The metals sector dealmaking is close to stalling in some parts of the world. On a global level analysts are still waiting for the kind of convincing, strong and sustainable growth outlook that would give the confidence needed to agree on future earnings and valuations. The macro-economic context does not provide sufficient signals to suggest such a climate will become established, at least not in the near term. Much of the metal industry outlook is affected by China, as the largest global consumer of both steel and iron ore, the consultants of PwC write in a report on mergers and acquisitions activity in the metals industry.