%	$128.0B
FCX FREEPORT-MCMORAN INC	Narrow	55	Diversified miners & copper	4.7%	$100.2B
NUE NUCOR CORP	Narrow	40	Steel	3.2%	$59.2B
MT ArcelorMittal	None	30	Steel	6.1%	$56.2B
STLD STEEL DYNAMICS INC	Narrow	50	Steel	1.8%	$35.1B
TECK TECK RESOURCES LTD	None	31	Diversified miners & copper + 1 other market	0.9%	$33.2B
ATI ATI INC	Narrow	43	Aluminum & specialty metals	2.4%	$25.8B
RS RELIANCE, INC.	Narrow	53	Steel	1.4%	$21.2B
CRS CARPENTER TECHNOLOGY CORP	Narrow	62	Aluminum & specialty metals	1.5%	$18.8B
PKX POSCO HOLDINGS INC.	None	27	Steel + 2 other markets	4.7%	$17.4B
TX Ternium S.A.	Narrow	40	Steel	1.6%	$11.7B
AA Alcoa Corp	None	44	Aluminum & specialty metals	6.6%	$11.0B
BVN BUENAVENTURA MINING CO INC	None	37	Diversified miners & copper	0.2%	$8.8B
CLF CLEVELAND-CLIFFS INC.	None	24	Steel	1.9%	$8.0B
CMC COMMERCIAL METALS Co	Narrow	44	Steel	0.8%	$7.1B
MP MP Materials Corp. / DE	Narrow	25	Diversified miners & copper	<0.1%	$6.9B
ALM Almonty Industries Inc.	None	7	Diversified miners & copper	<0.1%	$5.8B
MTRN MATERION Corp	Narrow	48	Aluminum & specialty metals	0.9%	$5.1B
CSTM CONSTELLIUM SE	Narrow	44	Aluminum & specialty metals	4.4%	$5.0B
SIM GRUPO SIMEC, S.A.B. de C.V.	None	44	Steel	0.2%	$4.6B
GGB GERDAU S.A.	None	33	Steel	1.2%	$3.6B
CENX CENTURY ALUMINUM CO	None	31	Aluminum & specialty metals	1.3%	$3.4B
TMC TMC the metals Co Inc.	None	14	Diversified miners & copper	—	$2.6B
USAR USA Rare Earth, Inc.	None	13	Diversified miners & copper	<0.1%	$2.5B
KALU KAISER ALUMINUM CORP	None	26	Aluminum & specialty metals	1.7%	$2.5B
SGML Sigma Lithium Corp	None	8	Lithium & battery metals	0.8%	$2.4B
WS Worthington Steel, Inc.	None	30	Steel	0.3%	$2.1B
LCGMD Lion Copper Corp.	—	15	Diversified miners & copper	—	$1.8B
LAR Lithium Argentina AG	None	8	Lithium & battery metals	—	$1.6B
IE Ivanhoe Electric Inc.	None	25	Diversified miners & copper	<0.1%	$1.4B
CMP COMPASS MINERALS INTERNATIONAL INC	Narrow	33	Diversified miners & copper	0.2%	$916M
SXC SunCoke Energy, Inc.	Narrow	40	Steel	0.2%	$876M
GSM Ferroglobe PLC	None	18	Diversified miners & copper	0.2%	$867M
MTUS Metallus Inc.	None	31	Steel	0.1%	$862M
LAC LITHIUM AMERICAS CORP.	None	28	Lithium & battery metals	—	$777M
IPX IPERIONX Ltd	None	17	Diversified miners & copper	<0.1%	$707M
RBTK ZHEN DING RESOURCES INC.	None	2	Diversified miners & copper	—	$694M
ASTL Algoma Steel Group Inc.	None	11	Steel	0.2%	$465M
UAMY UNITED STATES ANTIMONY CORP	None	18	Diversified miners & copper	<0.1%	$464M
NB NIOCORP DEVELOPMENTS LTD	None	14	Diversified miners & copper	—	$445M
ELVR Elevra Lithium Ltd	None	10	Lithium & battery metals	1.0%	$442M
SLI STANDARD LITHIUM LTD.	None	16	Diversified miners & copper	—	$352M
LZM Lifezone Metals Ltd	None	12	Diversified miners & copper	<0.1%	$346M
FRD FRIEDMAN INDUSTRIES INC	None	27	Steel	<0.1%	$305M
TG TREDEGAR CORP	None	33	Aluminum & specialty metals	—	$276M
BHLL Bunker Hill Mining Corp.	None	12	Diversified miners & copper	—	$264M
MSB MESABI TRUST	None	61	Diversified miners & copper	<0.1%	$252M
NMG Nouveau Monde Graphite Inc.	None	12	Diversified miners & copper	<0.1%	$230M
ABAT AMERICAN BATTERY TECHNOLOGY Co	None	17	Lithium & battery metals	<0.1%	$207M
IONR ioneer Ltd	None	15	Diversified miners & copper	<0.1%	$184M
AP AMPCO PITTSBURGH CORP	None	17	Diversified miners & copper	<0.1%	$171M
YDDL One & one Green Technologies. INC	None	55	Diversified miners & copper	<0.1%	$160M
COBA Chilean Cobalt Corp.	None	14	Diversified miners & copper	—	$133M
LGO Largo Inc.	None	17	Diversified miners & copper	<0.1%	$110M
LUD Luda Technology Group Ltd	None	19	Steel	<0.1%	$110M
FEAM 5E Advanced Materials, Inc.	None	15	Diversified miners & copper	—	$107M
SRL Scully Royalty Ltd.	None	24	Diversified miners & copper	<0.1%	$90M
EUBG ENTREPRENEUR UNIVERSE BRIGHT GROUP	None	60	Diversified miners & copper	<0.1%	$70M
SID NATIONAL STEEL CO	None	24	Steel	0.7%	$70M
VALE Vale S.A.	Narrow	50	Diversified miners & copper	7.0%	$70M
GSTX Graphene & Solar Technologies Ltd	None	1	Diversified miners & copper	—	$67M
LQMT LIQUIDMETAL TECHNOLOGIES INC	None	21	Diversified miners & copper	<0.1%	$64M
RITE MINERALRITE Corp	None	29	Diversified miners & copper	<0.1%	$63M
ATLX Atlas Lithium Corp	None	12	Diversified miners & copper	<0.1%	$62M
ELBM Electra Battery Materials Corp	None	9	Diversified miners & copper	—	$50M
COPR Idaho Copper Corp	None	15	Diversified miners & copper	—	$46M
HLP Hongli Group Inc.	None	29	Diversified miners & copper	<0.1%	$40M
FMST Foremost Clean Energy Ltd.	None	18	Diversified miners & copper	—	$30M
IBATF INTERNATIONAL BATTERY METALS LTD.	None	18	Diversified miners & copper	—	$27M
FNUC Frontier Nuclear & Minerals Inc.	None	19	Diversified miners & copper	—	$20M
HUDI Huadi International Group Co., Ltd.	None	29	Steel	<0.1%	$10M
INHD INNO HOLDINGS INC.	None	14	Steel	<0.1%	$10M
BLTH AMERICAN BATTERY MATERIALS, INC.	None	5	Diversified miners & copper	—	$10M
MGNC Mag Magna Corp	None	21	Diversified miners & copper	—	$9M
PREM Premier Air Charter Holdings Inc.	None	12	Diversified miners & copper	<0.1%	$7M
NMEX NORTHERN MINERALS & EXPLORATION LTD.	None	3	Diversified miners & copper	<0.1%	$7M
LTUM Lithium Corp	None	15	Diversified miners & copper	—	$6M
AVPMF AVRUPA MINERALS LTD.	None	12	Diversified miners & copper	—	$4M
GNTOF GENTOR RESOURCES INC.	None	2	Diversified miners & copper	—	$4M
ENRT Enertopia Corp.	None	9	Diversified miners & copper	—	$1M
PUBC Purebase Corp	None	13	Diversified miners & copper	<0.1%	$1M
CRML Critical Metals Corp.	None	7	Diversified miners & copper	—	—
GRO Brazil Potash Corp.	None	14	Diversified miners & copper	—	—
LINMF Linear Minerals Corp	None	23	Diversified miners & copper	—	—
PHOS First Phosphate Corp.	None	12	Diversified miners & copper	—	—
XXC XINXU COPPER INDUSTRY TECHNOLOGY Ltd	None	18	Aluminum & specialty metals	<0.1%	—

88 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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