The 'New Material' option allows you to enter a new material into the database.
The defaults that a new material has can be defined in the File/Settings under the General Settings tab by defining a 'Default Material for New Materials'.
Shown above is the default screen for adding a new material to the material database.
There are several default settings that will be present, but the main information that must be entered is the Material Description, Material Code, Sheet Y Dim, Sheet X Dim and Thickness. Without those, the material cannot be saved.
Each of the settings are described in the Material Properties section.