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.
Sims Metal Management Announces Fiscal 2013 Half Year Results
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