Domestic consumption and exports of Canadian metal products will be supported by both Canada's positive fundamentals and the country's exposure to a recovering US and Mexico. With much of Canada's metal production exported, a weaker Canadian dollar against the US dollar will encourage refined exports. Therefore, we forecast modest production and consumption growth across the Canadian metals complex through 2017.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 11

Steel: Low But Steady Growth Ahead 11

Exports & Macro Fundamentals Help Consumption 13

      Table: Canada - Steel Production & Consumption ('000 tonnes, unless stated otherwise) 14

      Table: Canada - Steel Production & Consumption 14

Aluminium: Labour Disputes To Affect Production 15

Moderate Production Growth 16

      Table: Canada - Aluminium Production & Consumption (kt) 19

Nickel: Uncertainty Over External Demand & Concentrate Supply 19

      Table: Canada - Nickel Production & Consumption (kt) 22

Regulatory Development 23

Tax Regime 23

Potential Headaches For Foreign Investors On The Horizon 24

      Table: Canada Political Overview 24

Commodities Forecast 26

Commodity Strategy 26

Iron Ore: Prices To Head Lower In 2014 27

Steel: Reprieve Unlikely To Last 28

Aluminium: Weakness Resuming 28

Copper: Continued Weakening 30

Lead: Modest Secular Uptrend To Remain Intact 30

Nickel: Can't Catch A Break 31

Tin: Outperformance To Continue 32

Zinc: Likely To Hold Up 33

      Table: Select Commodities - Performance & BMI Forecasts 34

      Table: BMI Commodities Strategy 35

Commodities Forecast 36

      Table: BMI Steel Forecast 36

      Table: Steel Data And Forecasts, 2009-2017 44

Competitive Landscape 45

      Table: Canada - Largest Listed Metals Companies 46

Company Profile 47

US Steel 47

Recent Financial Data 50

      Table: US Steel - Key Financial Data 51

ArcelorMittal 52

Company Strategy 55

Company Details 56

Financial Data 57

      Table: ArcelorMittal - Key Financial Data 57

Rio Tinto - Q1 2014 58

Company Overview 60

Company Strategy 61

      Table: Rio Tinto - Key Financial Data 63

Methodology 64

Cross Checks 64

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