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Spain Metals Report 2015

Spain Metals Report 2015

BMI View: After the economic hardship of the past few years, the outlook for Spain's metals sector isincreasingly positive as the country's manufacturing and construction industries begin a tentative recovery.

However, high operating costs and a lack of export competitiveness remain a concern for steel and othermetals producers. Overall, we do not expect Spanish metals production to return to pre-downturn levels inthe immediate future.

Spain boats one of Europe's leading metals industries and is currently the fourth largest steel producer inEurope, behind Germany, France and Italy. The company is an important base for high-quality steelproduction, with leading multinational steelmaker ArcelorMittal operating two production facilities in theAsturias region in the north of the country. The collapse of the Spanish construction and manufacturingsectors following the onset of the global economic crisis has led to a severe contraction in the country's steelproduction volume as output has fallen from About 19mn tonnes (mnt) a year in 2007 to around 14mnt. Thepast two years have seen tentative steps towards recovery, with production growing by about 4% year-onyear(y-o-y) in 2013 and remaining stable over the following year. We are forecasting a narrow contractionof 1.7% in Spanish steel output this year. However, as we look towards the remainder of the medium-termforecast period, we are increasingly confident that the worst has passed for the industry.


BMI Industry View
SWOT
Metals SWOT
Industry Forecast
Steel: Local Demand To Support Tentative Recovery
Table: Spain - Steel Production And Consumption ('000 tonnes, unless stated otherwise)
Table: Spain - Steel Production And Consumption ('000 tonnes, unless stated otherwise)
Table: Spain - Steel Production By Product
Commodities Forecast
Global - Metals: Lower Costs And Weak Demand To Anchor Prices
Metal Price Weakness: Chinese Equity Slump & US Dollar Strength
US Dollar Strength To Anchor Weak Metal Prices
Steel: Oversupply To Subdue Prices Until 2017
Table: BMI Steel Price Forecast
Market Balance: Surplus To Persist Until 2017
Table: Steel Forecasts (2015-2019)
Competitive Landscape
Table: Largest European Listed Metal Producers
Company Profile
ArcelorMittal
Company Overview
Company Strategy
Latest Financial Results
Company Details
Financial Data
Table: ArcelorMittal - Key Financial Data
Methodology
Cross Checks

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