Romania's metals sector will continue to see modest growth over the coming years as it slowly recovers from the global downturn. This is primarily the case for steel, the largest sub-component of Romania's metals sector. With modest growth in both autos production and the country's construction sector, we expect modest growth in steel output over the next five years. In addition, with our expectation for steel prices to head broadly lower over the coming years, we see few sources of encouragement for the sector. Therefore,whilst we forecast modest growth in output, it will remain far off 2007 highs.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 12

Steel: Little Growth Ahead 12

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

      Table: Romania - Steel Production & Trade ('000 tonnes, unless stated) 15

Regulatory Development 16

Commodities Forecast 18

Steel Price Forecast 18

      Table: BMI Steel Forecast 18

Short-Term Outlook 18

Core View 19

Global Steel Glut To Persist 19

Production: Rationalisation In The Long Term 20

Consumption: Growth Decelerating 22

Excessive Chinese Exports 23

Growing Arbitrage Between East & West 24

Risks To Price Outlook 24

      Table: Steel Data & Forecasts 25

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 25

Commodity Strategy 26

Iron Ore: Fading Iron Will 27

Steel: Global Glut To Weigh On Prices 29

Aluminium: Fundamentals To Remain Weak 30

Copper: All Eyes On China 31

Lead: Outperforming Its Troubled Peers 32

Nickel: Monthly Outperformer 34

Tin: Outperforming A Weak Field 35

Zinc: Further Consolidation Likely 36

      Table: Select Commodities - Performance & BMI Forecasts 38

Competitive Landscape 39

      Table: Europe - Major Listed Metal Producers 40

Company Profile 42

ArcelorMittal 42

Company Overview 44

Company Strategy 44

Latest Financial Results 46

Company Details 46

Financial Data 46

      Table: ArcelorMittal - Key Financial Data 46

Mechel 47

      Table: Mechel - Financial Data 49

Methodology 50

Cross Checks 50

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