The ongoing war is likely to keep commodity prices even more volatile than usual until it is resolved.

Our view as China’s steel production drops.

Middle East conflict pushes coal prices higher.

Shares have dropped nearly 20% since lowering 2026 volume guidance.

We increased our fair value based on higher expected rare earths pricing.

Shares remain materially overvalued.

Investors cheered an increased dividend but still heavily dependent on iron ore.

Our view of the shares after investors cheer results.

Our view after merger talks end.

Higher diesel prices and foreign exchange hit unit cash costs.