Boston, MA -- (SBWIRE) -- 08/23/2013 -- Across all types of metals, we expect subdued growth in both production and consumption in Australia as a weakening global economic outlook, notably China, continue to take its toll on Australia's commodity driven economy. While significant additional global monetary stimulus should help to boost metal prices in the near term, the bout of loosening measures will be insufficient to stem the slowdown and the medium-term outlook for metals remain weak.

The slowdown in the metals industry in Australia is best exemplified by monthly crude steel production, which has continued to slide into negative territory following growth in 2010. Weak demand from slowing domestic construction and a cooling export market will continue to undermine Australia's steel industry in 2013. Crude steel production contracted by 6.5% in 2012, but we forecast an uptick in growth of 1.2% in 2013, and national production is unlikely to approach pre-crisis levels for many years. The country's two dominant steel producers, BlueScope Steel Ltd and Arrium Ltd (previously known as OneSteel Ltd), has embarked on a series of consolidation plans and restructuring programmes aimed at reducing operating costs and curbing overcapacity amid an environment of weak demand and declining steel prices.

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