We forecast strengthening Mexican macroeconomic fundamentals from 2014 through 2018 will lead to solid production and consumption growth of steel. We expect expansion of the automotive, manufacturing, construction, and oil and gas sectors, all of which rely on steel as an input, through our forecast period as the Mexican economy continues to recover from recent economic weakness.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 11

Steel: Metals-Intensive Growth 11

      Domestic And Foreign Steelmakers See Promise 13

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

      Table: Mexico - Steel Production Data ('000 tonnes), 2003-2012 14

Regulatory Development 16

Recent Developments 16

Overall Business Environment To Remain Supportive 16

Tax Regime 16

Anti-Corruption Efforts Remain Priority 17

      Table: Political Overview 18

Commodities Forecast 19

Steel Price Forecast 19

      Table: BMI Steel Forecast 19

      Short-Term Outlook 19

      Core View 19

      Global Steel Glut To Persist 20

      Production: Rationalisation In The Long Term 20

      Consumption: Growth Decelerating 22

      Excessive Chinese Exports 23

      Growing Arbitrage Between East & West 24

      Risks To Price Outlook 24

      Table: Steel Data & Forecasts 25

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 26

Commodity Strategy 26

      Iron Ore: Fading Iron Will 27

      Steel: Global Glut To Weigh On Prices 29

      Aluminium: Fundamentals To Remain Weak 30

      Copper: All Eyes On China 31

      Lead: Outperforming Its Troubled Peers 32

      Nickel: Monthly Outperformer 34

      Tin: Outperforming A Weak Field 35

      Zinc: Further Consolidation Likely 36

      Table: Select Commodities - Performance & BMI Forecasts 37

Competitive Landscape 39

      Table: Mexico - Major Metals Producers 40

Company Profile 41

ArcelorMittal 41

      Company Strategy 44

      Latest Financial Results 45

      Company Details 46

      Financial Data 46

      Table: ArcelorMittal - Key Financial Data 46

Methodology 47

Cross Checks 47

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