Germany's metals sector will continue to feel the squeeze as output prices remain low and costs stay stubbornly high. We forecast subdued growth in consumption of key metals such as steel, copper and aluminium, chiefly due to a muted outlook for economic activity in the country. Key metal consuming sectors such as autos and construction will remain weak. For autos production, we do not foresee a return to growth until 2018 at the earliest.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Few Gains Ahead 11

Production To Remain Under Pressure 13

      Table: Germany - Crude Steel Production And Consumption, ('000 tonnes, unless stated otherwise) 14

      Table: Germany - Crude Steel Production, ('000 tonnes) 14

Aluminium: Low Prices To Constrain Sector 16

      Table: Germany - Primary Aluminium Production, Consumption And Balance ('000 tonnes) 19

Copper: Sector To Struggle 19

      Table: Germany - Refined Copper Production, Consumption And Balance, ('000 tonnes) 21

Regulatory Development 22

      Table: Political Overview 25

Commodities Forecast 27

Steel Price Forecast 27

      Table: BMI Steel Forecast 27

Short-Term Outlook 27

Core View 27

Global Steel Glut To Persist 28

Production: Rationalisation In The Long Term 28

Consumption: Growth Decelerating 30

Excessive Chinese Exports 31

Growing Arbitrage Between East & West 32

Risks To Price Outlook 32

      Table: Steel Data & Forecasts 33

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 34

Commodity Strategy 34

Steel: Subdued Medium Term Outlook 37

Aluminium: Despite Recent Upswing, Underperformance To Persist 38

Copper: No Time To Celebrate Yet 39

Lead: Outperformance On The Cards 40

Nickel: Sideways Movement In Weeks Ahead 41

Zinc: Positive Momentum To Continue 43

      Table: Select Commodities - Performance & BMI Forecasts 44

      Table: BMI Commodities Strategy 45

Competitive Landscape 46

      Table: Germany - Largest Listed Metals Producers 47

Company Profile 48

ThyssenKrupp AG 48

      Table: ThyssenKrupp - Key Financial Data, 2007-2012 50

ArcelorMittal 52

Company Strategy 55

Latest Financial Results 56

Company Details 57

Financial Data 57

      Table: ArcelorMittal - Key Financial Data 57

Methodology 58

Cross Checks 58

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