Romania's metals sector will continue to see modest growth over the coming years as it slowly recovers from the global downturn. This is primarily the case for steel, the largest sub-component of Romania's metals sector. With modest growth in both autos production and the country's construction sector, we expect modest growth in steel output over the next five years. In addition, with our expectation for steel prices to head broadly lower over the coming years, we see few sources of encouragement for the sector. Therefore, whilst we forecast modest growth in output, it will remain far off 2007 highs.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Little Growth Ahead 9

      Table: Romania - Steel Production & Consumption ('000 tonnes, unless stated) 11

      Table: Romania - Steel Production & Trade ('000 tonnes, unless stated) 12

Regulatory Development 13

Commodities Forecast 15

      Table: BMI Steel Forecast 15

      Table: Steel Forecast 22

Commodity Strategy 22

Aluminium: Small Rebound 26

Copper: Sideways Trading To Give Way 27

Nickel: Still No Relief 30

Zinc: Short-Term Strength 32

      Table: Select Commodities - Performance & BMI Forecasts 33

      Table: Global Commodities Strategy 34

Competitive Landscape 35

      Table: Europe - Major Listed Metal Producers 35

Company Profile 38

Mechel 38

      Table: Mechel - Financial Data 40

ArcelorMittal 41

Company Strategy 44

Company Details 45

Financial Data 46

      Table: ArcelorMittal - Key Financial Data 46

Methodology 47

Cross Checks 47

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