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, our forecasts for the industry run out to 2018. The report examines the risk and investment strategies of leading players in the industry. It also examines the impact of a decline in the eurozone, particularly the German market, on Austrian exports.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Little Growth Ahead 11

      Table: Austria - Steel Production & Consumption ('000 tonnes, unless stated otherwise) 13

      Table: Austria - Steel Industry Historical Data ('000 tonnes, unless stated) 14

Commodities Forecast 15

Steel Price Forecast 15

      Table: BMI Steel Forecast 15

      Short-Term Outlook 15

      Core View 16

      Global Steel Glut To Persist 16

      Production: Rationalisation In The Long Term 17

      Consumption: Growth Decelerating 19

      Excessive Chinese Exports 20

      Growing Arbitrage Between East & West 21

      Risks To Price Outlook 21

      Table: Steel Data & Forecasts 22

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 22

Commodity Strategy 23

      Iron Ore: Fading Iron Will 24

      Steel: Global Glut To Weigh On Prices 26

      Aluminium: Fundamentals To Remain Weak 27

      Copper: All Eyes On China 28

      Lead: Outperforming Its Troubled Peers 29

      Nickel: Monthly Outperformer 31

      Tin: Outperforming A Weak Field 32

      Zinc: Further Consolidation Likely 33

      Table: Select Commodities - Performance & BMI Forecasts 35

Competitive Landscape 36

      Table: Europe - Major Listed Metal Producers 37

Company Profile 39

Voestalpine 39

      Table: Voestalpine - Financial Results 41

Methodology 42

Cross Checks 42

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