SIMS Metal Management Limited
(ASX:SGM) will be undergoing an number of restructuring initiatives to streamline the Sims Recycling Solutions business as parts of a corporate restructure.
The company plans to jettison underperforming metal recycling units in the UK and Canada saying they are now ‘outside the strategic long term interests of the company.”
Asset writedowns of $80 - $85 million will take place in the second half of FY2014 and Sims has also flagged a goodwill loss of up to $30 million.
The restructuring is under the leadership of Chief Galdino Claro who was appointed late last year to turn around the fortunes of the worlds largest scrap metal recycler.
SIMS Metal Management Limited
(ASX:SGM) recovered from a $466 million loss in fiscal 2013 to post a half yearly profit of $9.3 million to 31 December 2013.
