Riding the mining & steel supercycle: A small-cap ‘hidden gem’ with a 25-year track record

This small-cap industrial is quietly working through a transition of its own. A tighter focus on margins, a gradual shift towards higher-grade conveyor belts and capacity additions timed to demand are nudging it away from being a pure volume-led supplier. The costs of this discipline show up when revenues soften; the benefits appear later, in steadier profitability across cycles.