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Sims Metal Management report a US$94million loss
Source: Materials Recycling Week
Sims Metal Management has reported a total net loss after taxes of $94million over the last nine months. As Sims MM’s financial results revealed last week, its European sales revenue was down two per cent on the prior corresponding nine month period. Earnings before interest and tax were at a loss of $40m over the nine month period ending on 31 March 2009. Sims MM group chief executive Daniel Dienst said: “Like all of our operations in the world, the UK metals division has been challenged by margin compression, diminished scrap flows, and weak consumer demand.
“We believe that with our recent acquisition of [scrap merchant] All Metal Recovery, together with new capital investments, position us to achieve significantly improved results in the UK as market conditions permit.”
However, it seems that the future of ferrous and non-ferrous materials is still hugely difficult to predict even though prices have improved recently.
Dienst said: “April conditions have continued to reflect the circumstances of our third quarter and while encouraging signs exist at this early part of May with ferrous pricing firming and demand for copper scrap in certain cases trading at a premium to exchange traded metals, we remain cautious in our outlook.”
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