2014 will see further contraction in Belgian steel production as steelmakers look to stem oversupply through reducing capacity at key facilities. Nevertheless, there are signs the contraction in output levels are tailing off as the market reaches a more balances supply-demand equilibrium while there is also potential for growth in demand for certain, niche products.

BMI Industry View 7

SWOT 8

Metals SWOT 8

Industry Forecast 10

Steel: Eurozone Growth To Bring Little Upside For Producers 10

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

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

Regulatory Development 15

      Table: Political Overview 15

Commodities Forecast 17

Steel Price Forecast 17

      Table: BMI Steel Forecast 17

      Short-Term Outlook 17

      Core View 18

      Global Steel Glut To Persist 18

      Production: Rationalisation In The Long Term 19

      Consumption: Growth Decelerating 21

      Excessive Chinese Exports 22

      Growing Arbitrage Between East & West 23

      Risks To Price Outlook 23

      Table: Steel Data & Forecasts 24

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 24

Commodity Strategy 25

      Iron Ore: Fading Iron Will 26

      Steel: Global Glut To Weigh On Prices 28

      Aluminium: Fundamentals To Remain Weak 29

      Copper: All Eyes On China 30

      Lead: Outperforming Its Troubled Peers 31

      Nickel: Monthly Outperformer 33

      Tin: Outperforming A Weak Field 34

      Zinc: Further Consolidation Likely 35

      Table: Select Commodities - Performance & BMI Forecasts 37

Competitive Landscape 38

      Table: Financial Breakdown Of Companies Operating In Belgium 39

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

Alcoa 46

      Recent Financial Data 49

      Table: Alcoa - Key Financial Data 50

Methodology 51

Cross Checks 51

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