TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
Market value 2
Market value forecast 2
Market volume 2
Market volume forecast 2
Category segmentation 2
Geography segmentation 2
Introduction 17
What is this report about? 17
Who is the target reader? 17
How to use this report 17
Definitions 17
Global Metals & Mining 18
Market Overview 18
Market Data 19
Market Segmentation 21
Market outlook 23
Five forces analysis 25
Metals & Mining in Asia-Pacific 37
Market Overview 37
Market Data 38
Market Segmentation 40
Market outlook 42
Five forces analysis 44
Metals & Mining in Europe 56
Market Overview 56
Market Data 57
Market Segmentation 59
Market outlook 61
Five forces analysis 63
Metals & Mining in France 75
Market Overview 75
Market Data 76
Market Segmentation 78
Market outlook 80
Five forces analysis 82
Macroeconomic indicators 94
Metals & Mining in Germany 96
Market Overview 96
Market Data 97
Market Segmentation 99
Market outlook 101
Five forces analysis 103
Macroeconomic indicators 115
Metals & Mining in Japan 117
Market Overview 117
Market Data 118
Market Segmentation 120
Market outlook 122
Five forces analysis 124
Macroeconomic indicators 136
Metals & Mining in The United Kingdom 138
Market Overview 138
Market Data 139
Market Segmentation 141
Market outlook 143
Five forces analysis 145
Macroeconomic indicators 157
Metals & Mining in The United States 159
Market Overview 159
Market Data 160
Market Segmentation 162
Market outlook 164
Five forces analysis 166
Macroeconomic indicators 178
Company Profiles 180
Leading companies 180
Appendix 258
Methodology 258

LIST OF TABLES
Table 1: Global metals & mining industry value: $ billion, 2007–11 19
Table 2: Global metals & mining industry volume: million metric ton, 2007–11 20
Table 3: Global metals & mining industry category segmentation: $ billion, 2011 21
Table 4: Global metals & mining industry geography segmentation: $ billion, 2011 22
Table 5: Global metals & mining industry value forecast: $ billion, 2011–16 23
Table 6: Global metals & mining industry volume forecast: million metric ton, 2011–16 24
Table 7: Asia-Pacific metals & mining industry value: $ billion, 2007–11 38
Table 8: Asia–Pacific metals & mining industry volume: million metric ton, 2007–11 39
Table 9: Asia–Pacific metals & mining industry category segmentation: $ billion, 2011 40
Table 10: Asia–Pacific metals & mining industry geography segmentation: $ billion, 2011 41
Table 11: Asia-Pacific metals & mining industry value forecast: $ billion, 2011–16 42
Table 12: Asia–Pacific metals & mining industry volume forecast: million metric ton, 2011–16 43
Table 13: Europe metals & mining industry value: $ billion, 2007–11 57
Table 14: Europe metals & mining industry volume: million metric ton, 2007–11 58
Table 15: Europe metals & mining industry category segmentation: $ billion, 2011 59
Table 16: Europe metals & mining industry geography segmentation: $ billion, 2011 60
Table 17: Europe metals & mining industry value forecast: $ billion, 2011–16 61
Table 18: Europe metals & mining industry volume forecast: million metric ton, 2011–16 62
Table 19: France metals & mining industry value: $ billion, 2007–11 76
Table 20: France metals & mining industry volume: million metric ton, 2007–11 77
Table 21: France metals & mining industry category segmentation: $ billion, 2011 78
Table 22: France metals & mining industry geography segmentation: $ billion, 2011 79
Table 23: France metals & mining industry value forecast: $ billion, 2011–16 80
Table 24: France metals & mining industry volume forecast: million metric ton, 2011–16 81
Table 25: France size of population (million), 2007–11 94
Table 26: France gdp (constant 2000 prices, $ billion), 2007–11 94
Table 27: France gdp (current prices, $ billion), 2007–11 94
Table 28: France inflation, 2007–11 95
Table 29: France consumer price index (absolute), 2007–11 95
Table 30: France exchange rate, 2007–11 95
Table 31: Germany metals & mining industry value: $ billion, 2007–11 97
Table 32: Germany metals & mining industry volume: million metric ton, 2007–11 98
Table 33: Germany metals & mining industry category segmentation: $ billion, 2011 99
Table 34: Germany metals & mining industry geography segmentation: $ billion, 2011 100
Table 35: Germany metals & mining industry value forecast: $ billion, 2011–16 101
Table 36: Germany metals & mining industry volume forecast: million metric ton, 2011–16 102
Table 37: Germany size of population (million), 2007–11 115
Table 38: Germany gdp (constant 2000 prices, $ billion), 2007–11 115
Table 39: Germany gdp (current prices, $ billion), 2007–11 115
Table 40: Germany inflation, 2007–11 116
Table 41: Germany consumer price index (absolute), 2007–11 116
Table 42: Germany exchange rate, 2007–11 116
Table 43: Japan metals & mining industry value: $ billion, 2007–11 118
Table 44: Japan metals & mining industry volume: million metric ton, 2007–11 119
Table 45: Japan metals & mining industry category segmentation: $ billion, 2011 120
Table 46: Japan metals & mining industry geography segmentation: $ billion, 2011 121
Table 47: Japan metals & mining industry value forecast: $ billion, 2011–16 122
Table 48: Japan metals & mining industry volume forecast: million metric ton, 2011–16 123
Table 49: Japan size of population (million), 2007–11 136
Table 50: Japan gdp (constant 2000 prices, $ billion), 2007–11 136
Table 51: Japan gdp (current prices, $ billion), 2007–11 136
Table 52: Japan inflation, 2007–11 137
Table 53: Japan consumer price index (absolute), 2007–11 137
Table 54: Japan exchange rate, 2007–11 137
Table 55: United Kingdom metals & mining industry value: $ billion, 2007–11 139
Table 56: United Kingdom metals & mining industry volume: million metric ton, 2007–11 140
Table 57: United Kingdom metals & mining industry category segmentation: $ billion, 2011 141
Table 58: United Kingdom metals & mining industry geography segmentation: $ billion, 2011 142
Table 59: United Kingdom metals & mining industry value forecast: $ billion, 2011–16 143
Table 60: United Kingdom metals & mining industry volume forecast: million metric ton, 2011–16 144
Table 61: United Kingdom size of population (million), 2007–11 157
Table 62: United Kingdom gdp (constant 2000 prices, $ billion), 2007–11 157
Table 63: United Kingdom gdp (current prices, $ billion), 2007–11 157
Table 64: United Kingdom inflation, 2007–11 158
Table 65: United Kingdom consumer price index (absolute), 2007–11 158
Table 66: United Kingdom exchange rate, 2007–11 158
Table 67: United States metals & mining industry value: $ billion, 2007–11 160
Table 68: United States metals & mining industry volume: million metric ton, 2007–11 161
Table 69: United States metals & mining industry category segmentation: $ billion, 2011 162
Table 70: United States metals & mining industry geography segmentation: $ billion, 2011 163
Table 71: United States metals & mining industry value forecast: $ billion, 2011–16 164
Table 72: United States metals & mining industry volume forecast: million metric ton, 2011–16 165
Table 73: United States size of population (million), 2007–11 178
Table 74: United States gdp (constant 2000 prices, $ billion), 2007–11 178
Table 75: United States gdp (current prices, $ billion), 2007–11 178
Table 76: United States inflation, 2007–11 179
Table 77: United States consumer price index (absolute), 2007–11 179
Table 78: United States exchange rate, 2007–11 179
Table 79: ArcelorMittal: key facts 180
Table 80: ArcelorMittal: key financials ($) 181
Table 81: ArcelorMittal: key financial ratios 181
Table 82: BHP Billiton Group: key facts 183
Table 83: BHP Billiton Group: key financials ($) 184
Table 84: BHP Billiton Group: key financial ratios 184
Table 85: Rio Tinto Alcan: key facts 186
Table 86: Rio Tinto Alcan: key financials ($) 186
Table 87: Rio Tinto Alcan: key financial ratios 187
Table 88: Vale S.A.: key facts 189
Table 89: Vale S.A.: key financials ($) 191
Table 90: Vale S.A.: key financials (BRL) 191
Table 91: Vale S.A.: key financial ratios 191
Table 92: Xstrata plc: key facts 193
Table 93: Xstrata plc: key financials ($) 194
Table 94: Xstrata plc: key financial ratios 194
Table 95: Tata Steel Group: key facts 196
Table 96: Tata Steel Group: key financials ($) 198
Table 97: Tata Steel Group: key financials (Rs.) 198
Table 98: Tata Steel Group: key financial ratios 198
Table 99: POSCO: key facts 200
Table 100: POSCO: key financials ($) 201
Table 101: POSCO: key financials (KRW) 201
Table 102: POSCO: key financial ratios 201
Table 103: Hebei Iron & Steel Group Company Limited: key facts 203
Table 104: Steel Authority of India Limited (SAIL): key facts 204
Table 105: Steel Authority of India Limited (SAIL): key financials ($) 206
Table 106: Steel Authority of India Limited (SAIL): key financials (Rs.) 206
Table 107: Steel Authority of India Limited (SAIL): key financial ratios 206
Table 108: Celsa Group: key facts 208
Table 109: Norsk Hydro: key facts 209
Table 110: Norsk Hydro: key financials ($) 210
Table 111: Norsk Hydro: key financials (NOK) 210
Table 112: Norsk Hydro: key financial ratios 211
Table 113: Riva Group: key facts 213
Table 114: United Company RUSAL Plc: key facts 214
Table 115: United Company RUSAL Plc: key financials ($) 215
Table 116: United Company RUSAL Plc: key financial ratios 215
Table 117: ThyssenKrupp AG: key facts 217
Table 118: ThyssenKrupp AG: key financials ($) 218
Table 119: ThyssenKrupp AG: key financials (€) 218
Table 120: ThyssenKrupp AG: key financial ratios 219
Table 121: KGHM Polska Miedz S.A.: key facts 221
Table 122: KGHM Polska Miedz S.A.: key financials ($) 222
Table 123: KGHM Polska Miedz S.A.: key financials (zl) 222
Table 124: KGHM Polska Miedz S.A.: key financial ratios 222
Table 125: Umicore Group: key facts 224
Table 126: Umicore Group: key financials ($) 225
Table 127: Umicore Group: key financials (€) 225
Table 128: Umicore Group: key financial ratios 225
Table 129: Trimet Aluminium AG: key facts 227
Table 130: Trimet Aluminium AG: key financials ($) 227
Table 131: Trimet Aluminium AG: key financials (€) 228
Table 132: Trimet Aluminium AG: key financial ratios 228
Table 133: JFE Holdings, Inc.: key facts 230
Table 134: JFE Holdings, Inc.: key financials ($) 231
Table 135: JFE Holdings, Inc.: key financials (Y) 231
Table 136: JFE Holdings, Inc.: key financial ratios 232
Table 137: Mitsubishi Materials Corporation: key facts 234
Table 138: Mitsubishi Materials Corporation: key financials ($) 235
Table 139: Mitsubishi Materials Corporation: key financials (Y) 235
Table 140: Mitsubishi Materials Corporation: key financial ratios 235
Table 141: Nippon Steel Corporation: key facts 237
Table 142: Nippon Steel Corporation: key financials ($) 238
Table 143: Nippon Steel Corporation: key financials (Y) 238
Table 144: Nippon Steel Corporation: key financial ratios 238
Table 145: Sumitomo Metal Industries, Ltd.: key facts 240
Table 146: Sumitomo Metal Industries, Ltd.: key financials ($) 241
Table 147: Sumitomo Metal Industries, Ltd.: key financials (Y) 241
Table 148: Sumitomo Metal Industries, Ltd.: key financial ratios 241
Table 149: UK COAL PLC: key facts 243
Table 150: UK COAL PLC: key financials ($) 243
Table 151: UK COAL PLC: key financials (L) 244
Table 152: UK COAL PLC: key financial ratios 244
Table 153: Alcoa Inc.: key facts 246
Table 154: Alcoa Inc.: key financials ($) 247
Table 155: Alcoa Inc.: key financial ratios 247
Table 156: AngloGold Ashanti Limited: key facts 249
Table 157: AngloGold Ashanti Limited: key financials ($) 250
Table 158: AngloGold Ashanti Limited: key financial ratios 250
Table 159: Teck Resources Limited: key facts 252
Table 160: Teck Resources Limited: key financials ($) 253
Table 161: Teck Resources Limited: key financials (C$) 253
Table 162: Teck Resources Limited: key financial ratios 253
Table 163: United States Steel Corporation: key facts 255
Table 164: United States Steel Corporation: key financials ($) 256
Table 165: United States Steel Corporation: key financial ratios 256

LIST OF FIGURES
Figure 1: Global metals & mining industry value: $ billion, 2007–11 21
Figure 2: Global metals & mining industry volume: million metric ton, 2007–11 22
Figure 3: Global metals & mining industry category segmentation: % share, by value, 2011 23
Figure 4: Global metals & mining industry geography segmentation: % share, by value, 2011 24
Figure 5: Global metals & mining industry value forecast: $ billion, 2011–16 25
Figure 6: Global metals & mining industry volume forecast: million metric ton, 2011–16 26
Figure 7: Forces driving competition in the global metals & mining industry, 2011 27
Figure 8: Drivers of buyer power in the global metals & mining industry, 2011 29
Figure 9: Drivers of supplier power in the global metals & mining industry, 2011 31
Figure 10: Factors influencing the likelihood of new entrants in the global metals & mining industry, 2011 33
Figure 11: Factors influencing the threat of substitutes in the global metals & mining industry, 2011 35
Figure 12: Drivers of degree of rivalry in the global metals & mining industry, 2011 37
Figure 13: Asia-Pacific metals & mining industry value: $ billion, 2007–11 40
Figure 14: Asia–Pacific metals & mining industry volume: million metric ton, 2007–11 41
Figure 15: Asia–Pacific metals & mining industry category segmentation: % share, by value, 2011 42
Figure 16: Asia–Pacific metals & mining industry geography segmentation: % share, by value, 2011 43
Figure 17: Asia-Pacific metals & mining industry value forecast: $ billion, 2011–16 44
Figure 18: Asia–Pacific metals & mining industry volume forecast: million metric ton, 2011–16 45
Figure 19: Forces driving competition in the metals & mining industry in Asia-Pacific, 2011 46
Figure 20: Drivers of buyer power in the metals & mining industry in Asia-Pacific, 2011 48
Figure 21: Drivers of supplier power in the metals & mining industry in Asia-Pacific, 2011 50
Figure 22: Factors influencing the likelihood of new entrants in the metals & mining industry in Asia-Pacific, 2011 52
Figure 23: Factors influencing the threat of substitutes in the metals & mining industry in Asia-Pacific, 2011 54
Figure 24: Drivers of degree of rivalry in the metals & mining industry in Asia-Pacific, 2011 56
Figure 25: Europe metals & mining industry value: $ billion, 2007–11 59
Figure 26: Europe metals & mining industry volume: million metric ton, 2007–11 60
Figure 27: Europe metals & mining industry category segmentation: % share, by value, 2011 61
Figure 28: Europe metals & mining industry geography segmentation: % share, by value, 2011 62
Figure 29: Europe metals & mining industry value forecast: $ billion, 2011–16 63
Figure 30: Europe metals & mining industry volume forecast: million metric ton, 2011–16 64
Figure 31: Forces driving competition in the metals & mining industry in Europe, 2011 65
Figure 32: Drivers of buyer power in the metals & mining industry in Europe, 2011 67
Figure 33: Drivers of supplier power in the metals & mining industry in Europe, 2011 69
Figure 34: Factors influencing the likelihood of new entrants in the metals & mining industry in Europe, 2011 71
Figure 35: Factors influencing the threat of substitutes in the metals & mining industry in Europe, 2011 73
Figure 36: Drivers of degree of rivalry in the metals & mining industry in Europe, 2011 75
Figure 37: France metals & mining industry value: $ billion, 2007–11 78
Figure 38: France metals & mining industry volume: million metric ton, 2007–11 79
Figure 39: France metals & mining industry category segmentation: % share, by value, 2011 80
Figure 40: France metals & mining industry geography segmentation: % share, by value, 2011 81
Figure 41: France metals & mining industry value forecast: $ billion, 2011–16 82
Figure 42: France metals & mining industry volume forecast: million metric ton, 2011–16 83
Figure 43: Forces driving competition in the metals & mining industry in France, 2011 84
Figure 44: Drivers of buyer power in the metals & mining industry in France, 2011 86
Figure 45: Drivers of supplier power in the metals & mining industry in France, 2011 88
Figure 46: Factors influencing the likelihood of new entrants in the metals & mining industry in France, 2011 90
Figure 47: Factors influencing the threat of substitutes in the metals & mining industry in France, 2011 92
Figure 48: Drivers of degree of rivalry in the metals & mining industry in France, 2011 94
Figure 49: Germany metals & mining industry value: $ billion, 2007–11 99
Figure 50: Germany metals & mining industry volume: million metric ton, 2007–11 100
Figure 51: Germany metals & mining industry category segmentation: % share, by value, 2011 101
Figure 52: Germany metals & mining industry geography segmentation: % share, by value, 2011 102
Figure 53: Germany metals & mining industry value forecast: $ billion, 2011–16 103
Figure 54: Germany metals & mining industry volume forecast: million metric ton, 2011–16 104
Figure 55: Forces driving competition in the metals & mining industry in Germany, 2011 105
Figure 56: Drivers of buyer power in the metals & mining industry in Germany, 2011 107
Figure 57: Drivers of supplier power in the metals & mining industry in Germany, 2011 109
Figure 58: Factors influencing the likelihood of new entrants in the metals & mining industry in Germany, 2011 111
Figure 59: Factors influencing the threat of substitutes in the metals & mining industry in Germany, 2011 113
Figure 60: Drivers of degree of rivalry in the metals & mining industry in Germany, 2011 115
Figure 61: Japan metals & mining industry value: $ billion, 2007–11 120
Figure 62: Japan metals & mining industry volume: million metric ton, 2007–11 121
Figure 63: Japan metals & mining industry category segmentation: % share, by value, 2011 122
Figure 64: Japan metals & mining industry geography segmentation: % share, by value, 2011 123
Figure 65: Japan metals & mining industry value forecast: $ billion, 2011–16 124
Figure 66: Japan metals & mining industry volume forecast: million metric ton, 2011–16 125
Figure 67: Forces driving competition in the metals & mining industry in Japan, 2011 126
Figure 68: Drivers of buyer power in the metals & mining industry in Japan, 2011 128
Figure 69: Drivers of supplier power in the metals & mining industry in Japan, 2011 130
Figure 70: Factors influencing the likelihood of new entrants in the metals & mining industry in Japan, 2011 132
Figure 71: Factors influencing the threat of substitutes in the metals & mining industry in Japan, 2011 134
Figure 72: Drivers of degree of rivalry in the metals & mining industry in Japan, 2011 136
Figure 73: United Kingdom metals & mining industry value: $ billion, 2007–11 141
Figure 74: United Kingdom metals & mining industry volume: million metric ton, 2007–11 142
Figure 75: United Kingdom metals & mining industry category segmentation: % share, by value, 2011 143
Figure 76: United Kingdom metals & mining industry geography segmentation: % share, by value, 2011 144
Figure 77: United Kingdom metals & mining industry value forecast: $ billion, 2011–16 145
Figure 78: United Kingdom metals & mining industry volume forecast: million metric ton, 2011–16 146
Figure 79: Forces driving competition in the metals & mining industry in the United Kingdom, 2011 147
Figure 80: Drivers of buyer power in the metals & mining industry in the United Kingdom, 2011 149
Figure 81: Drivers of supplier power in the metals & mining industry in the United Kingdom, 2011 151
Figure 82: Factors influencing the likelihood of new entrants in the metals & mining industry in the United Kingdom, 2011 153
Figure 83: Factors influencing the threat of substitutes in the metals & mining industry in the United Kingdom, 2011 155
Figure 84: Drivers of degree of rivalry in the metals & mining industry in the United Kingdom, 2011 157
Figure 85: United States metals & mining industry value: $ billion, 2007–11 162
Figure 86: United States metals & mining industry volume: million metric ton, 2007–11 163
Figure 87: United States metals & mining industry category segmentation: % share, by value, 2011 164
Figure 88: United States metals & mining industry geography segmentation: % share, by value, 2011 165
Figure 89: United States metals & mining industry value forecast: $ billion, 2011–16 166
Figure 90: United States metals & mining industry volume forecast: million metric ton, 2011–16 167
Figure 91: Forces driving competition in the metals & mining industry in the United States, 2011 168
Figure 92: Drivers of buyer power in the metals & mining industry in the United States, 2011 170
Figure 93: Drivers of supplier power in the metals & mining industry in the United States, 2011 172
Figure 94: Factors influencing the likelihood of new entrants in the metals & mining industry in the United States, 2011 174
Figure 95: Factors influencing the threat of substitutes in the metals & mining industry in the United States, 2011 176
Figure 96: Drivers of degree of rivalry in the metals & mining industry in the United States, 2011 178
Figure 97: ArcelorMittal: revenues & profitability 184
Figure 98: ArcelorMittal: assets & liabilities 184
Figure 99: BHP Billiton Group: revenues & profitability 187
Figure 100: BHP Billiton Group: assets & liabilities 187
Figure 101: Rio Tinto Alcan: revenues & profitability 189
Figure 102: Rio Tinto Alcan: assets & liabilities 190
Figure 103: Vale S.A.: revenues & profitability 194
Figure 104: Vale S.A.: assets & liabilities 194
Figure 105: Xstrata plc: revenues & profitability 197
Figure 106: Xstrata plc: assets & liabilities 197
Figure 107: Tata Steel Group: revenues & profitability 201
Figure 108: Tata Steel Group: assets & liabilities 201
Figure 109: POSCO: revenues & profitability 204
Figure 110: POSCO: assets & liabilities 204
Figure 111: Steel Authority of India Limited (SAIL): revenues & profitability 209
Figure 112: Steel Authority of India Limited (SAIL): assets & liabilities 209
Figure 113: Norsk Hydro: revenues & profitability 213
Figure 114: Norsk Hydro: assets & liabilities 214
Figure 115: United Company RUSAL Plc: revenues & profitability 218
Figure 116: United Company RUSAL Plc: assets & liabilities 218
Figure 117: ThyssenKrupp AG: revenues & profitability 221
Figure 118: ThyssenKrupp AG: assets & liabilities 222
Figure 119: KGHM Polska Miedz S.A.: revenues & profitability 225
Figure 120: KGHM Polska Miedz S.A.: assets & liabilities 225
Figure 121: Umicore Group: revenues & profitability 228
Figure 122: Umicore Group: assets & liabilities 228
Figure 123: Trimet Aluminium AG: revenues & profitability 230
Figure 124: Trimet Aluminium AG: assets & liabilities 231
Figure 125: JFE Holdings, Inc.: revenues & profitability 234
Figure 126: JFE Holdings, Inc.: assets & liabilities 235
Figure 127: Mitsubishi Materials Corporation: revenues & profitability 238
Figure 128: Mitsubishi Materials Corporation: assets & liabilities 238
Figure 129: Nippon Steel Corporation: revenues & profitability 241
Figure 130: Nippon Steel Corporation: assets & liabilities 241
Figure 131: Sumitomo Metal Industries, Ltd.: revenues & profitability 244
Figure 132: Sumitomo Metal Industries, Ltd.: assets & liabilities 244
Figure 133: UK COAL PLC: revenues & profitability 247
Figure 134: UK COAL PLC: assets & liabilities 247
Figure 135: Alcoa Inc.: revenues & profitability 250
Figure 136: Alcoa Inc.: assets & liabilities 250
Figure 137: AngloGold Ashanti Limited: revenues & profitability 252
Figure 138: AngloGold Ashanti Limited: assets & liabilities 253
Figure 139: Teck Resources Limited: revenues & profitability 256
Figure 140: Teck Resources Limited: assets & liabilities 256
Figure 141: United States Steel Corporation: revenues & profitability 259
Figure 142: United States Steel Corporation: assets & liabilities 259