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Stock Market & Financial Investment News

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December 2, 2012
19:59 EDTSMSSims Metal sells scrap metal recycling assets in Arizona
Sims Metal Management Limited announced the sale, effective 30 November, of its Arizona scrap metal recycling assets to SA Recycling, SAR,. SAR is a joint venture owned equally by SimsMM and Adams Steel, and has operations in California, Nevada and Arizona. The sale was settled at a price of $35M cash. The sale principally involves the real property related assets for two scrap metal recycling facilities located in Phoenix and Tucson, Arizona. SimsMM will retain the working capital assets of the Arizona business which is anticipated to monetize a further circa $15M in cash over 45 days following the sale.This brings the total expected cash generation from the Arizona sale to $50M Thtransaction will be accounted for in the irst half Fiscal 2013 results with an expected pre-tax loss of A$12M. The loss on sale relates to the value of intangible assets not
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