After a sharp downturn in production and consumption in the local steel industry in 2014, Ukraine's metals sector will see modest growth over the forecast period, with a handful of new projects to increase production growth. Production will not return to pre-crisis highs, however, due to global overcapacity and steel prices not making substantive gains over 2013.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Growth Story On Hold 11

Growth To Pick Up Thanks To Construction 11

      Table: Steel Production & Consumption (Ukraine 2010-2018) 15

      Table: Ukraine - Steel Industry Historical Data, 2003-2012 ('000 tonnes, unless stated otherwise) 15

Commodities Forecast 16

Commodity Strategy 16

Ferrous Metals: 17

Iron Ore: Price Slump Overdone, Stabilisation In Sight 17

Steel: Price Forecast Revised Up 17

Non-Ferrous Metals: 19

Aluminium: Recent Break Signals Multi-Month Strength 19

Copper: Subdued Prices Into Q314 20

Lead: Prices To Strengthen As Deficit Deepens 21

Nickel: H214 Rally Unlikely 22

Tin: More Resilient Than Other Metals 23

Zinc: Sustained Break Unlikely 25

      Table: Select Commodities - Performance & BMI Forecasts 27

Commodities Forecast 27

      Table: BMI Steel Price Forecast 27

Short-Term Outlook 27

Core View 28

Surplus Set To Slim 29

Production: Reining In Growth 29

Consumption: Deceleration Ahead 31

No Respite From Chinese Exports Over Coming Months 33

Arbitrage Set To Grow Between East And West 33

Risks To Price Outlook 34

      Table: Steel Data & Forecasts 35

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 36

Competitive Landscape 37

      Table: Largest European Listed Metals Producers 39

Company Profile 42

RUSAL 42

Latest Results 45

      Table: Rusal - Supply Chain Analysis 45

      Table: RUSAL - Key Financial Data 46

ArcelorMittal 47

Company Overview 49

Company Strategy 49

Latest Financial Results 51

Company Details 51

Financial Data 51

      Table: ArcelorMittal - Key Financial Data 51

Methodology 52

Cross Checks 52

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