France Metals Report Q2 2014

Date: March 5, 2014
Pages: 46
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download
ID: F4B18C03C87EN

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Includes 3 FREE quarterly updates

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 over the foreseeable future.

The relatively strong performance the French steel industry enjoyed in H113 had dissipated in the second half of the year as it struggled with an increasingly sluggish domestic manufacturing sector and an equally listless European scenario. Uncertainty surrounds the future of ArcelorMittal's Florange steel mill, which has turned into an increasingly fraught political dispute. By 2013 a deal by the government to save the plant from closure with a five-year investment programme appeared to have failed due to technical difficulties, but it seemed unlikely the government would carry through with its threat to nationalise the facility.
BMI Industry View
Metals SWOT
Industry Forecast
Steel: Weak Growth Outlook As Economy Stalls
Demand: Muted Outlook For Infrastructure And Autos
  Table: France - Steel Production, Consumption And Balance ('000 tonnes)
  Table: France - Steel Industry Historical Data ('000 tonnes)
Commodities Forecast
Steel Price Forecast
  Table: BMI Steel Forecast
Short-Term Outlook
Core View
Global Steel Glut To Persist
Production: Rationalisation In The Long Term
Consumption: Growth Decelerating
Excessive Chinese Exports
Growing Arbitrage Between East & West
Risks To Price Outlook
  Table: Steel Data & Forecasts
  Table: Global Steel Prices By Region & Product, US$/tonne (ave)
Commodity Strategy
Aluminium: Continued Short-Term Weakness
Copper: Recent Strength Doesn't Change Our View
Nickel: Recent Strength To Subside
Zinc: Price Momentum To Continue
  Table: Select Commodities - Performance & BMI Forecasts
Competitive Landscape
  Table: Metals Industry - Key Facilities
  Table: Largest Listed European Listed Metals Producers
Company Profile
Company Strategy
Latest Financial Results
Company Details
Financial Data
  Table: ArcelorMittal - Key Financial Data
Rio Tinto
Company Overview
Company Strategy
Latest Financial Results
  Table: Rio Tinto - Key Financial Data
Cross Checks
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