Umicore SA

Umicore, based in Brussels, is a materials-technology and recycling group, making catalysts that clean vehicle exhaust, materials for electric-vehicle batteries, and recovering precious metals from scrap and spent catalysts. Its future is tied to the pace of the shift to electric cars, which has recently slowed and weighed on its battery-materials plans. Umicore has paid a dividend for years but cut it as profits came under pressure from weaker demand and heavy investment. A moderate, uncertain yield defines its profile; the stock is now as much a bet on the electric-vehicle transition as a dependable income holding.