France's metals sector is set for very modest growth and, in some cases, declines as major producers hold back on investment. Steel will continue to dominate the country's metals industry, but we do not expect any significant new investment. ArcelorMittal and Rio Tinto, the two largest producers in the country, are facing an increasingly hostile and competitive operating environment, with steel still cheap on a relative basis and aluminium being exported from China. We therefore do not expect France to return to pre-2008 rates of production over the foreseeable future.

BMI Industry View 7

Little Room For Optimism 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Weak Growth Outlook As Economy Stalls 11

Demand: Muted Outlook For Infrastructure And Autos 12

      Table: France - Steel Production, Consumption And Balance ('000 tonnes) 13

      Table: France - Steel Industry Historical Data ('000 tonnes) 13

Commodities Forecast 14

Commodity Strategy 14

Iron Ore: Prices To Head Lower In 2014 15

Steel: Reprieve Unlikely To Last 16

Aluminium: Weakness Resuming 16

Copper: Continued Weakening 18

Lead: Modest Secular Uptrend To Remain Intact 18

Nickel: Can't Catch A Break 19

Tin: Outperformance To Continue 20

Zinc: Likely To Hold Up 21

      Table: Select Commodities - Performance & BMI Forecasts 22

      Table: BMI Commodities Strategy 23

Commodities Forecast 23

      Table: BMI Steel Forecast 23

      Table: Steel Forecast 31

Competitive Landscape 32

      Table: Metals Industry - Key Facilities 32

      Table: Largest Listed European Listed Metals Producers 33

Company Profile 36

ArcelorMittal 36

Company Strategy 39

Company Details 40

Financial Data 41

      Table: ArcelorMittal - Key Financial Data 41

Rio Tinto - Q1 2014 42

Company Overview 44

Company Strategy 45

      Table: Rio Tinto - Key Financial Data 47

Methodology 48

Cross Checks 48

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