Sims eyes profit downturn; China long products key threat

Nov 18, 2005 | 11:45 AM | Jo Clarke

Poorer steel prices will push profits at scrap trader Sims Group Ltd. lower in the year ending June 2006 vs. the previous fiscal year.

"The rebound in prices, which occurred in late August and September, was not sustained, unlike the same period last year," Jeremy Sutcliffe, chief executive officer, said at the Sydney-based company's annual meeting. "Unless we see a remarkable upswing in ferrous prices in the second half, it is inevitable that earnings from the 'former' Sims Group....

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