Sims Metal Management posts loss of €312m


Inventory write-downs, goodwill impairments, restructuring costs and other extraordinary charges resulted in a loss in the hundreds of millions for the second time in as many years for the Australian-American scrap recycling concern Sims Metal Management. The company announced last Friday that it had booked a net loss of AUD466m (€312m) for the 2012/13 year ended 30 June. A year earlier, the loss had reached AUD622m. Full-year revenues fell by 20 per cent to AUD7.193bn (€4.820bn) due to lower scrap prices and sales volumes.

In its search for a chief executive officer, the company said at the release of its annual financial report that it had narrowed the field to external candidates. Former CEO Daniel W. Dienst stepped down from the position on 30 June as announced earlier in the year. Since that time, he has been available to the concern in an advisory capacity.

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