Steel Products
August 26, 2013
Sims Reports Lower Results for FY 2013
Written by Sandy Williams
Sims Metal Management, a metals and electronics recycler headquartered in Australia, announced North American results for FY 2013 ending June 30, 2013. Underlying EBITDA for North American operations rose 30 percent year-over-year to $102.3 million. (Underlying EBITDA is a measure of the actual profits realized by a company used for business process planning, rather than the profits reported for accounting or regulatory purposes.)
Higher sales margins and controllable cost reductions of $48.4 million offset lower ferrous scrap prices and sales volumes. Divestment of several facilities in the U.S. contributed to cost reduction. Sales of recycled metals dropped to 9.377 million tonnes from 11.080 million tonnes in 2012 accounting for sales revenue of $4,534.6 million (24.8 percent below sales in 2012).
