Sims records $80.5M inventory write-down
Feb 15, 2013 | 09:39 AM
| Claire Hack
Tags
Sims Metal Management,
inventory writedown,
impairment charge,
scrap,
recycling
LONDON — Sims Metal Management Ltd. is recording a write-down of Australian $78 million ($80.5 million) on its British inventory, the company said Feb. 15.
The global recycling company formed a special committee last month to investigate inventory valuation issues at the U.K. business (amm.com, Jan. 22). The committee has concluded that the total impairment charge will come to A$78 million, up from a preliminary assessment of about A$60 million ($61.9 million), and Sims said the adjustment had been....
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