We forecast a modest recovery in the UK steel industry. In line with European counterparts, the UK metals industry has been rocked by low profitability that has led to capacity reductions and disinvestment. However, the worst is probably over for the UK, as slightly stronger domestic demand and recent investment from international firms such as SSI and TATA Steel should arrest the slide in sector fortunes.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Recent Investment To Arrest Slowdown 9

      Table: UK - Steel Production And Consumption, 2008-2017 ('000 tonnes) 12

      Table: UK - Steel Production, 2003-2011 ('000 tonnes, unless otherwise stated) 13

Commodities Forecast 14

Commodity Strategy 14

Aluminium: Small Rebound 17

Copper: Sideways Trading To Give Way 18

Nickel: Still No Relief 21

Zinc: Short-Term Strength 23

      Table: Select Commodities - Performance & BMI Forecasts 24

      Table: Global Commodities Strategy 25

Commodities Forecast 26

      Table: BMI Steel Forecast 26

      Table: Steel Forecast 34

Competitive Landscape 35

      Table: Largest European Listed Metals Producers 36

Company Profile 38

Rio Tinto - Q1 2014 38

Company Overview 40

Company Strategy 41

      Table: Rio Tinto - Key Financial Data 43

Tata Steel Limited 44

Recent Financial Results 46

      Table: Tata Steel - Key Financial Data 47

Methodology 48

Cross Checks 48

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