Mueller Industries, Inc. (MLI)

The products are standard and priced off the copper exchange: the company earns not on the metal itself but on the spread between raw material and finished goods. The result therefore depends on plant utilisation and on how quickly a change in copper prices can be passed into the price list.

Demand comes from housing construction, renovation and air conditioning, where copper tube is obligatory. Plastic alternatives take share in plumbing but not in refrigeration circuits. The company is markedly less well known than peers of similar size and holds a large cash balance. Risks: copper prices, the housing cycle and imports. A dividend is paid.