Ukraine's metals sector will see modest growth over the forecast period, with a handful of new projects to increase production growth. Production will not return to pre-crisis highs, however, due to global overcapacity and steel prices not making substantive gains over 2013. There are no major expansions on the cards, and no major players in either the aluminium or steel industries have announced substantial investment plans.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Looking To Domestic Demand 11

      Growth To Pick Up Thanks To Construction 11

      Table: Ukraine - Steel Production And Consumption, 2009-2018 ('000 tonnes) 15

      Table: Ukraine - Steel Industry Historical Data, 2003-2012 ('000 tonnes, unless stated otherwise) 15

Commodities Forecast 16

Monthly Metals Update 16

      Steel: Locked In Secular Downtrend 18

      Aluminium: US$1,800/tonne To Provide Strong Support 18

      Copper: Bearish View In Place Despite Some Recovery 19

      Nickel: Despite Recent Gains, Downside Risks Dominate 21

      Zinc: Channelling Support 23

      Table: Select Commodities - Performance & BMI forecasts 25

      Table: BMI Commodities Strategy 25

Steel Price Forecast 26

      Table: BMI Steel Forecast 26

      Short-Term Outlook 26

      Core View 26

      Global Steel Glut To Persist 27

      Production: Rationalisation In The Long Term 27

      Consumption: Growth Decelerating 29

      Excessive Chinese Exports 30

      Growing Arbitrage Between East & West 31

      Risks To Price Outlook 31

      Table: Steel Data & Forecasts 32

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 32

Competitive Landscape 34

      Table: Largest European Listed Metals Producers 36

Company Profile 39

ArcelorMittal 39

      Company Strategy 42

      Latest Financial Results 43

      Company Details 44

      Financial Data 44

      Table: ArcelorMittal - Key Financial Data 44

RUSAL 45

      Latest Results 48

      Table: RUSAL - Key Financial Data 49

Methodology 50

Cross Checks 50

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