BMI's latest Austria Metals Report assesses the prospects for growth in the steel industry over the mediumterm following a decline in output but an increase in consumption in 2012. Within it, we have extended our forecasts for the industry out to 2018. The report examines the risk and investment strategies of leading players in the industry.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Little Growth Ahead 9

      Table: Austria - Steel Production & Consumption ('000 tonnes, unless stated otherwise) 12

      Table: Austria - Steel Industry Historical Data ('000 tonnes, unless stated) 13

Commodities Forecast 14

Commodity Strategy 14

      Steel: Locked In Secular Downtrend 16

      Aluminium: US$1,800/tonne To Provide Strong Support 16

      Copper: Bearish View In Place Despite Some Recovery 17

      Nickel: Despite Recent Gains, Downside Risks Dominate 19

      Zinc: Channelling Support 21

      Table: Select Commodities - Performance & BMI forecasts 23

      Table: BMI Commodities Strategy 23

Commodities Forecast 24

      Table: BMI Steel Forecast 24

      Table: Steel Data And Forecasts, 2009-2017 32

Competitive Landscape 33

      Table: Europe - Major Listed Metal Producers 33

Company Profile 36

Voestalpine 36

      Table: Voestalpine - Financial Results 37

Methodology 39

Cross Checks 39

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