Stubborn inflation risk, the possibility of US CPI moving toward 5–6%, and 10 year Treasury yields that could head toward 8% are reshaping how investors think about both risk and opportunity across markets. Higher bond yields can pressure stock valuations, while a more hawkish Federal Reserve, now led by Kevin Warsh, may pull some of that pressure in the other direction. In this environment, commodity related producers stand out as one way to adjust exposure. This article breaks down three stocks from our Commodities and Commodity Producers screener that appear more directly exposed to these inflation and interest rate forces.

Steel Dynamics (STLD)

Overview: Steel Dynamics is a US based steel producer and metal recycler that makes a broad range of steel and recycled aluminum products used in construction, autos, machinery, energy and transport, while also processing scrap metal that feeds its own mills.

Operations: Steel Dynamics generates most of its roughly US$15.9b in segment revenue from Steel Operations (about US$13.9b), with additional meaningful contributions from Metals Recycling (about US$4.4b), Steel Fabrication (about US$1.4b) and Aluminum (about US$0.6b). The bulk of total revenue comes from US customers.

Market Cap: US$33.8b

Steel Dynamics gives you direct exposure to higher metals prices and US infrastructure and manufacturing spend. The valuation currently screens as attractive against a DCF estimate that is well above the current share price. At the same time, the company is spending heavily on new aluminum and low carbon projects that currently weigh on cash flow, faces a funding mix that leans on external borrowings in a world of higher rates, and has seen recent insider selling that some investors watch closely. For anyone tracking inflation, tariffs and the next leg of US industrial investment, the balance of opportunity and risk here deserves a closer look.

Steel Dynamics is spending aggressively on low carbon and aluminum projects while its funding costs rise, so the missing piece is how that trade off looks in a full risk reward lens. Start with the 2 key rewards and 1 important warning sign

Atalaya Mining Copper (LSE:ATYM)

Overview: Atalaya Mining Copper is a Spain based miner focused on the Proyecto Riotinto open pit operation in Andalusia, producing copper concentrate with silver and gold by products for global industrial and energy uses.

Operations: Atalaya Mining Copper generates about €469.5m in revenue from its combined Mining Operations, Mineral Exploration, Development and Scrap Sales segment, with most sales coming from Spain and a smaller contribution from Cyprus.

Market Cap: £1.30b

Atalaya Mining Copper gives you focused exposure to copper at a time when inflation risk, electrification and energy transition are keeping interest in the metal high. The stock still trades well below one DCF based fair value estimate, and analyst targets sit more than 20% above the current price. The company has no long term debt, is paying a dividend, and recent quarterly results show solid production and earnings. However, growth plans rely heavily on permitting for projects like Touro and on keeping input cost inflation in check, especially energy and diesel. If you want to understand how that mix of potential upside and very real execution risk stacks up, the detailed story behind Atalaya is where the real insight starts.

Atalaya Mining Copper presents an interesting combination of a debt-free balance sheet, copper exposure, and dividend income, but the real twist lies in the 3 key rewards and 1 important warning sign

National Atomic Company Kazatomprom JSC (LSE:KAP)

Overview: National Atomic Company Kazatomprom JSC is a Kazakhstan based uranium producer that explores, mines, processes, and sells uranium and related products worldwide, while also producing rare metals such as beryllium, tantalum, and niobium and providing various technical, research, security, and logistics services across the nuclear fuel value chain.

Operations: Kazatomprom generates most of its KZT 1,576,005m in segment revenue from its Uranium segment, with smaller contributions from Ulba Metallurgical Plant JSC at KZT 92,360m and Other activities at KZT 283,371m, partly offset by KZT 208,872m of eliminations.

Market Cap: US$18.6b

National Atomic Company Kazatomprom JSC sits at the center of global uranium supply at a time when inflation risk, higher rates, and a renewed focus on secure baseload energy are keeping attention on nuclear power. The company combines an industry leading cost position and high current profitability, including a net margin around 30.8% and strong Return on Equity, with analyst expectations for double digit earnings and revenue growth that outpace the broader UK market. At the same time, investors need to weigh rising operating costs, regulatory and geopolitical risks, and a dividend that is not fully backed by free cash flow, with Q1 2026 showing a temporary swing to a loss. How that mix of pricing power, growth forecasts, and risk factors fits together is a key part of the Kazatomprom story.

National Atomic Company Kazatomprom JSC sits at the crossroads of uranium pricing power and higher operating costs, and the real tension is how that plays through future earnings. Get the full story in the analyst forecasts for National Atomic Company Kazatomprom JSC

The three companies highlighted here are just a starting point, and the full Commodities and Commodity Producers screener surfaces 35 more stocks with equally compelling commodity linked narratives that you have not seen yet. Use Simply Wall St to identify and analyze the specific catalysts, financial health markers, and storylines that matter to you so you can focus on the highest conviction opportunities across this space.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.