This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Sims Metal Management Announces Fiscal 2013 Half Year Results

Mr. Dienst continued, "Despite challenging market conditions and global headwinds, we remain intensely focused on aspects of our business within our control, such as operating costs and optimisation of our asset portfolio. In our North America Metals business we reduced controllable costs by $4.7 million per month, exceeding management's previous guidance of $4 million per month. In our UK Metals business controllable costs were trimmed by $0.8 million per month and are on track to reach a run rate of $1.5 million per month in the second half of Fiscal 2013. On top of gains made in North America and the UK, our Australia Metals operations reduced controllable costs by an additional $10 million compared to the previous corresponding period with additional savings expected in the second half."

Mr. Dienst stated, "We continue to optimise our asset portfolio to achieve the highest possible return on investment throughout the cycle. In North America we divested three underperforming businesses and recycled some of that capital into growing our platforms with more attractive return characteristics in the New England and the Gulf regions. We have also grown our Australian Metals platform, our strongest returning business, through expansions in Western Australia and most recently with an acquisition in South Australia. We also expanded Sims Recycling Solutions (SRS) with two acquisitions in North America.

Mr. Dienst stated, "We applaud the effort of our teammates across the globe for their incredible resilience and preparedness in the face of multiple storms which have recently struck in regions we operate. Be it Superstorm Sandy in the US or flooding and fires in Australia, our people have done a great job preparing our sites, securing our equipment, and most critically, keeping our people safe."

North America

Sales revenue was down 33% from the prior corresponding period at $2.0 billion and statutory EBIT was a loss of $328 million. Underlying EBIT was circa $2 million. Results for the first half Fiscal 2013 in North America were impacted by significant items that decreased EBIT by $330 million, $291 million of which relates to goodwill and other intangible asset impairment charges, $15 million of fixed asset impairment, and circa $11 million of losses on sale of businesses. Other adverse significant items included among other items, Superstorm Sandy related costs, redundancy provisions, and net realisable inventory adjustments. Scrap intake in North America declined by 22% on the prior corresponding period to 4.3 million tonnes and shipments declined by 23% to 4.2 million tonnes.

3 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs