DGAP-News: Sims Metal Management Announces the Sale of Its U.S. Based Aerospace Metals Business
(firmenpresse) - Sims Metal Management
16.07.2013 01:36
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SYDNEY, Australia and NEW YORK, 2013-07-16 01:36 CEST (GLOBE NEWSWIRE) --
Sims Metal Management Limited (ASX:SGM) (NYSE:SMS) ('Company') announces the
sale of its interest in Metal Management Aerospace, Inc ('Aerospace'), to ELG
Utica Alloys. Aerospace, based in Hartford, Connecticut, specializes in the
recycling of titanium alloys and high temperature metals. Aerospace was a
subsidiary of the Company's North America Metals business, and was determined
to be non-core due to the unique aspects of its processing capabilities and
associated commodities.
The sale terms have not been disclosed and are not considered material to the
Company. A pre-tax loss of circa $9 million is expected to be recognized by the
Company in relation to the transaction.
The Company will release its full year Fiscal 2013 results to the market on 23
August 2013.
Cautionary Statements Regarding Forward-Looking Information
This release may contain forward-looking statements, including statements about
Sims Metal Management's financial condition, results of operations, earnings
outlook and prospects. Forward-looking statements are typically identified by
words such as 'plan,' 'believe,' 'expect,' 'anticipate,' 'intend,' 'outlook,'
'estimate,' 'forecast,' 'project' and other similar words and expressions.
These forward-looking statements involve certain risks and uncertainties. Our
ability to predict results or the actual effects of our plans and strategies is
subject to inherent uncertainty. Factors that may cause actual results or
earnings to differ materially from these forward-looking statements include
those discussed and identified in filings we make with the Australian
Securities Exchange and the United States Securities and Exchange Commission
('SEC'), including the risk factors described in the Company's Annual Report on
Form 20-F/A, which we filed with the SEC on 18 March 2013.
Because these forward-looking statements are subject to assumptions and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements. You are cautioned not to place
undue reliance on these statements, which speak only as of the date of this
release.
All subsequent written and oral forward-looking statements concerning the
matters addressed in this release and attributable to us or any person acting
on our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this release. Except to the extent
required by applicable law or regulation, we undertake no obligation to update
these forward-looking statements to reflect events or circumstances after the
date of this release.
All references to currencies, unless otherwise stated, reflect measures in
Australian dollars.
About Sims Metal Management
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 Management
generated approximately 88% of its revenue from operations in North America,
the United Kingdom, Continental Europe, New Zealand and Asia in Fiscal 2012.
The Company's ordinary shares are listed on the Australian Securities Exchange(ASX:SGM) and its ADRs are listed on the New York Stock Exchange (NYSE:SMS).
Please visit our website (www.simsmm.com) for more information on the Company
and recent developments.
Investor and media inquiries contact
Todd Scott
Group Vice President - Investor Relations
Tel: +61 4 0960 0352
News Source: NASDAQ OMX
16.07.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Sims Metal Management
United States
Phone:
Fax:
E-mail:
Internet:
WKN:
End of Announcement DGAP News-Service
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Datum: 16.07.2013 - 01:36 Uhr
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News-ID 278539
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