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. An uptick in political risk in Turkey also presents a key downside risk.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Near-Term Headwinds For Sector 9

      Consumption 10

      Production 11

      Table: Turkey - Steel Production & Consumption (kt) 14

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

Regulatory Development 15

Political Risk Heightened 15

Anti-Corruption Drive Paying Off 15

Tax Regime 16

      Table: Political Overview 17

Commodities Forecast 19

Commodity Strategy 19

      Aluminium: Continued Short-Term Weakness 22

      Copper: Recent Strength Doesn't Change Our View 22

      Nickel: Recent Strength To Subside 24

      Zinc: Price Momentum To Continue 26

      Table: Select Commodities - Performance & BMI Forecasts 28

Commodities Forecast 28

      Table: BMI Steel Forecast 28

      Table: Steel Data And Forecasts, 2009-2017 36

Competitive Landscape 37

      Table: Turkey - Steel Mills 38

      Table: Turkey - Largest Listed Metal Producers, Key Financial Metrics 39

Company Profile 40

Erdemir 40

      Company Strategy 42

      Table: Erdemir - Financial Data 43

Kardemir 44

      Company Strategy 45

      Table: Kardemir - Financial Data 46

Methodology 47

Cross Checks 47

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