Sims Metal Management with huge loss

The companies' revenue for the fiscal year 2016 was 26.3 per cent below 2015. EBIT was minus 215,5 AUD.

With 4.651.7 million AUD, revenue was way below the 6,310.9 million AUD of 2015. The company explained this with lower prices and sales volumens for ferrous and non-ferrous metals.

While commenting on regional performance, Sims CFO Fred Knechtel saind, “Earnings materially improved during 2hFY16 across our business, despite no improvement in total volumes”. He announced better results for almost all businesses for 2H FY16 than for the whole year.

Commeting on market conditions, CEO Galdino Claro said: “Overcapacity of steel production in China and high levels of exported semi-finished and finished steel remains an unsolved issue. However, market conditions are showing positive signals.”


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