BMI's latest Austria Metals Report assesses the prospects for growth in the steel industry over the mediumterm following a return to growth in output and a continuation in year-on-year (y-o-y) growth in consumption during the 2013 full-year. Within it, our forecasts for the industry run out to 2018. The report examines the risk and investment strategies of leading players in the industry. It also examines the impact of a decline in the eurozone, particularly the German market, on Austrian exports.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Little Growth Ahead 11

      Table: Steel Production & Consumption (Austria 2010-2018) . 13

      Table: Steel Industry Historical Data (Austria 2005-2012) 14

Commodities Forecast 15

Commodity Strategy 15

      Ferrous Metals: 15

      Iron Ore: Price Slump Overdone, Stabilisation In Sight 15

      Steel: Price Forecast Revised Up 16

      Non-Ferrous Metals: 18

      Aluminium: Recent Break Signals Multi-Month Strength 18

      Copper: Subdued Prices Into Q314 19

      Lead: Prices To Strengthen As Deficit Deepens 20

      Nickel: H214 Rally Unlikely 21

      Tin: More Resilient Than Other Metals 22

      Zinc: Sustained Break Unlikely 24

      Table: Select Commodities - Performance & BMI Forecasts 26

Commodities Forecast 26

      Table: BMI Steel Price Forecast 26

      Short-Term Outlook 26

      Core View 27

      Surplus Set To Slim 28

      Production: Reining In Growth 28

      Consumption: Deceleration Ahead 30

      No Respite From Chinese Exports Over Coming Months 32

      Arbitrage Set To Grow Between East And West 32

      Risks To Price Outlook 33

      Table: Steel Data & Forecasts 34

      Table: Global Steel Prices By Region & Product, USD/tonne (average) 34

Competitive Landscape 36

      Table: Europe - Major Listed Metal Producers 37

Company Profile 39

Voestalpine 39

      Table: Voestalpine - Financial Results . 41

Methodology 42

Cross Checks 42

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