TABLE OF CONTENTS
Introduction 13
What is this report about? 13
Who is the target reader? 13
How to use this report 13
Definitions 13
Top 5 Emerging Countires Metals & Mining Industry Outlook 14
Metals & Mining in South Africa 17
Market Overview 17
Market Data 18
Market Segmentation 20
Market outlook 23
Five forces analysis 25
Leading companies 37
Macroeconomic indicators 50
Metals & Mining in Brazil 52
Market Overview 52
Market Data 53
Market Segmentation 55
Market outlook 57
Five forces analysis 59
Leading companies 71
Macroeconomic indicators 93
Metals & Mining in China 95
Market Overview 95
Market Data 96
Market Segmentation 98
Market outlook 100
Five forces analysis 102
Leading companies 114
Macroeconomic indicators 130
Metals & Mining in India 132
Market Overview 132
Market Data 133
Market Segmentation 135
Market outlook 137
Five forces analysis 139
Leading companies 151
Macroeconomic indicators 163
Metals & Mining in Mexico 165
Market Overview 165
Market Data 166
Market Segmentation 168
Market outlook 170
Five forces analysis 172
Leading companies 184
Macroeconomic indicators 200
Appendix 202
Methodology 202

LIST OF TABLES
Table 1: Top 5 emerging countries metals & mining industry, revenue ($bn), 2007-16 14
Table 2: Top 5 emerging countries metals & mining industry, revenue ($bn), 2007-11 15
Table 3: Top 5 emerging countries metals & mining industry forecast, revenue ($bn), 2011-16 16
Table 4: South Africa metals & mining industry value: $ billion, 2007–11 18
Table 5: South Africa metals & mining industry volume: million metric ton, 2007–11 19
Table 6: South Africa metals & mining industry category segmentation: % share, by value, 2007–2011 20
Table 7: South Africa metals & mining industry category segmentation: $ billion, 2007-2011 20
Table 8: South Africa metals & mining industry geography segmentation: $ billion, 2007–2011 22
Table 9: South Africa metals & mining industry value forecast: $ billion, 2011–16 23
Table 10: South Africa metals & mining industry volume forecast: million metric ton, 2011–16 24
Table 11: ArcelorMittal: key facts 37
Table 12: ArcelorMittal: key financials ($) 38
Table 13: ArcelorMittal: key financial ratios 38
Table 14: Vale S.A.: key facts 40
Table 15: Vale S.A.: key financials ($) 42
Table 16: Vale S.A.: key financials (BRL) 42
Table 17: Vale S.A.: key financial ratios 42
Table 18: Xstrata plc: key facts 44
Table 19: Xstrata plc: key financials ($) 45
Table 20: Xstrata plc: key financial ratios 45
Table 21: BHP Billiton Group: key facts 47
Table 22: BHP Billiton Group: key financials ($) 48
Table 23: BHP Billiton Group: key financial ratios 48
Table 24: South Africa size of population (million), 2007–11 50
Table 25: South Africa gdp (constant 2000 prices, $ billion), 2007–11 50
Table 26: South Africa gdp (current prices, $ billion), 2007–11 50
Table 27: South Africa inflation, 2007–11 51
Table 28: South Africa consumer price index (absolute), 2007–11 51
Table 29: South Africa exchange rate, 2007–11 51
Table 30: Brazil metals & mining industry value: $ billion, 2007–11 53
Table 31: Brazil metals & mining industry volume: million metric ton, 2007–11 54
Table 32: Brazil metals & mining industry category segmentation: $ billion, 2011 55
Table 33: Brazil metals & mining industry geography segmentation: $ billion, 2011 56
Table 34: Brazil metals & mining industry value forecast: $ billion, 2011–16 57
Table 35: Brazil metals & mining industry volume forecast: million metric ton, 2011–16 58
Table 36: Alumínio Brasileiro (Albrás): key facts 71
Table 37: Alumínio Brasileiro (Albrás): key financials ($) 71
Table 38: Alumínio Brasileiro (Albrás): key financials (NOK) 72
Table 39: Alumínio Brasileiro (Albrás): key financial ratios 72
Table 40: Companhia Brasileira de Alumínio (CBA): key facts 74
Table 41: Companhia Brasileira de Alumínio (CBA): key financials ($) 74
Table 42: Companhia Brasileira de Alumínio (CBA): key financials (BRL) 75
Table 43: Companhia Brasileira de Alumínio (CBA): key financial ratios 75
Table 44: Rio Tinto Alcan: key facts 77
Table 45: Rio Tinto Alcan: key financials ($) 77
Table 46: Rio Tinto Alcan: key financial ratios 78
Table 47: Vale S.A.: key facts 80
Table 48: Vale S.A.: key financials ($) 82
Table 49: Vale S.A.: key financials (BRL) 82
Table 50: Vale S.A.: key financial ratios 82
Table 51: Xstrata plc: key facts 84
Table 52: Xstrata plc: key financials ($) 85
Table 53: Xstrata plc: key financial ratios 85
Table 54: BHP Billiton Group: key facts 87
Table 55: BHP Billiton Group: key financials ($) 88
Table 56: BHP Billiton Group: key financial ratios 88
Table 57: Alcoa Inc.: key facts 90
Table 58: Alcoa Inc.: key financials ($) 91
Table 59: Alcoa Inc.: key financial ratios 91
Table 60: Brazil size of population (million), 2007–11 93
Table 61: Brazil gdp (constant 2000 prices, $ billion), 2007–11 93
Table 62: Brazil gdp (current prices, $ billion), 2007–11 93
Table 63: Brazil inflation, 2007–11 94
Table 64: Brazil consumer price index (absolute), 2007–11 94
Table 65: Brazil exchange rate, 2007–11 94
Table 66: China metals & mining industry value: $ billion, 2007–11 96
Table 67: China metals & mining industry volume: million metric ton, 2007–11 97
Table 68: China metals & mining industry category segmentation: $ billion, 2011 98
Table 69: China metals & mining industry geography segmentation: $ billion, 2011 99
Table 70: China metals & mining industry value forecast: $ billion, 2011–16 100
Table 71: China metals & mining industry volume forecast: million metric ton, 2011–16 101
Table 72: Baosteel Group Corporation: key facts 114
Table 73: Baosteel Group Corporation: key financials ($) 115
Table 74: Baosteel Group Corporation: key financials (CNY) 115
Table 75: Baosteel Group Corporation: key financial ratios 116
Table 76: China Coal Energy Company Limited: key facts 118
Table 77: China Coal Energy Company Limited: key financials ($) 119
Table 78: China Coal Energy Company Limited: key financials (CNY) 119
Table 79: China Coal Energy Company Limited: key financial ratios 119
Table 80: Hebei Iron & Steel Group Company Limited: key facts 121
Table 81: Jiangsu Shagang Group: key facts 122
Table 82: Wuhan Iron and Steel (Group) Corporation: key facts 123
Table 83: Wuhan Iron and Steel (Group) Corporation: key financials ($) 123
Table 84: Wuhan Iron and Steel (Group) Corporation: key financials (CNY) 124
Table 85: Wuhan Iron and Steel (Group) Corporation: key financial ratios 124
Table 86: Aluminum Corporation of China Limited (Chalco): key facts 126
Table 87: Aluminum Corporation of China Limited (Chalco): key financials ($) 127
Table 88: Aluminum Corporation of China Limited (Chalco): key financials (CNY) 127
Table 89: Aluminum Corporation of China Limited (Chalco): key financial ratios 128
Table 90: China size of population (million), 2007–11 130
Table 91: China gdp (constant 2000 prices, $ billion), 2007–11 130
Table 92: China gdp (current prices, $ billion), 2007–11 130
Table 93: China inflation, 2007–11 131
Table 94: China consumer price index (absolute), 2007–11 131
Table 95: China exchange rate, 2007–11 131
Table 96: India metals & mining industry value: $ billion, 2007–11 133
Table 97: India metals & mining industry volume: million metric ton, 2007–11 134
Table 98: India metals & mining industry category segmentation: $ billion, 2011 135
Table 99: India metals & mining industry geography segmentation: $ billion, 2011 136
Table 100: India metals & mining industry value forecast: $ billion, 2011–16 137
Table 101: India metals & mining industry volume forecast: million metric ton, 2011–16 138
Table 102: Hindalco Industries Limited: key facts 151
Table 103: Hindalco Industries Limited: key financials ($) 152
Table 104: Hindalco Industries Limited: key financials (Rs.) 152
Table 105: Hindalco Industries Limited: key financial ratios 152
Table 106: National Aluminium Company Limited (NALCO): key facts 154
Table 107: Steel Authority of India Limited (SAIL): key facts 155
Table 108: Steel Authority of India Limited (SAIL): key financials ($) 157
Table 109: Steel Authority of India Limited (SAIL): key financials (Rs.) 157
Table 110: Steel Authority of India Limited (SAIL): key financial ratios 157
Table 111: Tata Steel Group: key facts 159
Table 112: Tata Steel Group: key financials ($) 161
Table 113: Tata Steel Group: key financials (Rs.) 161
Table 114: Tata Steel Group: key financial ratios 161
Table 115: India size of population (million), 2007–11 163
Table 116: India gdp (constant 2000 prices, $ billion), 2007–11 163
Table 117: India gdp (current prices, $ billion), 2007–11 163
Table 118: India inflation, 2007–11 164
Table 119: India consumer price index (absolute), 2007–11 164
Table 120: India exchange rate, 2007–11 164
Table 121: Mexico metals & mining industry value: $ billion, 2007–11 166
Table 122: Mexico metals & mining industry volume: million metric ton, 2007–11 167
Table 123: Mexico metals & mining industry category segmentation: $ billion, 2011 168
Table 124: Mexico metals & mining industry geography segmentation: $ billion, 2011 169
Table 125: Mexico metals & mining industry value forecast: $ billion, 2011–16 170
Table 126: Mexico metals & mining industry volume forecast: million metric ton, 2011–16 171
Table 127: Altos Hornos de Mexico S.A. de C.V.: key facts 184
Table 128: Altos Hornos de Mexico S.A. de C.V.: key financials ($) 184
Table 129: Altos Hornos de Mexico S.A. de C.V.: key financials (MXN) 185
Table 130: Altos Hornos de Mexico S.A. de C.V.: key financial ratios 185
Table 131: ArcelorMittal: key facts 187
Table 132: ArcelorMittal: key financials ($) 188
Table 133: ArcelorMittal: key financial ratios 189
Table 134: Fresnillo plc: key facts 191
Table 135: Fresnillo plc: key financials ($) 192
Table 136: Fresnillo plc: key financial ratios 192
Table 137: Grupo Mexico S.A.B. de c.V.: key facts 194
Table 138: Grupo Mexico S.A.B. de c.V.: key financials ($) 195
Table 139: Grupo Mexico S.A.B. de c.V.: key financial ratios 195
Table 140: Ternium SA: key facts 197
Table 141: Ternium SA: key financials ($) 198
Table 142: Ternium SA: key financial ratios 198
Table 143: Mexico size of population (million), 2007–11 200
Table 144: Mexico gdp (constant 2000 prices, $ billion), 2007–11 200
Table 145: Mexico gdp (current prices, $ billion), 2007–11 200
Table 146: Mexico inflation, 2007–11 201
Table 147: Mexico consumer price index (absolute), 2007–11 201
Table 148: Mexico exchange rate, 2007–11 201

LIST OF FIGURES
Figure 1: Top 5 emerging countries metals & mining industry, revenue ($bn), 2007-16 14
Figure 2: Top 5 emerging countries metals & mining industry, revenue ($bn), 2007-11 15
Figure 3: Top 5 emerging countries metals & mining industry forecast, revenue ($bn), 2011-16 16
Figure 4: South Africa metals & mining industry value: $ billion, 2007–11 18
Figure 5: South Africa metals & mining industry volume: million metric ton, 2007–11 19
Figure 6: South Africa metals & mining industry category segmentation: $ billion, 2007-2011 21
Figure 7: South Africa metals & mining industry geography segmentation: % share, by value, 2007,2011 22
Figure 8: South Africa metals & mining industry value forecast: $ billion, 2011–16 23
Figure 9: South Africa metals & mining industry volume forecast: million metric ton, 2011–16 24
Figure 10: Forces driving competition in the metals & mining industry in South Africa, 2011 25
Figure 11: Drivers of buyer power in the metals & mining industry in South Africa, 2011 27
Figure 12: Drivers of supplier power in the metals & mining industry in South Africa, 2011 29
Figure 13: Factors influencing the likelihood of new entrants in the metals & mining industry in South Africa, 2011 31
Figure 14: Factors influencing the threat of substitutes in the metals & mining industry in South Africa, 2011 33
Figure 15: Drivers of degree of rivalry in the metals & mining industry in South Africa, 2011 35
Figure 16: ArcelorMittal: revenues & profitability 39
Figure 17: ArcelorMittal: assets & liabilities 39
Figure 18: Vale S.A.: revenues & profitability 43
Figure 19: Vale S.A.: assets & liabilities 43
Figure 20: Xstrata plc: revenues & profitability 46
Figure 21: Xstrata plc: assets & liabilities 46
Figure 22: BHP Billiton Group: revenues & profitability 49
Figure 23: BHP Billiton Group: assets & liabilities 49
Figure 24: Brazil metals & mining industry value: $ billion, 2007–11 53
Figure 25: Brazil metals & mining industry volume: million metric ton, 2007–11 54
Figure 26: Brazil metals & mining industry category segmentation: % share, by value, 2011 55
Figure 27: Brazil metals & mining industry geography segmentation: % share, by value, 2011 56
Figure 28: Brazil metals & mining industry value forecast: $ billion, 2011–16 57
Figure 29: Brazil metals & mining industry volume forecast: million metric ton, 2011–16 58
Figure 30: Forces driving competition in the metals & mining industry in Brazil, 2011 59
Figure 31: Drivers of buyer power in the metals & mining industry in Brazil, 2011 61
Figure 32: Drivers of supplier power in the metals & mining industry in Brazil, 2011 63
Figure 33: Factors influencing the likelihood of new entrants in the metals & mining industry in Brazil, 2011 65
Figure 34: Factors influencing the threat of substitutes in the metals & mining industry in Brazil, 2011 67
Figure 35: Drivers of degree of rivalry in the metals & mining industry in Brazil, 2011 69
Figure 36: Alumínio Brasileiro (Albrás): revenues & profitability 72
Figure 37: Alumínio Brasileiro (Albrás): assets & liabilities 73
Figure 38: Companhia Brasileira de Alumínio (CBA): revenues & profitability 75
Figure 39: Companhia Brasileira de Alumínio (CBA): assets & liabilities 76
Figure 40: Rio Tinto Alcan: revenues & profitability 78
Figure 41: Rio Tinto Alcan: assets & liabilities 79
Figure 42: Vale S.A.: revenues & profitability 83
Figure 43: Vale S.A.: assets & liabilities 83
Figure 44: Xstrata plc: revenues & profitability 86
Figure 45: Xstrata plc: assets & liabilities 86
Figure 46: BHP Billiton Group: revenues & profitability 89
Figure 47: BHP Billiton Group: assets & liabilities 89
Figure 48: Alcoa Inc.: revenues & profitability 92
Figure 49: Alcoa Inc.: assets & liabilities 92
Figure 50: China metals & mining industry value: $ billion, 2007–11 96
Figure 51: China metals & mining industry volume: million metric ton, 2007–11 97
Figure 52: China metals & mining industry category segmentation: % share, by value, 2011 98
Figure 53: China metals & mining industry geography segmentation: % share, by value, 2011 99
Figure 54: China metals & mining industry value forecast: $ billion, 2011–16 100
Figure 55: China metals & mining industry volume forecast: million metric ton, 2011–16 101
Figure 56: Forces driving competition in the metals & mining industry in China, 2011 102
Figure 57: Drivers of buyer power in the metals & mining industry in China, 2011 104
Figure 58: Drivers of supplier power in the metals & mining industry in China, 2011 106
Figure 59: Factors influencing the likelihood of new entrants in the metals & mining industry in China, 2011 108
Figure 60: Factors influencing the threat of substitutes in the metals & mining industry in China, 2011 110
Figure 61: Drivers of degree of rivalry in the metals & mining industry in China, 2011 112
Figure 62: Baosteel Group Corporation: revenues & profitability 116
Figure 63: Baosteel Group Corporation: assets & liabilities 117
Figure 64: China Coal Energy Company Limited: revenues & profitability 120
Figure 65: China Coal Energy Company Limited: assets & liabilities 120
Figure 66: Wuhan Iron and Steel (Group) Corporation: revenues & profitability 124
Figure 67: Wuhan Iron and Steel (Group) Corporation: assets & liabilities 125
Figure 68: Aluminum Corporation of China Limited (Chalco): revenues & profitability 128
Figure 69: Aluminum Corporation of China Limited (Chalco): assets & liabilities 129
Figure 70: India metals & mining industry value: $ billion, 2007–11 133
Figure 71: India metals & mining industry volume: million metric ton, 2007–11 134
Figure 72: India metals & mining industry category segmentation: % share, by value, 2011 135
Figure 73: India metals & mining industry geography segmentation: % share, by value, 2011 136
Figure 74: India metals & mining industry value forecast: $ billion, 2011–16 137
Figure 75: India metals & mining industry volume forecast: million metric ton, 2011–16 138
Figure 76: Forces driving competition in the metals & mining industry in India, 2011 139
Figure 77: Drivers of buyer power in the metals & mining industry in India, 2011 141
Figure 78: Drivers of supplier power in the metals & mining industry in India, 2011 143
Figure 79: Factors influencing the likelihood of new entrants in the metals & mining industry in India, 2011 145
Figure 80: Factors influencing the threat of substitutes in the metals & mining industry in India, 2011 147
Figure 81: Drivers of degree of rivalry in the metals & mining industry in India, 2011 149
Figure 82: Hindalco Industries Limited: revenues & profitability 153
Figure 83: Hindalco Industries Limited: assets & liabilities 153
Figure 84: Steel Authority of India Limited (SAIL): revenues & profitability 158
Figure 85: Steel Authority of India Limited (SAIL): assets & liabilities 158
Figure 86: Tata Steel Group: revenues & profitability 162
Figure 87: Tata Steel Group: assets & liabilities 162
Figure 88: Mexico metals & mining industry value: $ billion, 2007–11 166
Figure 89: Mexico metals & mining industry volume: million metric ton, 2007–11 167
Figure 90: Mexico metals & mining industry category segmentation: % share, by value, 2011 168
Figure 91: Mexico metals & mining industry geography segmentation: % share, by value, 2011 169
Figure 92: Mexico metals & mining industry value forecast: $ billion, 2011–16 170
Figure 93: Mexico metals & mining industry volume forecast: million metric ton, 2011–16 171
Figure 94: Forces driving competition in the metals & mining industry in Mexico, 2011 172
Figure 95: Drivers of buyer power in the metals & mining industry in Mexico, 2011 174
Figure 96: Drivers of supplier power in the metals & mining industry in Mexico, 2011 176
Figure 97: Factors influencing the likelihood of new entrants in the metals & mining industry in Mexico, 2011 178
Figure 98: Factors influencing the threat of substitutes in the metals & mining industry in Mexico, 2011 180
Figure 99: Drivers of degree of rivalry in the metals & mining industry in Mexico, 2011 182
Figure 100: Altos Hornos de Mexico S.A. de C.V.: revenues & profitability 185
Figure 101: Altos Hornos de Mexico S.A. de C.V.: assets & liabilities 186
Figure 102: ArcelorMittal: revenues & profitability 189
Figure 103: ArcelorMittal: assets & liabilities 190
Figure 104: Fresnillo plc: revenues & profitability 192
Figure 105: Fresnillo plc: assets & liabilities 193
Figure 106: Grupo Mexico S.A.B. de c.V.: revenues & profitability 196
Figure 107: Grupo Mexico S.A.B. de c.V.: assets & liabilities 196
Figure 108: Ternium SA: revenues & profitability 199
Figure 109: Ternium SA: assets & liabilities 199