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(AMM) Sims in 20-year NYC recycling deal

December 12, 2008 - 20:33 GMT Location: NEW YORK

Ending four years of painstaking negotiations, Sims Metal Management Ltd. and New York City have signed a 20-year deal for processing the city's recyclables, with a 20-year renewal clause.

The city's final sign-off came quietly in November, with no publicity. The impact of plummeting scrap prices on an inherently complicated contract apparently left neither side inclined to celebrate publicly.

Sims Metal Management has committed to invest more than $50 million in three locations. The flow of money to Sims, assuming mid-range commodity prices, is likely to approach $1 billion over the 20-year period, excluding an additional revenue stream for recycling paper, according to Robert Lange, director of the city's bureau of waste prevention,...

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