We expect expansion of the automotive, manufacturing, construction, and oil and gas sectors, all of which rely on steel and other refined metals as inputs, will lead to steady production and consumption growth for Mexico's metal sector in 2014-2018. Domestic steel producers are likely to face pressure from both cheaper foreign imports and US duties on Mexican steel, though we do not believe either will significantly impact the sector.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 11

Steel: Metals-Intensive Growth 11

Domestic And Foreign Steelmakers To Grow Production 13

Imports To Increase 13

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

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

Regulatory Development 16

Recent Developments 16

Business Environment To Remain Supportive 16

Tax Regime 16

Anti-Corruption Efforts Remain Priority 17

      Table: Political Overview 18

Commodities Forecast 19

      Table: BMI Steel Price Forecast 19

Short-Term Outlook 19

Core View 20

Surplus Set To Slim 20

Production: Reining In Growth 21

Consumption: Deceleration Ahead 23

No Respite From Chinese Exports Over Coming Months 25

Arbitrage Set To Grow Between East And West 25

Risks To Price Outlook 26

      Table: Steel Data & Forecasts 27

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 27

Competitive Landscape 29

      Table: Mexico - Major Metals Producers 30

Company Profile 31

ArcelorMittal 31

Company Overview 33

Company Strategy 33

Latest Financial Results 35

Company Details 35

Financial Data 35

      Table: ArcelorMittal - Key Financial Data 35

Methodology 36

Cross Checks 36

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