Given that much of Canada's metals production is exported, we expect the country's economic exposure to both the US and Mexico to underpin the industry's growth through 2018. Increasing manufacturing and industrial activity in both countries should help drive demand for metal inputs. Furthermore, a weaker Canadian dollar against the US dollar should provide upside for Canadian metals exporters.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 12

Steel: Low But Steady Growth Ahead 12

Production To Lag Consumption 13

Market Trends To Support Consumption 14

      Table: Canada - Steel Production & Consumption ('000 tonnes, unless stated otherwise) 15

      Table: Canada - Steel Production & Consumption 15

Aluminium: Labour Disputes To Affect Production 16

Country To Remain Top Producer 17

Exports To Drive Demand For Canadian Aluminium 18

      Table: Canada - Aluminium Production & Consumption (kt) 19

Nickel: Uncertainty Over External Demand & Concentrate Supply 19

Risks To Outlook 21

      Table: Canada - Nickel Production & Consumption (kt) 22

Regulatory Development 23

Priority Remains On Local Consultation & Environmental Stewardship 23

Tax Regime 24

      Table: Canada Political Overview 24

Commodities Forecast 26

Commodity Strategy 26

Iron Ore: Fading Iron Will 26

Steel: Global Glut To Weigh On Prices 28

Aluminium: Fundamentals To Remain Weak 29

Copper: All Eyes On China 30

Lead: Outperforming Its Troubled Peers 31

Nickel: Monthly Outperformer 33

Tin: Outperforming A Weak Field 34

Zinc: Further Consolidation Likely 35

      Table: Select Commodities - Performance & BMI Forecasts 36

Steel Price Forecast 37

      Table: BMI Steel Forecast 37

Short-Term Outlook 37

Core View 37

Global Steel Glut To Persist 39

Production: Rationalisation In The Long Term 39

Consumption: Growth Decelerating 41

Excessive Chinese Exports 42

Growing Arbitrage Between East & West 43

Risks To Price Outlook 43

      Table: Steel Data & Forecasts 44

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 45

Competitive Landscape 46

      Table: Canada - Largest Listed Metals Companies, FY 2013 47

Company Profile 48

US Steel 48

Recent Financial Results 50

      Table: US Steel - Key Financial Data 51

ArcelorMittal 51

Company Strategy 54

Latest Financial Results 55

Company Details 56

Financial Data 56

      Table: ArcelorMittal - Key Financial Data 56

Rio Tinto 57

Company Overview 59

Company Strategy 60

Latest Financial Results 61

      Table: Rio Tinto - Key Financial Data 62

Methodology 63

Cross Checks 63

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