France's metals sector is set for very modest growth and, in some cases, decline, 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

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

Steel Price Forecast 14

      Table: BMI Steel Forecast 14

Short-Term Outlook 14

Core View 14

Global Steel Glut To Persist 15

Production: Rationalisation In The Long Term 15

Consumption: Growth Decelerating 17

Excessive Chinese Exports 18

Growing Arbitrage Between East & West 19

Risks To Price Outlook 19

      Table: Steel Data & Forecasts 20

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 20

Commodity Strategy 21

Aluminium: Continued Short-Term Weakness 25

Copper: Recent Strength Doesn't Change Our View 25

Nickel: Recent Strength To Subside 27

Zinc: Price Momentum To Continue 29

      Table: Select Commodities - Performance & BMI Forecasts 31

Competitive Landscape 32

      Table: Metals Industry - Key Facilities 32

      Table: Largest Listed European Listed Metals Producers 34

Company Profile 35

ArcelorMittal 35

Company Strategy 38

Latest Financial Results 39

Company Details 40

Financial Data 40

      Table: ArcelorMittal - Key Financial Data 40

Rio Tinto 40

Company Overview 42

Company Strategy 43

Latest Financial Results 44

      Table: Rio Tinto - Key Financial Data 45

Methodology 46

Cross Checks 46

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