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Sims Metal Management Market Update For Fiscal Year Ended 30 June 2012

Because these forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release.

All subsequent written and oral forward-looking statements concerning the matters addressed in this release and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release.

All references to currencies, unless otherwise stated, reflect measures in Australian dollars.

About Sims Metal Management

Sims Metal Management is the world’s largest listed metal recycler with approximately 270 facilities and 6,600 employees globally. Sims’ core businesses are metal recycling and electronics recycling. Sims Metal Management generated approximately 88 percent of its revenue from operations in North America, the United Kingdom, Continental Europe, New Zealand and Asia in Fiscal 2012. The Company’s ordinary shares are listed on the Australian Securities Exchange (ASX: SGM) and its ADRs are listed on the New York Stock Exchange (NYSE: SMS). Please visit our website ( www.simsmm.com ) for more information on the Company and recent developments.

Reconciliation of Expected Unaudited Statutory Results to Expected Unaudited Underlying Results for Fiscal 2012

    EBITDA     EBIT    

Net Profit (Loss) After tax

(in A$ millions)

Expected Unaudited Statutory Results $ 230 $ (515 ) $ (521 )

Significant Items:

Non-Cash Goodwill Impairment N/A 1 557 543
Impairment of Non-Cash Goodwill in Joint Ventures N/A 1 58 51
Impairment of Other Identified Intangibles N/A 1 1 1
Inventory Adjustments to Net Realisable Value 21 21 14
Redundancies 10 10 7
Settlement of a Dispute with a Third Party 13 13 8
Final Settlement on a Business Arrangement 8 8 5
Credit Loss Due to Bankruptcy of Customer 4 4 3
Pension Plan Special Charges 3 3 2
Transaction and Other Acquisition Costs 3 3 2
Commercial Settlement (1 ) (1 ) (1 )
Gain on Sale of a Business by a Joint Venture (36 ) (36 ) (36 )
Formation Gain on the Acquisition of a Joint Venture   (2 )   (2 )   (1 )
Expected Unaudited Underlying Results $ 253   $ 124   $ 77  

1 N/A indicates that EBITDA is calculated to exclude impairment of goodwill and other identified intangible assets in the presentation of both the expected statutory and expected underlying results.

Copyright Business Wire 2010
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