After a strong year for the UK steel industry in both production and consumption in 2013, we are forecasting a muted recovery going forward. In line with its European counterparts, the UK metals industry has been rocked by low profitability that has led to capacity reductions and disinvestment.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Recent Investment To Arrest Slowdown 11

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

      Table: Steel Industry Historical Data (United Kingdom 2005-2012) 15

Commodities Forecast 16

Commodity Strategy 16

      Ferrous Metals: 17

      Iron Ore: Price Slump Overdone, Stabilisation In Sight 17

      Steel: Price Forecast Revised Up 17

      Non-Ferrous Metals: 19

      Aluminium: Recent Break Signals Multi-Month Strength 19

      Copper: Subdued Prices Into Q314 20

      Lead: Prices To Strengthen As Deficit Deepens 21

      Nickel: H214 Rally Unlikely 22

      Tin: More Resilient Than Other Metals 23

      Zinc: Sustained Break Unlikely 25

      Table: Select Commodities - Performance & BMI Forecasts 27

Commodities Forecast 27

      Table: BMI Steel Price Forecast 27

      Short-Term Outlook 27

      Core View 28

      Surplus Set To Slim 29

      Production: Reining In Growth 29

      Consumption: Deceleration Ahead 31

      No Respite From Chinese Exports Over Coming Months 33

      Arbitrage Set To Grow Between East And West 33

      Risks To Price Outlook 34

      Table: Steel Data & Forecasts 35

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 36

Competitive Landscape 37

      Table: Largest European Listed Metals Producers 38

Company Profile 40

Tata Steel Limited 40

      Table: Tata Steel - Key Financial Data 43

Rio Tinto 43

      Company Overview 45

      Company Strategy 46

      Latest Financial Results 47

      Table: Rio Tinto - Key Financial Data 48

Methodology 49

Cross Checks 49

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