Ukraine's metals sector will see modest growth over the forecast period, with a handful of new projects to increase production growth. Production will not return to pre-crisis highs, however, due to global overcapacity and steel prices not making substantive gains over 2013. There are no major expansions on the cards, and no major players in either the aluminium or steel industries have announced substantial investment plans.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Looking To Domestic Demand 11

      Growth To Pick Up Thanks To Construction 11

      Table: Steel Production & Consumption (000 tonnes, Unless Stated Otherwise) (Ukraine 2010-2018) 15

      Table: Ukraine - Steel Industry Historical Data, 2003-2012 ('000 tonnes, unless stated otherwise) 15

Commodities Forecast 16

Steel Price Forecast 16

      Table: BMI Steel Forecast 16

      Short-Term Outlook 16

      Core View 17

      Global Steel Glut To Persist 17

      Production: Rationalisation In The Long Term 18

      Consumption: Growth Decelerating 20

      Excessive Chinese Exports 21

      Growing Arbitrage Between East & West 22

      Risks To Price Outlook 22

      Table: Steel Data & Forecasts 23

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 23

Monthly Metals Update 24

      Iron Ore: Chinese Stimulus Not A Game Changer 25

      Steel: Gradual Rationalisation Insufficient To Boost Prices 27

      Aluminium: Recent Rally Unlikely To Persist Into H214 28

      Copper: Bearish Forecast Appears Well Placed 29

      Lead: Picking Up Autos Sector Tailwinds 30

      Nickel: Recent Rise To Fall Back In H214 31

      Zinc: Potential Test Of Resistance In Coming Weeks 33

      Table: Select Commodities - Performance & BMI Forecasts 35

Competitive Landscape 36

      Table: Largest European Listed Metals Producers 38

Company Profile 41

ArcelorMittal 41

      Company Overview 43

      Company Strategy 43

      Latest Financial Results 45

      Company Details 45

      Financial Data 45

      Table: ArcelorMittal - Key Financial Data 45

RUSAL 46

      Latest Results 49

      Table: Rusal - Supply Chain Analysis 49

      Table: RUSAL - Key Financial Data 50

Methodology 51

Cross Checks 51

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