Sims Metal advises inventory adjustments related to UK operations Sims Metal Management Limited advises the market that it has identified that the carrying value of inventory in its UK business is materially overstated. The company currently believes the inventory adjustment to be circa $60M and relates to both changes in the assessment of the net realizable value of certain stock and to book to physical adjustments. The preliminary findings indicate the situation has arisen in the context of control failures and potential fraudulent conduct by local and regional plant management. A Special Committee of the Board has been formed to take responsibility for the investigation that is in progress.
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