LatAm Materials Notes From the Road

This report outlines positive sentiment in the steel and copper markets following a 3-week field trip. Analysts highlight a structural boost in steel demand from data center construction and an improving regulatory climate for miners in Mexico.

Key Takeaways

• 1.Steel market sentiment is the most positive seen in 10 years, driven by regional trade protectionism and rising international prices.
• 2.Copper miners First Quantum and HudBay are preferred among investors, with interest in Mexico's regulatory environment improving.
• 3.Nucor is benefiting from structural steel demand for data centers, which require double the steel intensity of warehouses.

Table of Contents

• Feedback from Corporate Meetings
• Grupo Mexico
• Peñoles
• Aura Minerals
• Nucor
• Latest Notes from the Road
• Latest Corporate Access and Field Trip Notes
• Valuation Methodology and Key Risks
• Disclosure Appendix

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