Most Indebted Basic Materials Stocks
Top basic materials companies ranked by long-term debt, latest annual filings.
Most Indebted Basic Materials Companies: What Long-Term Debt Tells You
Long-term debt in basic materials reflects the combination of heavy capital intensity and long commodity cycles. Miners, steel producers, and chemical firms routinely carry substantial debt tied to mines, smelters, and processing plants with multi-decade asset lives. Acquisitions of competing assets or new greenfield projects drive additional borrowing, and the sector's history shows debt levels that often expand in commodity upswings and then require years of disciplined cash deployment to work back down.
Why Debt Isn't Always a Red Flag in Basic Materials
For operators with low-cost long-life assets, meaningful long-term debt is a reasonable match to asset duration and expected through-cycle cash flow. Yet commodity cycles can turn quickly, and firms that took on debt at peak prices for expansion projects or acquisitions sometimes struggle when the cycle rolls over before the new capacity is fully productive. Reading debt against unit costs and position on the cost curve is more informative than the absolute balance.
What to Read Alongside
Pair long-term debt with Free Cash Flow to test servicing capacity through the commodity cycle, EBITDA for leverage ratios relative to mid-cycle earnings, and Cash & Equivalents for the net-debt picture after available liquidity.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | LIN | Linde plc | Basic Materials | $20.68B | $210.90B |
| 2 | DOW | Dow Inc. | Basic Materials | $17.85B | $20.42B |
| 3 | CRH | CRH plc | Basic Materials | $16.48B | $57.97B |
| 4 | MT | ArcelorMittal S.A. | Basic Materials | $13.41B | $54.58B |
| 5 | LYB | LyondellBasell Industries N.V. | Basic Materials | $12.12B | $19.46B |
| 6 | CE | Celanese Corporation | Basic Materials | $11.39B | $4.87B |
| 7 | SHW | The Sherwin-Williams Company | Basic Materials | $9.32B | $78.00B |
| 8 | FCX | Freeport-McMoRan Inc. | Basic Materials | $8.91B | $102.73B |
| 9 | VALE | Vale S.A. | Basic Materials | $7.68B | $60.22B |
| 10 | ECL | Ecolab Inc. | Basic Materials | $7.37B | $75.68B |
| 11 | CLF | Cleveland-Cliffs Inc. | Basic Materials | $7.25B | $6.89B |
| 12 | NUE | Nucor Corporation | Basic Materials | $6.91B | $54.99B |
| 13 | SCCO | Southern Copper Corporation | Basic Materials | $6.75B | $167.23B |
| 14 | PPG | PPG Industries, Inc. | Basic Materials | $6.60B | $23.33B |
| 15 | MLM | Martin Marietta Materials, Inc. | Basic Materials | $5.29B | $35.49B |
| 16 | NEM | Newmont Corporation | Basic Materials | $5.12B | $129.66B |
| 17 | WLK | Westlake Corporation | Basic Materials | $5.09B | $8.66B |
| 18 | AMRZ | Amrize Ltd | Basic Materials | $4.94B | $21.11B |
| 19 | IFF | International Flavors & Fragrances Inc. | Basic Materials | $4.74B | $21.33B |
| 20 | JHX | James Hardie Industries plc | Basic Materials | $4.49B | $15.47B |
| 21 | VMC | Vulcan Materials Company | Basic Materials | $4.36B | $31.90B |
| 22 | MOS | The Mosaic Company | Basic Materials | $4.25B | $7.65B |
| 23 | EMN | Eastman Chemical Company | Basic Materials | $4.20B | $7.44B |
| 24 | STLD | Steel Dynamics, Inc. | Basic Materials | $4.18B | $32.96B |
| 25 | CC | The Chemours Company | Basic Materials | $4.10B | $2.19B |
| 26 | CF | CF Industries Holdings, Inc. | Basic Materials | $3.21B | $18.66B |
| 27 | AXTA | Axalta Coating Systems Ltd. | Basic Materials | $3.18B | $6.82B |
| 28 | DD | DuPont de Nemours, Inc. | Basic Materials | $3.13B | $17.35B |
| 29 | TROX | Tronox Holdings plc | Basic Materials | $3.13B | $0.69B |
| 30 | ALB | Albemarle Corporation | Basic Materials | $3.12B | $13.33B |
| 31 | FMC | FMC Corporation | Basic Materials | $2.77B | $1.29B |
| 32 | OLN | Olin Corporation | Basic Materials | $2.72B | $1.89B |
| 33 | AA | Alcoa Corporation | Basic Materials | $2.44B | $11.78B |
| 34 | BHP | BHP Group Limited | Basic Materials | $2.31B | $218.80B |
| 35 | RPM | RPM International Inc. | Basic Materials | $2.13B | $12.64B |
| 36 | CLMT | Calumet, Inc. | Basic Materials | $2.08B | $5.11B |
| 37 | SMG | The Scotts Miracle-Gro Company | Basic Materials | $2.05B | $2.99B |
| 38 | FUL | H.B. Fuller Company | Basic Materials | $2.02B | $2.67B |
| 39 | SOLS | Solstice Advanced Materials, Inc. | Basic Materials | $1.97B | $9.16B |
| 40 | AVNT | Avient Corporation | Basic Materials | $1.92B | $3.71B |
| 41 | CSTM | Constellium SE | Basic Materials | $1.91B | $3.46B |
| 42 | EXP | Eagle Materials Inc. | Basic Materials | $1.75B | $5.50B |
| 43 | CTVA | Corteva, Inc. | Basic Materials | $1.69B | $52.78B |
| 44 | HUN | Huntsman Corporation | Basic Materials | $1.66B | $1.55B |
| 45 | ESI | Element Solutions Inc | Basic Materials | $1.63B | $8.14B |
| 46 | RS | Reliance, Inc. | Basic Materials | $1.42B | $19.64B |
| 47 | ASH | Ashland Inc. | Basic Materials | $1.38B | $3.16B |
| 48 | CX | CEMEX, S.A.B. de C.V. | Basic Materials | $1.38B | $14.46B |
| 49 | NGVT | Ingevity Corporation | Basic Materials | $1.16B | $2.37B |
| 50 | KNF | Knife River Corporation | Basic Materials | $1.15B | $3.15B |
| 51 | RIO | Rio Tinto Group | Basic Materials | $1.06B | $157.82B |
| 52 | KALU | Kaiser Aluminum Corporation | Basic Materials | $1.06B | $2.47B |
| 53 | MATV | Mativ Holdings, Inc. | Basic Materials | $1.02B | $0.67B |
| 54 | MTX | Minerals Technologies Inc. | Basic Materials | $0.95B | $2.08B |
| 55 | NTR | Nutrien Ltd. | Basic Materials | $0.94B | $35.57B |
| 56 | MP | MP Materials Corp. | Basic Materials | $0.93B | $8.91B |
| 57 | KOP | Koppers Holdings Inc. | Basic Materials | $0.91B | $0.86B |
| 58 | RGLD | Royal Gold, Inc. | Basic Materials | $0.90B | $21.19B |
| 59 | NEU | NewMarket Corporation | Basic Materials | $0.88B | $8.14B |
| 60 | CBT | Cabot Corporation | Basic Materials | $0.86B | $3.95B |
| 61 | KWR | Quaker Chemical Corporation | Basic Materials | $0.83B | $2.67B |
| 62 | CMP | Compass Minerals International, Inc. | Basic Materials | $0.83B | $0.99B |
| 63 | SLVM | Sylvamo Corporation | Basic Materials | $0.76B | $1.44B |
| 64 | RYAM | Rayonier Advanced Materials Inc. | Basic Materials | $0.76B | $0.57B |
| 65 | KGC | Kinross Gold Corporation | Basic Materials | $0.74B | $32.97B |
| 66 | SXT | Sensient Technologies Corporation | Basic Materials | $0.71B | $5.52B |
| 67 | SXC | SunCoke Energy, Inc. | Basic Materials | $0.69B | $0.81B |
| 68 | PRM | Perimeter Solutions, Inc. | Basic Materials | $0.67B | $5.18B |
| 69 | MEOH | Methanex Corporation | Basic Materials | $0.64B | $4.54B |
| 70 | BTG | B2Gold Corp. | Basic Materials | $0.60B | $7.08B |
| 71 | UAN | CVR Partners, LP | Basic Materials | $0.57B | $1.36B |
| 72 | KRO | Kronos Worldwide, Inc. | Basic Materials | $0.56B | $0.93B |
| 73 | METC | Ramaco Resources, Inc. | Basic Materials | $0.47B | $0.60B |
| 74 | BCC | Boise Cascade Company | Basic Materials | $0.45B | $2.64B |
| 75 | LXU | LSB Industries, Inc. | Basic Materials | $0.44B | $0.75B |
| 76 | MTRN | Materion Corporation | Basic Materials | $0.44B | $5.30B |
| 77 | ECVT | Ecovyst Inc. | Basic Materials | $0.39B | $1.14B |
| 78 | GFI | Gold Fields Limited | Basic Materials | $0.38B | $37.41B |
| 79 | GPRE | Green Plains Inc. | Basic Materials | $0.36B | $1.04B |
| 80 | SCL | Stepan Company | Basic Materials | $0.34B | $1.41B |
| 81 | SSD | Simpson Manufacturing Co., Inc. | Basic Materials | $0.30B | $7.12B |
| 82 | ZEUS | Olympic Steel Inc | Basic Materials | $0.27B | $0.54B |
| 83 | ICL | ICL Group Ltd | Basic Materials | $0.26B | $6.89B |
| 84 | HWKN | Hawkins, Inc. | Basic Materials | $0.24B | $2.62B |
| 85 | UFPI | UFP Industries, Inc. | Basic Materials | $0.23B | $4.43B |
| 86 | TGLS | Tecnoglass Holdings Inc. | Basic Materials | $0.17B | $1.62B |
| 87 | AU | AngloGold Ashanti plc | Basic Materials | $0.15B | $51.77B |
| 88 | HCC | Warrior Met Coal, Inc. | Basic Materials | $0.15B | $4.67B |
| 89 | TX | Ternium S.A. | Basic Materials | $0.14B | $11.16B |
| 90 | MUX | McEwen Inc. | Basic Materials | $0.13B | $1.16B |
| 91 | IAUX | i-80 Gold Corp. | Basic Materials | $0.10B | $1.51B |
| 92 | WDFC | WD-40 Company | Basic Materials | $0.09B | $2.57B |
| 93 | PAAS | Pan American Silver Corp. | Basic Materials | $0.09B | $20.21B |
| 94 | IAG | IAMGOLD Corporation | Basic Materials | $0.08B | $11.49B |
| 95 | NEXA | Nexa Resources S.A. | Basic Materials | $0.08B | $1.70B |
| 96 | EQX | Equinox Gold Corp. | Basic Materials | $0.07B | $14.20B |
| 97 | GSM | Ferroglobe PLC | Basic Materials | $0.06B | $0.78B |
| 98 | FSM | Fortuna Mining Corp. | Basic Materials | $0.06B | $3.48B |
| 99 | TTAM | Titan America SA | Basic Materials | $0.06B | $2.55B |
| 100 | SSRM | SSR Mining Inc. | Basic Materials | $0.05B | $7.47B |
No companies match this search.
How this ranking is built
Companies are ranked by long-term debt as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.