The economic recovery in Poland continues to gather momentum, with leading and coincident indicators -particularly retail sales and wage growth - pointing towards improvements in domestic demand in addition to the export-driven real GDP growth that arrived in the second half of 2013.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Waiting On An Autos Sector Recovery 11

      Table: Steel Production & Consumption (Poland 2010-2018) 15

      Table: Steel Industry Historical Data (Poland 2005-2012) 15

Copper: Surplus To Stagnate 16

      Table: Poland - Refined Copper Production, Consumption & Balance ('000 tonnes, unless stated otherwise) 18

Regulatory Development 19

      Table: Poland - Political Outlook 20

Commodities Forecast 21

      Table: BMI Steel Price Forecast 21

Short-Term Outlook 21

Core View 22

Surplus Set To Slim 22

Production: Reining In Growth 23

Consumption: Deceleration Ahead 25

No Respite From Chinese Exports Over Coming Months 27

Arbitrage Set To Grow Between East And West 27

Risks To Price Outlook 28

      Table: Steel Data & Forecasts 29

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 29

Commodity Strategy 31

Ferrous Metals: 31

Iron Ore: Price Slump Overdone, Stabilisation In Sight 31

Steel: Price Forecast Revised Up 32

Non-Ferrous Metals: 34

Aluminium: Recent Break Signals Multi-Month Strength 34

Copper: Subdued Prices Into Q314 35

Lead: Prices To Strengthen As Deficit Deepens 36

Nickel: H214 Rally Unlikely 37

Tin: More Resilient Than Other Metals 38

Zinc: Sustained Break Unlikely 40

      Table: Select Commodities - Performance & BMI Forecasts 42

Competitive Landscape 43

      Table: Europe - Largest Listed Metal Producers 44

Company Profile 46

KGHM 46

      Table: KGHM - Key Financial Data 48

ArcelorMittal 50

Company Overview 52

Company Strategy 52

Latest Financial Results 54

Company Details 54

Financial Data 54

      Table: ArcelorMittal - Key Financial Data 54

Methodology 55

Cross Checks 55

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