Posted in | News | Ferrous Alloys and Metals | Sustainable Technologies | Business | Iron and Steel

Leading Metal Recycler Divest Steel Distribution Business

Jun 27 2008

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Sims Group Limited announced today the divestment of Sims Steel, a steel distribution business operating nationally throughout Australia, to 7 Steel Distribution Pty Limited, a wholly owned subsidiary of the Capital Steel Group. Completion is due on 30 June 2008.

Sims Chairman, Europe & Australia, and Executive Director, Jeremy Sutcliffe said, “we are pleased with the result. Following the merger with Metal Management, the sale of the Sims Steel business is consistent with the Company’s strategy to focus on its core Metals Recycling and Sims Recycling Solutions businesses globally.”

Mr Edward Studdy, Managing Director of the Capital Group of Companies said, “this acquisition provides synergy allowing for further expansion to our international/domestic steel trading, project supply and fabrication operations.”

Sims Group was advised by Austock Corporate Finance.

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