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.

Steel Dynamics Inc (NASDAQ:STLD)

• On May 20, Jefferies analyst Christopher LeFemina initiated coverage on Steel Dynamics with a Hold rating and announced a price target of $150. The company's stock fell around 6% over the past five days and has a 52-week low of $95.52.
• RSI Value: 29.89
• STLD Price Action: Shares of Steel Dynamics fell 2.2% to close at $125.52 on Friday.
• Benzinga Pro's real-time newsfeed alerted to latest Steel Dynamics news.

Cleveland-Cliffs Inc (NYSE:CLF)

• On June 6, GLJ Research analyst Gordon Johnson downgraded Cleveland-Cliffs from Buy to Sell and announced a $10.13 price target. The company's stock fell around 8% over the past five days. It has a 52-week low of $13.84.
• RSI Value: 24.88
• CLF Price Action: Shares of Cleveland-Cliffs fell 1.6% to close at $15.80 on Friday.
• Benzinga Pro's charting tool helped identify the trend in CLF stock.

O-I Glass Inc (NYSE:OI)

• On May 20, O-I Glass announced that Owens-Brockway Glass Container announced pricing of senior notes offering. The company's stock fell around 12% over the past month and has a 52-week low of $11.85.
• RSI Value: 29.91
• OI Price Action: Shares of O-I Glass fell 2.1% to close at $11.87 on Friday.
• Benzinga Pro's signals feature notified of a potential breakout in O-I Glass shares.

Ternium SA (NYSE:TX)

• On May 28, JP Morgan analyst Rodolfo Angele maintained Ternium with an Overweight and raised the price target from $54 to $56. The company's shares lost around 9% over the past five days. The company's 52-week low is $35.22.
• RSI Value: 25.35
• TX Price Action: Shares of Ternium fell 4.1% to close at $39.22 on Friday.
• Benzinga Pro's earnings calendar was used to track TX upcoming earnings report

Sherwin-Williams Co (NYSE:SHW)

• On April 23, the company reported first-quarter adjusted earnings per share of $2.17, missing the Wall Street view of $2.21. "We also continued to execute our capital allocation strategy by investing $546 million in share repurchases and increasing our dividend 18.2% in the quarter," said President and Chief Executive Officer Heidi G. Petz. The company's shares fell around 9% over the past month. The company has a 52-week low of $232.06.
• RSI Value: 26.40
• SHW Price Action: Shares of Sherwin-Williams fell 4% to close at $291.95 on Friday.
• Insider trades for SHW were monitored using Benzinga Pro.

Read More: Jim Cramer Is 'Worried' About Palo Alto Networks, Calls Monday.com 'Really Good'