Mr. Dienst said, "The performance of our European business in the first half of Fiscal 2013 was an obvious disappointment. Our traditional UK Metals operations in particular continue to struggle with weak scrap generation and tight margins masking a reduction in underlying controllable costs of $0.8 million per month in the UK Metals business and solid earnings contribution from SRS in Continental Europe. As we move through the second half of Fiscal 2013 our efforts to reduce costs and tighten controls will intensify. We anticipate reaching a controllable cost savings run rate of $1.5 million per month during the second half of Fiscal 2013, while rigorously examining further cost savings opportunities in both the metals and SRS businesses there."Mr. Dienst stated, "While an investigation into the UK inventory matter has revealed that the conditions which allowed this activity to occur were unique to the two facilities in the UK, and principally a function of our SRS business outgrowing its control environment, the Board and management continue to view the full resolution of the matter as its highest priority. We are working diligently to ensure this issue will never be replicated."
Sims Metal Management Announces Fiscal 2013 Half Year Results
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