| 1 | The Sandur Manganese & Iron Ores Limited (SANDUMA.NS) | 10/10 | 9.4x |
| 2 | Group Five Pipe Saudi Company (9523.SR) | 10/10 | 6.3x |
| 3 | Arabian Pipes Company (2200.SR) | 10/10 | 6.5x |
| 4 | East Pipes Integrated Company for Industry (1321.SR) | 10/10 | 7.0x |
| 5 | Tata Steel (Thailand) Public Company Limited (TSTH.BK) | 9/10 | 2.5x |
| 6 | MGX Resources Limited (MGX.AX) | 9/10 | 1.6x |
| 7 | M.C.S. Steel Public Company Limited (MCS.BK) | 9/10 | 3.7x |
| 8 | APL Apollo Tubes Limited (APLAPOLLO.NS) | 9/10 | 44.3x |
| 9 | Tung Ho Steel Enterprise Corporation (2006.TW) | 9/10 | 8.0x |
| 10 | Saudi Steel Pipes Company (1320.SR) | 9/10 | 8.9x |
| 11 | Qingdao East Steel Tower Stock Co.Ltd (002545.SZ) | 9/10 | 7.9x |
| 12 | Sarda Energy & Minerals Limited (SARDAEN.NS) | 8/10 | 13.2x |
| 13 | NWPX Infrastructure Inc (NWPX) | 8/10 | 17.3x |
| 14 | Kritika Wires Limited (KRITIKA.NS) | 8/10 | 9.2x |
| 15 | Jayaswal Neco Industries Limited (JAYNECOIND.NS) | 8/10 | 7.0x |
| 16 | Eregli Demir ve Çelik Fabrikalari T.A.S. (EREGL.IS) | 8/10 | 4.3x |
| 17 | BRC Asia Limited (BEC.SI) | 8/10 | 9.9x |
| 18 | Argent Industrial Limited (ART.JO) | 8/10 | 9.7x |
| 19 | Riyadh Steel Company (9588.SR) | 8/10 | 7.5x |
| 20 | BOSA Technology Holdings Limited (8140.HK) | 8/10 | 1.7x |
| 21 | Kawagishi Bridge Works Co., Ltd. (5921.T) | 8/10 | 4.2x |
| 22 | Feng Hsin Steel Co., Ltd. (2015.TW) | 8/10 | 9.1x |
| 23 | Hong Kong Shanghai Alliance Holdings Limited (1001.HK) | 8/10 | 0.8x |
| 24 | Usha Martin Limited (USHAMART.NS) | 7/10 | 32.9x |
| 25 | Sunflag Iron and Steel Company Limited (SUNFLAG.NS) | 7/10 | 23.2x |
| 26 | Shah Metacorp Limited (SHAH.NS) | 7/10 | n.d. |
| 27 | Scoda Tubes Limited (SCODATUBES.NS) | 7/10 | n.d. |
| 28 | Ratnaveer Precision Engineering Limited (RATNAVEER.NS) | 7/10 | n.d. |
| 29 | Ramada Investimentos e Industria, S.A. (RAM.LS) | 7/10 | 24.5x |
| 30 | Lloyds Metals and Energy Limited (LLOYDSME.NS) | 7/10 | n.d. |
| 31 | Lohakit Metal Public Company Limited (LHK.BK) | 7/10 | 7.5x |
| 32 | Kumba Iron Ore Limited (KIO.JO) | 7/10 | 4.2x |
| 33 | PT Steel Pipe Industry of Indonesia Tbk (ISSP.JK) | 7/10 | 4.5x |
| 34 | Hutter & Schrantz Stahlbau AG (HST.VI) | 7/10 | 5.3x |
| 35 | Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. (DOFER.IS) | 7/10 | n.d. |
| 36 | Chow Bright Ventures Holdings Public Company (CHOW.BK) | 7/10 | 3.3x |
| 37 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A.S. (BRSAN.IS) | 7/10 | 13.9x |
| 38 | Bisalloy Steel Group Limited (BIS.AX) | 7/10 | 16.9x |
| 39 | Bedmutha Industries Limited (BEDMUTHA.NS) | 7/10 | 6.1x |
| 40 | Ayes Celik Hasir Ve Cit Sanayi A.S. (AYES.IS) | 7/10 | n.d. |
| 41 | Aeroflex Enterprises Limited (AEROENTER.NS) | 7/10 | n.d. |
| 42 | Canox Corporation (8076.T) | 7/10 | 2.7x |
| 43 | Hang Zhou Iron & Steel Co.,Ltd. (600126.SS) | 7/10 | 15.5x |
| 44 | Shengtak New Material Co., Ltd (300881.SZ) | 7/10 | n.d. |
| 45 | Hsin Kuang Steel Company Limited (2031.TW) | 7/10 | 5.5x |
| 46 | China Steel Structure Co., Ltd. (2013.TW) | 7/10 | 2.9x |
| 47 | MECOM Power and Construction Limited (1183.HK) | 7/10 | 5.3x |
| 48 | Zhejiang JIULI Hi-tech Metals Co., Ltd (002318.SZ) | 7/10 | 14.6x |
| 49 | Jiangsu Shagang Co., Ltd. (002075.SZ) | 7/10 | 8.0x |
| 50 | Citic Pacific Special Steel Group Co., Ltd (000708.SZ) | 7/10 | 4.9x |
| 51 | Welspun Specialty Solutions Limited (WELSPLSOL.NS) | 6/10 | 52.4x |
| 52 | Welspun Corp Limited (WELCORP.NS) | 6/10 | 97.2x |
| 53 | The Steel Public Company Limited (THE.BK) | 6/10 | 2.1x |
| 54 | Tata Steel Limited (TATASTEEL.NS) | 6/10 | 11.4x |
| 55 | Siam Steel Service Center Public Company Limited (SSSC.BK) | 6/10 | 2.2x |
| 56 | Sahamit Machinery Public Company Limited (SMIT.BK) | 6/10 | 7.5x |
| 57 | Sicagen India Limited (SICAGEN.NS) | 6/10 | 5.6x |
| 58 | Shyam Metalics and Energy Limited (SHYAMMETL.NS) | 6/10 | n.d. |
| 59 | Shah Alloys Limited (SHAHALLOYS.NS) | 6/10 | n.d. |
| 60 | Sambhv Steel Tubes Limited (SAMBHV.NS) | 6/10 | n.d. |