SYDNEY, Australia and NEW YORK, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Sims Metal Management Limited (ASX:SGM) (NYSE:SMS) (the "Company") announced on 21 January 2013 that the Board of Directors had established a Special Committee (the "Committee") to investigate inventory valuation issues in the Company's UK business. The Committee has now concluded its assessment of the impact of the UK inventory write-down. The Committee has determined that a write-down of inventory of $78 million will be required, versus a preliminary assessment of circa $60 million. The write-down adjustment has been independently verified by the Company's external auditor PricewaterhouseCoopers ("PwC"). $16 million of the inventory write-down will impact first half Fiscal 2013 results, and the balance will be reflected in restatement for prior periods results. Details of the Committee findings and impact on the financial accounts can be found in Appendix A.
Sims Metal Management Releases Special Committee Findings On UK Investigation; Goodwill Impairment
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