The US metals sector will see modest growth over the next several years. Positive tailwinds from accelerating economic expansion will drive metal production and consumption. Still, total production and consumption levels will remain below pre-crisis levels through 2018.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 12

Steel: Modest Outlook Ahead 12

Recent Capacity Utilisation Uptick Bodes Well For Industry 12

Steel-Intensive Sectors To Support Construction Growth 13

Cheap Imports Remain Risk 15

      Table: Steel Production & Consumption (United States 2010-2018) 16

Aluminium: Consumption Outlook Stronger Than Production 16

Stronger Economic Growth & Auto Production To Drive Demand 16

Production Growth To Lag Consumption Fundamentals 18

      Table: US - Aluminium Forecast (2010-2018) 19

Copper: Muted Recovery 19

Housing & Manufacturing To Support Demand 20

Production To Fall Short Of Demand Despite Upward Revision 21

      Table: US Copper Forecasts (2010-2018) 22

Zinc: Domestic Production To Remain Well Below Demand 22

Steel Production To Underpin Zinc Demand 23

Domestic Shortfalls Ahead 24

      Table: US - Refined Zinc Production & Consumption ('000 tonnes) 26

Regulatory Development 27

Tax Regime 27

Minimal Corruption 28

      Table: US Political Overview 28

Commodities Forecast 30

Commodity Strategy 30

Ferrous Metals: 31

Iron Ore: Bounce Won't Last, Weakness In 2015 31

Steel: Long Road To Price Recovery 32

Non-Ferrous Metals: 33

Aluminium: Elevated Prices In Coming Weeks 33

Copper: Strength To Turn To Weakness By Q414 34

Lead: Price Bounce Underway 35

Nickel: Prices To Cool In Coming Months 36

Tin: Market Tightness To Drive Prices Higher 37

Zinc: Prices To Moderate By Q414 38

      Table: Select Commodities - Performance & BMI Forecasts 40

Commodities Forecast 40

      Table: BMI Steel Price Forecast 40

Short-Term Outlook 40

Core View 41

Surplus Set To Slim 42

Production: Reining In Growth 42

Consumption: Deceleration Ahead 44

No Respite From Chinese Exports Over Coming Months 46

Arbitrage Set To Grow Between East And West 46

Risks To Price Outlook 47

      Table: Steel Data & Forecasts 48

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 49

Competitive Landscape 50

      Table: US - Financial Data For Key Listed Metals Firms, FY 2013 50

Steel Sector To Benefit From Accelerating Economic Growth 51

Little New Investment In Refining Capacity 51

Company Profile 53

Nucor 53

Company Strategy 54

Latest Results 55

      Table: Nucor - Supply Chain Analysis 55

      Table: Nucor - Key Financial Data 56

Alcoa 57

Company Strategy 59

Latest Results 60

      Table: Alcoa - Supply Chain Analysis 61

Company Details 62

ArcelorMittal 62

Company Overview 64

Company Strategy 64

Latest Financial Results 66

Company Details 66

Financial Data 66

      Table: ArcelorMittal - Key Financial Data 66

US Steel 67

Company Overview 69

Company Strategy 69

Latest Results 70

      Table: US Steel - Supply Chain Analysis 70

      Table: Financial Data 71

Address Details 72

Methodology 73

Cross Checks 73

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