The Czech steel sector looks well placed to enjoy a continued recovery in 2014 following a surprise growth in production volumes in 2013. Nevertheless, producers face a number of ongoing headwinds including sluggish eurozone growth and increased competition from Chinese exports.

BMI Industry View 7

SWOT 8

Metals SWOT 8

Industry Forecast 9

Steel: Producers Feeling The Pinch Despite Recovering Demand 9

      Table: Czech Republic - Steel Industry Forecasts ('000 tonnes, unless stated otherwise) 11

      Table: Czech Republic - Steel Industry Historical Data ('000 tonnes, unless stated otherwise) 11

Regulatory Development 13

      Table: Czech Republic - Political Overview 13

Commodities Forecast 15

Steel Price Forecast 15

      Table: BMI Steel Forecast 15

Short-Term Outlook 15

Core View 16

Global Steel Glut To Persist 16

Production: Rationalisation In The Long Term 17

Consumption: Growth Decelerating 19

Excessive Chinese Exports 20

Growing Arbitrage Between East & West 21

Risks To Price Outlook 21

      Table: Steel Data & Forecasts 22

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 22

Commodity Strategy 23

Iron Ore: Chinese Stimulus Not A Game Changer 24

Steel: Gradual Rationalisation Insufficient To Boost Prices 26

Aluminium: Recent Rally Unlikely To Persist Into H214 27

Copper: Bearish Forecast Appears Well Placed 28

Lead: Picking Up Autos Sector Tailwinds 29

Nickel: Recent Rise To Fall Back In H214 30

Zinc: Potential Test Of Resistance In Coming Weeks 32

      Table: Select Commodities - Performance & BMI Forecasts 34

Competitive Landscape 35

      Table: Europe - Listed Metals Producers 36

Company Profile 38

ArcelorMittal 38

Company Overview 40

Company Strategy 40

Latest Financial Results 42

Company Details 42

Financial Data 42

      Table: ArcelorMittal - Key Financial Data 42

Železiarne Podbrezová 43

Methodology 45

Cross Checks 45

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