Sims Metal Management reported that for the second half of 2012 (first half of fiscal 2013), revenues totaled $3.4 billion, a 25 percent decrease, primarily due to a reduction of intake and shipments in North America. Over the period, Sims reported a net loss after tax, on a statutory basis, of $295.5 million, representing a loss of 144.5 cents per diluted share.
In the first half of fiscal 2013, the company's total scrap intake and shipments were 6 million metric tons and 5.9 million metric tons, respectively. Scrap intake and shipments decreased 18 percent and 17 percent, respectively, on the prior corresponding period, and mostly in North America.
Daniel W. Dienst, Group CEO, commented: "Despite very early signals of better times ahead, our North America Metals business continued to face headwinds in the first half of fiscal 2013. Scrap intake and shipments were materially down from the prior corresponding period, as the business prudently applied selective buying behavior and chose not to chase marginal intake tonnages. Notwithstanding the implementation of proactive source control; a challenging set of global economic conditions, weaker metals prices, tentative demand for the majority of the period, and the impact of adverse significant items, resulted in a statutory loss. We are not satisfied with this result and continue our efforts to streamline our North America Metals operations."
