Sims pushed deep into red by NA unit
Aug 23, 2012 | 04:07 PM
| Lisa Gordon
PITTSBURGH Spotty demand for ferrous scrap, anemic growth in the United States and erratic supply-demand fundamentals worked against Sims Metal Management Ltd. during its recent fiscal year, resulting in a significant loss for the worlds largest recycler.
"We have taken our medicine in 2012 and are well positioned for better circumstances," Daniel Dienst, chief executive officer, told investors during a conference call to discuss the loss.
Sims posted a net loss of Australian $521.4 million ($546.25 million) for the 12 months ended June 30, a sharp contrast to earnings of A$192.1 million the previous year, despite a 2.1-percent increase in sales to nearly A$9.04 billion ($9.47 billion) from A$8.85 billion. Shipments rose to 14.5 million tonnes from 14.2 million tonnes in the same comparison.....
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