The outlook for Spain's metals sector is bleak, with few opportunities for growth in either production or consumption until beyond 2017. The effects of the eurozone crisis and domestic recession on the steel industry means the sector will see a protracted downturn that could permanently affect its structure. Indeed, we believe economic growth in Spain will prove moribund and the local steel market will fail to return to pre-recession levels of consumption.

BMI Industry View 5

SWOT 8

Metals SWOT 8

Industry Forecast 9

Commodity Strategy 9

      Aluminium: Small Rebound 12

      Copper: Sideways Trading To Give Way 13

      Nickel: Still No Relief 16

      Zinc: Short-Term Strength 18

      Table: Select Commodities - Performance & BMI Forecasts 19

      Table: Global Commodities Strategy 20

Commodities Forecast 21

      Table: BMI Steel Forecast 21

      Table: Steel Forecast 29

Competitive Landscape 30

      Table: Largest European Listed Metal Producers 31

Company Profile 33

ArcelorMittal 33

      Company Strategy 36

      Company Details 37

      Financial Data 38

      Table: ArcelorMittal - Key Financial Data 38

Methodology 39

Cross Checks 39

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