Sims Metal Management Limited (ASX:SGM) is taking advantage of market volatility, buying back up to ten per cent of its own shares over the next year.
At the start of the year the metal recycler’s shares were trading at more than $21, today they are around $12. The actual number of shares bought will depend on market conditions and other factors.
The chief executive says the buy-back won’t detract from the company’s growth strategy.
For the year ended June 30, 2011, Sims Metal reported a net profit of $192 million.
