Sims Metal Management’s quarterly earnings plunge
Oct 30, 2009 | 08:26 AM
| Michael Marley
Lower sales and weakening scrap prices sent Sims Metal Management Ltd.'s earnings plunging by 77.1 percent in the company's first fiscal quarter.
In North America, its largest market, the company said its sales dropped 55.6 percent to Australian $1.2 billion ($1 billion) in the three months to Sept. 30 from A$2.7 billion in the same year-ago period.
The company shipped 2.6 million tonnes in North America during the quarter and boosted its scrap intake by 32 percent to 2.8 million tonnes vs. the fiscal fourth quarter of the prior year. ....
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