The outlook for Spain's metals sector is bleak, with few opportunities for growth in either production or consumption until beyond the end of our newly-extended forecast period to 2018. The effects of the eurozone crisis and domestic recession on the steel industry means the sector will see a protracted downturn that could permanently affect its structure.

BMI Industry View 5

SWOT 8

Metals SWOT 8

Industry Forecast 10

Monthly Metals Update 10

      Steel: Locked In Secular Downtrend 12

      Aluminium: US$1,800/tonne To Provide Strong Support 12

      Copper: Bearish View In Place Despite Some Recovery 13

      Nickel: Despite Recent Gains, Downside Risks Dominate 15

      Zinc: Channelling Support 17

      Table: Select Commodities - Performance & BMI forecasts 19

      Table: BMI Commodities Strategy 19

Steel Price Forecast 20

      Table: BMI Steel Forecast 20

      Short-Term Outlook 20

      Core View 20

      Global Steel Glut To Persist 21

      Production: Rationalisation In The Long Term 21

      Consumption: Growth Decelerating 23

      Excessive Chinese Exports 24

      Growing Arbitrage Between East & West 25

      Risks To Price Outlook 25

      Table: Steel Data & Forecasts 26

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 26

Competitive Landscape 28

      Table: Largest European Listed Metal Producers 29

Company Profile 31

ArcelorMittal 31

      Company Strategy 34

      Latest Financial Results 35

      Company Details 36

      Financial Data 36

      Table: ArcelorMittal - Key Financial Data 36

Methodology 37

Cross Checks 37

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