Canada's trade relationships with both the US and Mexico will encourage output growth in its metals industry to 2018, as the country remains a net exporter in refined metal. Increasing manufacturing and industrial activity in the latter two countries should help drive demand for metal inputs. Moreover, a weaker Canadian dollar against the US dollar should provide upside for Canadian exports.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 11

Steel: Low But Steady Growth Ahead 11

Domestic Output To Lag Demand 12

Modest Consumption Supported 13

      Table: Steel Production & Consumption (Canada 2010-2018) 14

      Table: Steel Industry Historical Data (Canada 2005-2012) 14

Nickel: Export Demand To Support Sector 16

Indonesian Ore Ban Upside For Canada 17

      Table: Refined Nickel Production & Consumption (Canada 2010-2018) 18

Aluminium: Canada To Be Top North American Supplier 18

Canada To Lead In Americas 19

Majority To Be Exported 20

      Table: Aluminium Production & Consumption (Canada 2010-2018) 21

Regulatory Development 22

Recent Updates 22

Local Consultation & Environmental Stewardship To Remain Top Priorities 23

Tax Regime 23

      Table: Canada Political Overview 24

Commodities Forecast 25

Commodity Strategy 25

Ferrous Metals: 25

Non-Ferrous Metals: 29

Aluminium: Prices To Remain Elevated Following Recent Dip 29

Copper: Chinese Weakness To Create Further Headwinds 30

Nickel: No Sustained Rally Ahead 32

Zinc: Subdued Short-Term Outlook Before Multi-Year Gains 35

      Table: Select Commodities - Performance And BMI Forecasts 36

Steel: Prices To Head Higher From 2016 37

      Table: BMI Steel Price Forecast 37

Short-Term Outlook (three-to-six months) 37

Long-Term Outlook 38

Production: Chinese Rationalisation Measures To Bite 39

Consumption: Slowing Demand Growth On The Horizon 40

Burgeoning Chinese Exports Will Not Last 41

Eurozone Growth Downgrade Highlights Long Road To Recovery 42

Risks To Price Forecast 42

      Table: Steel Data & Forecasts 43

Competitive Landscape 44

      Table: Canada - Largest Listed Metals Companies 45

Company Profile 46

ArcelorMittal 46

Company Overview 48

Company Strategy 48

Latest Financial Results 50

Company Details 50

Financial Data 50

      Table: ArcelorMittal - Key Financial Data 50

Rio Tinto 51

Company Overview 53

Company Strategy 54

Latest Financial Results 55

      Table: Rio Tinto - Key Financial Data 57

US Steel 58

Company Overview 60

Company Strategy 60

Latest Results 61

      Table: US Steel - Supply Chain Analysis 62

      Table: Financial Data 63

Address Details 63

Methodology 64

Cross Checks 64

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