The economic recovery in Poland continues to gather momentum, with leading and coincident indicators -particularly retail sales and wage growth - pointing towards improvements in domestic demand in addition to the export-driven real GDP growth that arrived in the second half of 2013.

BMI Industry View 5

SWOT 7

Metals SWOT 7

Industry Forecast 9

Steel: Waiting On An Autos Sector Recovery 9

      Table: Poland - Steel Historic Data & Forecasts ('000 tonnes, unless stated otherwise) 13

      Table: Poland - Steel Historical Data ('000 tonnes, unless stated otherwise) 13

Copper: Surplus To Stagnate 14

      Table: Poland - Refined Copper Production, Consumption & Balance ('000 tonnes, unless stated otherwise) 17

Regulatory Development 18

      Table: Poland - Political Outlook 19

Commodities Forecast 20

Commodity Strategy 20

      Steel: Locked In Secular Downtrend 22

      Aluminium: US$1,800/tonne To Provide Strong Support 22

      Copper: Bearish View In Place Despite Some Recovery 23

      Nickel: Despite Recent Gains, Downside Risks Dominate 25

      Zinc: Channelling Support 27

      Table: Select Commodities - Performance & BMI forecasts 28

      Table: BMI Commodities Strategy 29

Commodities Forecast 30

      Table: BMI Steel Forecast 30

      Table: Steel Data And Forecasts, 2009-2017 38

Competitive Landscape 39

      Table: Europe - Largest Listed Metal Producers 40

Company Profile 42

KGHM 42

      Table: KGHM - Key Financial Data 44

ArcelorMittal 45

      Company Strategy 48

      Latest Financial Results 49

      Company Details 50

      Financial Data 50

      Table: ArcelorMittal - Key Financial Data 50

Methodology 51

Cross Checks 51

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