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: Poland - Steel Historic Data & Forecasts ('000 tonnes, unless stated otherwise) 15

      Table: Poland - Steel Historical Data ('000 tonnes, unless stated otherwise) 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

Steel Price Forecast 21

      Table: BMI Steel Forecast 21

Short-Term Outlook 21

Core View 22

Global Steel Glut To Persist 22

Production: Rationalisation In The Long Term 23

Consumption: Growth Decelerating 25

Excessive Chinese Exports 26

Growing Arbitrage Between East & West 27

Risks To Price Outlook 27

      Table: Steel Data & Forecasts 28

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 28

Commodity Strategy 29

Iron Ore: Fading Iron Will 30

Steel: Global Glut To Weigh On Prices 32

Aluminium: Fundamentals To Remain Weak 33

Copper: All Eyes On China 34

Lead: Outperforming Its Troubled Peers 35

Nickel: Monthly Outperformer 37

Tin: Outperforming A Weak Field 38

Zinc: Further Consolidation Likely 39

      Table: Select Commodities - Performance & BMI Forecasts 41

Competitive Landscape 42

      Table: Europe - Largest Listed Metal Producers 43

Company Profile 45

KGHM 45

      Table: KGHM - Key Financial Data 47

ArcelorMittal 49

Company Overview 51

Company Strategy 51

Latest Financial Results 53

Company Details 53

Financial Data 53

      Table: ArcelorMittal - Key Financial Data 53

Methodology 54

Cross Checks 54

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