The outlook for Spain's metals sector is steadily improving once more. After three years of consecutive contraction in both domestic steel consumption and production, BMI is forecasting a turnaround with steel production returning to growth in 2014 and steel consumption in 2015 (after a contraction of 0.5% in 2013).

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 12

Commodity Strategy 12

      Ferrous Metals: 13

      Iron Ore: Price Slump Overdone, Stabilisation In Sight 13

      Steel: Price Forecast Revised Up 13

      Non-Ferrous Metals: 15

      Aluminium: Recent Break Signals Multi-Month Strength 15

      Copper: Subdued Prices Into Q314 16

      Lead: Prices To Strengthen As Deficit Deepens 17

      Nickel: H214 Rally Unlikely 18

      Tin: More Resilient Than Other Metals 19

      Zinc: Sustained Break Unlikely 21

      Table: Select Commodities - Performance & BMI Forecasts 22

Commodities Forecast 23

      Table: BMI Steel Price Forecast 23

      Short-Term Outlook 23

      Core View 24

      Surplus Set To Slim 25

      Production: Reining In Growth 25

      Consumption: Deceleration Ahead 27

      No Respite From Chinese Exports Over Coming Months 29

      Arbitrage Set To Grow Between East And West 30

      Risks To Price Outlook 31

      Table: Steel Data & Forecasts 31

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 32

Competitive Landscape 33

      Table: Largest European Listed Metal Producers 34

Company Profile 36

ArcelorMittal 36

      Company Overview 38

      Company Strategy 38

      Latest Financial Results 40

      Company Details 40

      Financial Data 40

      Table: ArcelorMittal - Key Financial Data 40

Methodology 41

Cross Checks 41

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