Although we are optimistic about Poland's economic growth prospects, expecting an expansion of 1.5% in 2013 (recently revised downwards from 1.9%) and steady headline GDP expansion thereafter, we are more cautious regarding metal consumption and production prospects. Key metal consuming segments such as autos and particularly construction will underperform.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Waiting On An Autos Sector Recovery 9

      Table: Poland - Steel Historic Data & Forecasts ('000 tonnes, unless stated otherwise) 13

      Table: Poland - Steel Historical Data ('000 tonnes, unless stated otherwise) 13

Copper: Surplus To Stagnate 14

      Table: Poland - Refined Copper Production, Consumption & Balance ('000 tonnes, unless stated otherwise) 17

Regulatory Development 18

      Table: Poland - Political Outlook 19

Commodities Forecast 21

Iron Ore: Rally To Fade In Q413 22

Steel: Supply Glut To Endure 23

Aluminium: Surge Gives Way 24

Copper: Weak Outlook 25

Lead: Short-Term Weakness 26

Nickel: Still The Laggard 27

Zinc: Still A Surplus Market 30

      Table: Select Commodities - Performance And BMI Forecasts 31

      Table: Global Commodities Strategy 32

Steel Price Forecast 32

      Table: BMI Steel Forecast 32

      Table: Steel Forecast 41

Competitive Landscape 42

      Table: Europe - Largest Listed Metal Producers 43

Company Profile 45

KGHM 45

      Table: KGHM - Key Financial Data 48

ArcelorMittal 50

      Company Strategy 53

      Company Details 54

      Financial Data 55

      Table: ArcelorMittal - Key Financial Data 55

Methodology 56

Cross Checks 56

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