France's metals sector is set for very modest growth and, in some cases, decline, as major producers hold back on investment. Steel will continue to dominate the country's metals industry, but we do not expect any significant new investment. ArcelorMittal and Rio Tinto, the two largest producers in the country, are facing an increasingly hostile and competitive operating environment, with steel still cheap on a relative basis and aluminium being exported from China. We therefore do not expect France to return to pre-2008 rates of production or consumption before the end of our forecast period to 2018.

BMI Industry View 7

SWOT 9

Metals SWOT 9

Industry Forecast 11

Steel: Weak Growth Outlook As Economy Stalls 11

      Demand: Muted Outlook For Infrastructure And Autos 12

      Table: Steel Production & Consumption (000 tonnes, Unless Stated Otherwise) (France 2010-2018) 13

      Table: Steel Industry Historical Data (000 tonnes, Unless Stated Otherwise) (France 2005-2012) 13

Commodities Forecast 15

Steel Price Forecast 15

      Table: BMI Steel Forecast 15

      Short-Term Outlook 15

      Core View 16

      Global Steel Glut To Persist 16

      Production: Rationalisation In The Long Term 17

      Consumption: Growth Decelerating 19

      Excessive Chinese Exports 20

      Growing Arbitrage Between East & West 21

      Risks To Price Outlook 21

      Table: Steel Data & Forecasts 22

      Table: Global Steel Prices By Region & Product, US$/tonne (ave) 22

Monthly Metals Update 23

      Iron Ore: Chinese Stimulus Not A Game Changer 24

      Steel: Gradual Rationalisation Insufficient To Boost Prices 26

      Aluminium: Recent Rally Unlikely To Persist Into H214 27

      Copper: Bearish Forecast Appears Well Placed 28

      Lead: Picking Up Autos Sector Tailwinds 29

      Nickel: Recent Rise To Fall Back In H214 30

      Zinc: Potential Test Of Resistance In Coming Weeks 32

      Table: Select Commodities - Performance & BMI Forecasts 34

Competitive Landscape 35

      Table: Metals Industry - Key Facilities 35

      Table: Largest Listed European Listed Metals Producers 36

Company Profile 38

Rio Tinto 38

      Company Overview 40

      Company Strategy 41

      Latest Financial Results 42

      Table: Rio Tinto - Key Financial Data 43

ArcelorMittal 43

      Company Overview 45

      Company Strategy 45

      Latest Financial Results 47

      Company Details 47

      Financial Data 47

      Table: ArcelorMittal - Key Financial Data 47

Methodology 48

Cross Checks 48

冶金工业信息标准研究院