In Q214 we are sticking with our full-year production forecasts for Belgium's steel sector. An up-tick in Belgium's economic growth in 2014 is unlikely to filter down into the country's steel sector with the industry continuing to be hit by overcapacity coupled with sluggish demand deriving, in part, from weak growth across the region's automotive sector.

BMI Industry View 5

SWOT 6

Metals SWOT 6

Industry Forecast 8

Steel: Conditions To Remain Challenging For Producers 8

      Table: Belgium - Steel Production & Consumption ('000 tonnes, unless stated otherwise) 11

      Table: Belgium- Steel Industry Historical Data ('000 tonnes, unless stated otherwise) 11

Regulatory Development 13

      Table: Political Overview 13

Commodities Forecast 15

      Table: BMI Steel Forecast 15

      Table: Steel Data And Forecasts, 2009-2017 23

Commodity Strategy 23

Steel: Locked In Secular Downtrend 26

Aluminium: US$1,800/tonne To Provide Strong Support 26

Copper: Bearish View In Place Despite Some Recovery 27

Nickel: Despite Recent Gains, Downside Risks Dominate 29

Zinc: Channelling Support 31

      Table: Select Commodities - Performance & BMI forecasts 33

      Table: BMI Commodities Strategy 33

Competitive Landscape 34

      Table: Financial Breakdown Of Companies Operating In Belgium 35

Company Profile 37

ArcelorMittal 37

Company Strategy 40

Latest Financial Results 41

Company Details 42

Financial Data 42

      Table: ArcelorMittal - Key Financial Data 42

Alcoa 43

Recent Financial Data 46

      Table: Alcoa - Key Financial Data 46

Methodology 48

Cross Checks 48

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