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<P>简介：Contacts:<BR>Media<BR>John Piecuch<BR>212.438.1102<BR>john_piecuch@<BR>standardandpoors.com<BR>Sales<BR>800.221.5277<BR>roger_walsh@<BR>standardandpoors.com<BR>Inquiries &<BR>Client Support<BR>800.523.4534<BR>clientsupport@<BR>standardandpoors.com<BR>Replacement copies<BR>800.852.1641<BR>Leo J. Larkin<BR>Steel & Aluminum<BR>Analyst<BR>CURRENT ENVIRONMENT1<BR>Steel incurs losses in ’03<BR>Steel likely bottomed in ’03 second half<BR>Steel tariffs lifted<BR>Aluminum recovery finally underway<BR>Aluminum fundamentals look strong for ’04<BR>INDUSTRY PROFILE...............................................................................8<BR>Economic cycles and long-term trends drive metals<BR>Alcoa leads aluminum industry<BR>Steel industry feels the heat<BR>INDUSTRY TRENDS 9<BR>Thin slab technology recasts steel sheet market<BR>Higher scrap prices to limit minimill expansions<BR>Consolidation takes hold in domestic steel<BR>Global view: foreign competition looms large<BR>U.S. steelmakers struggle against imports<BR>Materials substitution<BR>HOW THE INDUSTRY OPERATES 16<BR>Steel<BR>Aluminum: still vertically integrated<BR>Economic cycles drive demand<BR>The Internet’s role<BR>Regulation<BR>KEY INDUSTRY RATIOS AND STATISTICS 21<BR>Steel and aluminum<BR>Steel<BR>Aluminum<BR>HOW TO ANALYZE AN INDUSTRIAL METALS COMPANY ............................22<BR>Key revenue and cost factors<BR>The income statement<BR>Balance sheet data<BR>Cash flow<BR>GLOSSARY28<BR>INDUSTRY REFERENCES29<BR>COMPARATIVE COMPANY ANALYSIS 31 </P>