The outlook for Italy's metals sector is far from encouraging, as a combination of cheap Chinese imports, low domestic demand and few project expansions mean that growth in consumption and production will stagnate over the period to 2017. However, we expect Italy to retain its position as the EU's second largest steelmaking country, with a 16% share of production.

BMI Industry View 5

SWOT 7

Industry Forecast 9

Production: Plethora Of Issues To Deter Growth 10

Some Respite For Margins 11

Consumption: Muted Growth As Economy Flatlines 11

      Table: Italy's Steel Production And Consumption, 2009-2017 ('000 tonnes) 12

      Table: Italy's Steel Industry - Historical Data, 2004-2011 ('000 tonnes, unless stated otherwise) 12

Commodities Forecast 14

Commodity Strategy 14

Aluminium: Small Rebound 17

Copper: Sideways Trading To Give Way 18

Nickel: Still No Relief 21

Zinc: Short-Term Strength 23

      Table: Select Commodities - Performance And BMI Forecasts 24

      Table: Global Commodities Strategy 25

Commodities Forecast 26

      Table: BMI Steel Forecast 26

      Table: Steel Data And Forecasts, 2009-2017 34

Competitive Landscape 35

      Table: Europe - Largest Listed Metals Producers 36

Company Profile 38

Alcoa - Q1 2014 38

Recent Financial Data 41

      Table: Alcoa - Key Financial Data 41

Methodology 43

Cross Checks 43

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