The outlook for Spain's metals sector is steadily improving once more. After three years of consecutive contraction in both domestic steel consumption and production, BMI is forecasting a turnaround with steel production returning to growth in 2014 and steel consumption in 2015 (after a contraction of 0.5% in 2014). Looking further ahead, we expect both steel consumption and production growth to accelerate year-on-year (y-o-y) from 2016 through to the end of our forecast period in 2018.

BMI Industry View 7

SWOT 10

Metals SWOT 10

Industry Forecast 12

Steel Price Forecast 12

      Table: BMI Steel Forecast 12

      Short-Term Outlook 12

      Core View 13

      Global Steel Glut To Persist 13

      Production: Rationalisation In The Long Term 14

      Consumption: Growth Decelerating 16

      Excessive Chinese Exports 17

      Growing Arbitrage Between East & West 18

      Risks To Price Outlook 18

      Table: Steel Data & Forecasts 19

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 19

Monthly Metals Update 20

      Iron Ore: Chinese Stimulus Not A Game Changer 21

      Steel: Gradual Rationalisation Insufficient To Boost Prices 23

      Aluminium: Recent Rally Unlikely To Persist Into H214 24

      Copper: Bearish Forecast Appears Well Placed 25

      Lead: Picking Up Autos Sector Tailwinds 26

      Nickel: Recent Rise To Fall Back In H214 27

      Zinc: Potential Test Of Resistance In Coming Weeks 29

      Table: Select Commodities - Performance & BMI Forecasts 31

Competitive Landscape 32

      Table: Largest European Listed Metal Producers 33

Company Profile 35

ArcelorMittal 35

      Company Overview 37

      Company Strategy 37

      Latest Financial Results 39

      Company Details 39

      Financial Data 39

      Table: ArcelorMittal - Key Financial Data 39

Methodology 40

Cross Checks 40

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