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

Commodity Strategy 15

      Steel: Locked In Secular Downtrend 17

      Aluminium: US$1,800/tonne To Provide Strong Support 17

      Copper: Bearish View In Place Despite Some Recovery 18

      Nickel: Despite Recent Gains, Downside Risks Dominate 20

      Zinc: Channelling Support 22

      Table: Select Commodities - Performance & BMI forecasts 24

      Table: BMI Commodities Strategy 24

      Commodities Forecast 25

      Table: BMI Steel Forecast 25

      Table: Steel Data And Forecasts, 2009-2017 33

Competitive Landscape 34

      Table: Europe - Major Listed Metal Producers 35

Company Profile 37

Mechel 37

      Table: Mechel - Financial Data 39

ArcelorMittal 40

      Company Strategy 43

      Latest Financial Results 44

      Company Details 45

      Financial Data 45

      Table: ArcelorMittal - Key Financial Data 45

Methodology 46

Cross Checks 46

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