France's metals sector is set for an extended period of very modest growth through to the end of our forecast period in 2018, 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 or consumption before the end of our forecast period to 2018.

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: Steel Production & Consumption (France 2010-2018) 13

      Table: Steel Industry Historical Data (France 2005-2012) 13

Commodities Forecast 15

Commodity Strategy 15

Ferrous Metals: 16

Iron Ore: Price Slump Overdone, Stabilisation In Sight 16

Steel: Price Forecast Revised Up 16

Non-Ferrous Metals: 18

Aluminium: Recent Break Signals Multi-Month Strength 18

Copper: Subdued Prices Into Q314 19

Lead: Prices To Strengthen As Deficit Deepens 20

Nickel: H214 Rally Unlikely 21

Tin: More Resilient Than Other Metals 22

Zinc: Sustained Break Unlikely 24

      Table: Select Commodities - Performance & BMI Forecasts 26

Commodities Forecast 26

      Table: BMI Steel Price Forecast 26

Short-Term Outlook 26

Core View 27

Surplus Set To Slim 28

Production: Reining In Growth 28

Consumption: Deceleration Ahead 30

No Respite From Chinese Exports Over Coming Months 32

Arbitrage Set To Grow Between East And West 32

Risks To Price Outlook 33

      Table: Steel Data & Forecasts 34

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 35

Competitive Landscape 36

      Table: Metals Industry - Key Facilities 36

      Table: Largest Listed European Listed Metals Producers 37

Company Profile 40

Rio Tinto 40

Company Overview 42

Company Strategy 43

Latest Financial Results 44

      Table: Rio Tinto - Key Financial Data 45

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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