Despite relatively weak growth to be expected in the near-term, the medium-term outlook for Turkey's metals sector remains promising due to strong demand from the domestic construction and autos sectors. Near-term headwinds are likely to include currency weakness making imports of materials more expensive and weak global steel prices squeezing steel-makers' margins.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Europe's Most Bullish Growth Story 9

      Table: Turkey - Steel Industry 13

      Table: Turkey - Steel Industry Historical Data (kt) 14

Regulatory Development 15

Anti-Corruption Drive Paying Off 15

Tax Regime 15

      Table: Political Overview 17

Commodities Forecast 19

Iron Ore: Rally To Fade In Q413 20

Steel: Supply Glut To Endure 21

Aluminium: Surge Gives Way 22

Copper: Weak Outlook 23

Lead: Short-Term Weakness 24

Nickel: Still The Laggard 25

Zinc: Still A Surplus Market 28

      Table: Select Commodities - Performance And BMI Forecasts 29

      Table: Global Commodities Strategy 30

Commodities Forecast 30

      Table: BMI Steel Forecast 30

      Table: Steel Forecast 38

Competitive Landscape 39

      Table: Turkey - Steel Mills 39

      Table: Turkey - Largest Listed Metal Producers 40

Company Profile 41

Erdemir 41

      Company Strategy 43

      Table: Erdemir - Financial Data 44

Kardemir 45

      Company Strategy 46

      Table: Kardemir - Financial Data 47

Methodology 48

Cross Checks 48

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