The Czech steel sector looks well placed to continue its recovery in 2014 following a strong increase in production during the first half of the year. However, we caution that weak domestic consumption growth will leave producers increasingly reliant on overseas demand going forward.

BMI Industry View 7

SWOT 8

Metals SWOT 8

Industry Forecast 9

Steel: Output Growing, But Consumption To Remain Flat 9

      Table: Steel Production & Consumption (Czech Republic 2011-2018) 11

      Table: Steel Industry Historical Data (Czech Republic 2005-2010) 12

Regulatory Development 13

      Table: Czech Republic - Political Overview 13

Commodities Forecast 15

      Table: BMI Steel Price Forecast 15

Short-Term Outlook 15

Core View 16

Surplus Set To Slim 16

Production: Reining In Growth 17

Consumption: Deceleration Ahead 19

No Respite From Chinese Exports Over Coming Months 21

Arbitrage Set To Grow Between East And West 21

Risks To Price Outlook 22

      Table: Steel Data & Forecasts 23

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 24

Commodity Strategy 25

Ferrous Metals: 25

Iron Ore: Price Slump Overdone, Stabilisation In Sight 25

Steel: Price Forecast Revised Up 26

Non-Ferrous Metals: 28

Aluminium: Recent Break Signals Multi-Month Strength 28

Copper: Subdued Prices Into Q314 29

Lead: Prices To Strengthen As Deficit Deepens 30

Nickel: H214 Rally Unlikely 31

Tin: More Resilient Than Other Metals 32

Zinc: Sustained Break Unlikely 34

      Table: Select Commodities - Performance & BMI Forecasts 36

Competitive Landscape 37

      Table: Europe - Listed Metals Producers 38

Company Profile 40

Železiarne Podbrezová 40

ArcelorMittal 41

Company Overview 43

Company Strategy 43

Latest Financial Results 45

Company Details 45

Financial Data 45

      Table: ArcelorMittal - Key Financial Data 45

Methodology 46

Cross Checks 46

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