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Sims to write off $614m in second-half 2011 results

February 09, 2012 - 18:05 GMT Location: London

KEYWORDS: Sims Metal Management , ferrous scrap , earnings , impairment

Metal recycler Sims Metal Management will write off $614 million in its half-year results for the period to December 31, 2011, in relation to acquisitions made before the financial crisis of 2008, it said in a statement.

“The impairment [$594 million after-tax] arose predominantly within the North America segment and related to acquisitions and joint ventures made and accounted for prior to the end of fiscal 2008,” the company said. “The write down [...] will not impact the company’s dividend policy [or]...

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