The most oversold stocks in the materials sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

United States Steel Corporation (NYSE:X)

• United States Steel is expected to release financial results for the first quarter 2024 on Thursday, May 2. The company's stock fell around 9% over the past month and has a 52-week low of $20.40.
• RSI Value: 29.95
• X Price Action: Shares of United States Steel gained 1.6% to close at $37.17 on Thursday.

Compass Minerals International, Inc. (NYSE:CMP)

• On March 25, Compass Minerals announced the U.S. Forest Service has informed the company that it will not be entering into a contract for the use of magnesium chloride-based aerial fire retardants for the 2024 fire season. The company's stock fell around 8% over the past month. It has a 52-week low of $11.85.
• RSI Value: 28.86
• CMP Price Action: Shares of Compass Minerals fell 1.3% to close at $12.62 on Thursday.

Nucor Corporation (NYSE:NUE)

• On April 22, Nucor reported worse-than-expected first-quarter financial results. "Nucor's performance continues to be strong even as steel market conditions have come off their post-pandemic record highs," said Leon Topalian, Nucor's CEO. "We also took several bold steps to advance our growth, sustainability and commercial strategies during the first quarter." The company's stock fell around 8% over the past five days and has a 52-week low of $129.79
• RSI Value: 29.36
• NUE Price Action: Shares of Nucor rose 1.8% to close at $175.88 on Thursday.

Cleveland-Cliffs Inc. (NYSE:CLF)

• On April 22, Cleveland-Cliffs reported first-quarter revenue of $5.2 billion, which missed the consensus estimate of $5.346 billion. "Our first quarter results were highlighted by the resiliency of automotive production in the United States, which helped to offset a temporary buyers strike from service centers in January and February," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs. The company's shares lost around 12% over the past five days. The company's 52-week low is $13.61.
• RSI Value: 25.26
• CLF Price Action: Shares of Cleveland-Cliffs fell 0.5% to close at $18.23 on Thursday.

Now Check This Out: Microsoft, Alphabet And 3 Stocks To Watch Heading Into Friday