Metals sector deal activity has picked up in recent months, with a number of large deals announced. We've identified over US$30 billion of pending or probable deals, of which US$1.7 to US$10 billion could be completed this quarter. The balance should position 2019 for a strong start. Deal activity, based on completed deals to 30 September, appears to have found a floor. Aggregate deal value and average size are at their lowest levels since the early 1990s, while deal count is at a level last seen in the early 2000s. In this Insight, we discuss: • The outlook for metals sector M&A, including key themes driving corporate activity. • Companies and assets potentially on the radar, despite acquirers still finding growth opportunities relatively scarce. • Trends in recent deal activity and key transactions across the metals sector.