Sims anticipates $547M loss in fiscal year

Aug 15, 2012 | 01:18 PM | Sean Davidson

Tags  scrap, Sims Metal Management, Sean Davidson

NEW YORK — Sims Metal Management Ltd. expects to post a net loss of Australian $521 million ($547.35 million) for its fiscal year that ended June 30.

The loss follows a A$594-million ($624.04-million) non-cash goodwill (after-tax) impairment charge, which the company announced in February when it released results for its fiscal first half.

The non-cash goodwill impairment charge is mostly related to Sims Group’s acquisition of Metal Management Inc. in the first quarter of 2008 and its 2007 joint venture, SA Recycling LLC (amm.com, Feb. 9).....





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