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: Only Modest Growth On The Horizon 11

Production To Remain Under Pressure 13

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

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

Aluminium: Weak Prices To Restrain Production Growth 15

      Table: Aluminium Production & Consumption (Germany 2010-2018) 18

Copper: Sector To Struggle 18

      Table: Refined Copper Production, Consumption & Balance (Germany 2010-2018) 20

Regulatory Development 21

      Table: Political Overview 24

Commodities Forecast 26

Commodity Strategy 26

Ferrous Metals: 26

Steel: Prices To Remain Subdued 28

Non-Ferrous Metals: 29

Aluminium: Price Strength To Continue In Q314 29

Copper: Further Decline By Year's End 30

Lead: Constructive Price Outlook 31

Nickel: Moderation To Continue 32

Tin: Upside Ahead 33

Zinc: Consolidation Before Multi-Year Gains 35

Table: Select Commodities - Performance & BMI Forecasts 37

Steel: Prices To Head Higher From 2016 37

      Table: BMI Steel Price Forecast 37

Short-Term Outlook (three-to-six months) 37

Long-Term Outlook 38

Production: Chinese Rationalisation Measures To Bite 39

Consumption: Slowing Demand Growth On The Horizon 40

Burgeoning Chinese Exports Will Not Last 41

Eurozone Growth Downgrade Highlights Long Road To Recovery 42

Risks To Price Forecast 42

      Table: Steel Data & Forecasts 43

Competitive Landscape 44

      Table: Germany - Largest Listed Metals Producers 45

Company Profile 46

ArcelorMittal 46

Company Overview 48

Company Strategy 48

Latest Financial Results 50

Company Details 50

Financial Data 50

      Table: ArcelorMittal - Key Financial Data 50

ThyssenKrupp AG 51

      Table: ThyssenKrupp - Key Financial Data 53

Aurubis AG 55

      Table: Aurubis - Key Financial Data 57

Methodology 59

Cross Checks 59

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