Dividend investing is popular again. Investors have taken to heart Jeremy Siegel's studies, which show that higher-yielding stocks tend to offer greater returns over time than low- or no-yield stocks.

The highest dividend yields can be very tantalizing. As long as a stock yielding 15% doesn't lose value, you'll make 15% in one year! In more cases than not, however, an astronomical yield is a bad sign for a stock. Because dividend yields and stock prices move in opposite directions, a high yield usually means that investors have begun to worry about the business and driven down its stock price. However, certain types of companies, such as real estate investment trusts (REITs), have to pay out most of their income as dividends, so their yields will be higher than "normal." Dividends are not guaranteed; you need to make sure that a business is generating enough cash to pay its dividend, or your investment could be disastrous.

I've already screened for the 25 Highest-Yielding Dividend Stocks. Now, I'm touring the market to find the highest-yielding stocks in each industry. Today, we're looking at the metals and mining industry and screening for stocks with a market cap greater than $500 million.

Here are the top 15 highest-yielding stocks the screen produced:

No.

Company

Market Cap (in millions)

Dividend Yield

Payout Ratio

1

Companhia Siderurgica Nacional (NYSE: SID)

$23,730.8

6.83%

55.6%

2

Nucor (NYSE: NUE)

$12,161.7

3.74%

297.7%

3

Commercial Metals (NYSE: CMC)

$1,545.4

3.55%

NM

4

BHP Billiton Plc (NYSE: BBL)

$157,677.6

2.96%

48.6%

5

AMCOL International (NYSE: ACO)

$783.7

2.85%

47.4%

6

Worthington Industries (NYSE: WOR)

$1,160.9

2.73%

70%

7

Kaiser Aluminum (Nasdaq: KALU)

$710.4

2.60%

34.8%

8

BHP Billiton Ltd. (NYSE: BHP)

$189,091.7

2.45%

48.6%

9

ArcelorMittal (NYSE: MT)

$46,381.6

2.44%

26%

10

Gerdau (NYSE: GGB)

$19,365.3

2.33%

37.2%

11

Vale (NYSE: VALE)

$142,462.4

2.32%

32.7%

12

Alumina (NYSE: AWC)

$3,858.0

2.25%

249.7%

13

Sims Metal Management (NYSE: SMS)

$3,050.1

2.23%

NM

14

Compass Minerals International (NYSE: CMP)

$2,355.7

2.17%

31.3%

15

Carpenter Technology (NYSE: CRS)

$1,487.8

2.13%

1,519%

Source: Capital IQ, a division of Standard & Poor's.

These stocks are a good place to start your research, but they're not formal recommendations. Remember, their seemingly irresistible yields could be ticking time bombs, so do your own due diligence. Also, make sure you diversify your picks across various sectors. As investors relearn every decade years or so, you never want to put all your eggs in one basket -- no matter how tempting the dividends are.

Interested in any of these stocks? Hungry for more? If you want more thoroughly vetted suggestions, check out Jordan DiPietro's "The Best Dividend Stock. Period." or Jim Royal's "The Dividend Play for a Lifetime."

Dan Dzombak did not have a position in any of the companies mentioned in this article. Nucor is a Motley Fool Stock Advisor pick. Try any of our Foolish newsletter services free for 30 days. The Fool's disclosure policy loves it some dividends.