Across all types of metals, we expect subdued growth in both production and consumption in Australia as a weakening global economic outlook continues to take its toll on the commodity driven economy. While significant additional global monetary stimulus should help to boost metal prices in the near term, the bout of loosening measures will be insufficient to stem the slowdown and the medium-term outlook for metals remains weak.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Construction Slowdown To Dominate 11

      Table: Australia - Steel Production & Consumption ('000 tonnes, unless stated otherwise) 16

      Table: Australia - Steel Production, 2003-2010 ('000 tonnes, unless stated otherwise) 16

Aluminium: Slow Growth To 2017 17

      Table: Australia - Refined Aluminium Production And Consumption ('000 tonnes, unless stated otherwise) 21

Nickel: Future Lies In Queensland Nickel's Hands 22

      Table: Australia - Refined Nickel Production And Consumption ('000 tonnes) 25

Regulatory Development 26

Tax Regime 26

Commodities Forecast 28

Iron Ore: Rally To Fade In Q413 29

Steel: Supply Glut To Endure 30

Aluminium: Surge Gives Way 31

Copper: Weak Outlook 32

Lead: Short-Term Weakness 33

Nickel: Still The Laggard 34

Zinc: Still A Surplus Market 37

      Table: Select Commodities - Performance And BMI Forecasts 38

      Table: Global Commodities Strategy 39

Steel Price Forecast 39

      Table: BMI Steel Forecast 39

      Table: Steel Forecast 48

Competitive Landscape 49

Australia To Remain A World Leader 49

      Table: Australia - Largest Listed Metal Producers 50

Company Profile 51

Arrium 51

      Table: Arrium Ltd - Financial Data 55

Rio Tinto - Q1 2014 56

Company Overview 58

Company Strategy 59

      Table: Rio Tinto - Key Financial Data 61

Methodology 62

Cross Checks 62

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