Sims optimistic despite $421M loss

Aug 23, 2013 | 04:45 PM | Lisa Gordon

Tags  scrap metal, Sims Metal Management, export, chief executive search, Daniel Dienst, Lisa Gordon

PITTSBURGH — Lower selling prices and fewer shipments continued to wreak havoc on Sims Metal Management Ltd.’s bottom line, but the world’s largest metal recycler has narrowed its losses.

The company, based in New York and Sydney, expects improvement over the next 12 months and said it plans to pick a new chief executive officer by the end of September.

Sims posted a net loss of Australian $466.1 million ($421 million) for its fiscal year ended June 30, 25.1 percent lower than a A$622.5-million loss the previous year, on revenue that fell 20.4 percent to A$7.19 billion ($6.49 billion) from A$9.04 billion.....

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