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.

BMI Industry View 7

SWOT 10

      Metals SWOT 10

Industry Forecast 12

Steel: Little Growth Ahead 12

      Table: Steel Production & Consumption (Romania 2010-2018) 14

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

Regulatory Development 16

Commodities Forecast 18

Commodity Strategy 18

Ferrous Metals: 18

Iron Ore: Price Slump Overdone, Stabilisation In Sight 18

Steel: Price Forecast Revised Up 19

Non-Ferrous Metals: 21

Aluminium: Recent Break Signals Multi-Month Strength 21

Copper: Subdued Prices Into Q314 22

Lead: Prices To Strengthen As Deficit Deepens 23

Nickel: H214 Rally Unlikely 24

Tin: More Resilient Than Other Metals 25

Zinc: Sustained Break Unlikely 27

      Table: Select Commodities - Performance & BMI Forecasts 29

Commodities Forecast 29

      Table: BMI Steel Price Forecast 29

Short-Term Outlook 29

Core View 30

Surplus Set To Slim 31

Production: Reining In Growth 31

Consumption: Deceleration Ahead 33

No Respite From Chinese Exports Over Coming Months 35

Arbitrage Set To Grow Between East And West 35

Risks To Price Outlook 36

      Table: Steel Data & Forecasts 37

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 38

Competitive Landscape 39

      Table: Europe - Major Listed Metal Producers 40

Company Profile 42

Mechel 42

      Table: Mechel - Financial Data 44

ArcelorMittal 45

Company Overview 47

Company Strategy 47

Latest Financial Results 49

Company Details 49

Financial Data 49

      Table: ArcelorMittal - Key Financial Data 49

Methodology 50

Cross Checks 50

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