Production data for H1 2014 indicate robust growth across the Belgium steel sector with the industry on track for its first full-year of positive output since 2011. While the short-term outlook for Belgium's steel sector is looking increasingly positive, we caution that weak domestic consumption, coupled with a stuttering eurozone recovery is likely to make local producers wary of increasing capacity.

BMI Industry View 7

SWOT 8

Metals SWOT 8

Industry Forecast 10

Steel: Stronger Eurozone Demand To Offset Slow Domestic Consumption 10

      Table: Belgium Steel Production, Consumption Forecast 2011-2018 13

      Table: Steel Industry Historical Data (Belgium 2005-2012) 13

Regulatory Development 15

Commodities Forecast 16

      Table: BMI Steel Price Forecast 16

Short-Term Outlook 16

Core View 17

Surplus Set To Slim 17

Production: Reining In Growth 18

Consumption: Deceleration Ahead 20

No Respite From Chinese Exports Over Coming Months 22

Arbitrage Set To Grow Between East And West 22

Risks To Price Outlook 23

      Table: Steel Data & Forecasts 24

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 24

Commodity Strategy 26

Ferrous Metals: 26

Iron Ore: Price Slump Overdone, Stabilisation In Sight 26

Steel: Price Forecast Revised Up 27

Non-Ferrous Metals: 29

Aluminium: Recent Break Signals Multi-Month Strength 29

Copper: Subdued Prices Into Q314 30

Lead: Prices To Strengthen As Deficit Deepens 31

Nickel: H214 Rally Unlikely 32

Tin: More Resilient Than Other Metals 33

Zinc: Sustained Break Unlikely 35

      Table: Select Commodities - Performance & BMI Forecasts 37

Competitive Landscape 38

      Table: Financial Breakdown Of Companies Operating In Belgium 39

Company Profile 41

ArcelorMittal 41

Company Overview 43

Company Strategy 43

Latest Financial Results 45

Company Details 45

Financial Data 45

      Table: ArcelorMittal - Key Financial Data 45

Alcoa 46

Company Strategy 48

Latest Results 49

      Table: Alcoa - Supply Chain Analysis 50

Company Details 51

Methodology 52

Cross Checks 52

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