Sims Metal $295.5m Loss 1H2013

The world's largest scrap metal and electronics recycling company, Sims Metal Management (ASX:SGM) have announced its first half financial results for 2013 to shareholders and investors on the Australian stock market.

• Sims Metal Management $295.5 million loss for the half year, an improvement over $633.2 million loss in the previous corresponding period.
• Sims chief executive Daniel Dienst will be retiring on June 30, 2013. Dienst said, "I make this decision with mixed emotions; it has been a rare privilege to lead such a dedicated group of employees committed to building the largest, safest and most sustainable metals and electronics recycling company in the world. After nine years as chief executive officer, I believe now is the right time to bring the next leader into the organization in an orderly succession process."
• SGM Total revenue down 25.1 percent to $3.43 billion.
• There was $354 million in impairments: $63 million impairment charge from its UK Metals and UK Sims Recycling Solutions business; $291.3 million in goodwill and intangible asset impairment and inventory writedowns, mainly at Sims' North American operations.
• Sims Metal Management is the world's largest listed metal recycler with approximately 270 facilities and 6,600 employees globally. Sims' core businesses are metal recycling and electronics recycling.
• Sims metal will not be paying an interim Dividend.