SOURCE: Sims Metal Management

Sims Recycling Solutions U.S.

August 12, 2016 17:00 ET

Sims Metal Management Announces Sale of Assets in North America Metals, Central Region

SYDNEY, AUSTRALIA--(Marketwired - August 12, 2016) - Sims Metal Management (ASX: SGM)(OTC PINK: SMSMY) today announced the sale of certain metals recycling assets in the Central Region of North America to Steel Dynamics, Inc., effective 12 August 2016. The sale is related principally to selected metals recycling facilities located in Tennessee and Mississippi.

"The sale of our metals recycling operations in the Central Region represents a significant step in our initiatives to divest non-core assets and reallocate capital to our key markets," said Galdino Claro, Group Chief Executive Officer of Sims Metal Management. "The divestment, in line with our strategy, will allow management to focus on our core operations. We are confident that service will continue to be delivered with the best outcomes for our employees, suppliers, and customers for years to come."

"We believe these assets, located in Memphis, Tennessee and throughout Mississippi, are well positioned to support our Columbus Flat Roll Division, as we work towards greater raw material self-sufficiency in the region," said Russell Rinn, Executive Vice President of Metals Recycling for Steel Dynamics, Inc. "We enthusiastically welcome the 90 employees to the Steel Dynamics family."

About Sims Metal Management
Sims Metal Management is one of the world's largest metal recyclers with over 200 facilities, operations in 20 countries, and over 4,900 employees globally. Sims' core businesses are metal recycling and electronics recycling, with 55% of its revenue from operations in North America. The Company's ordinary shares are listed on the Australian Securities Exchange (ASX: SGM) as well on the Over the Counter market in the United States (OTC PINK: SMSMY).

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Contact Information

  • For investor and media inquiries contact:
    Todd Scott
    Group Vice President of Investor Relations
    61 4 0960 0352