Non-Ferrous Prices Impact Sims Metal in 1H 2019; FVE Unchanged
No-moat Sims Metal’s delivery of AUD 110 million in underlying EBIT in first-half fiscal 2019 was a foredrawn conclusion, having announced the result. While ferrous pricing was favourable, weak zorba prices which have fallen near 40%, led to a less positive second quarter. While Sims sees some improvement thus far in the second half, our outlook remains unchanged with full-year EBIT AUD 202 million expected. We retain our longer-term bearish view on scrap prices and continue to expect operating ...Sims Metal Management buys, processes and sells ferrous and non-ferrous recycled metals and provides environmentally responsible solutions for the disposal of post-consumer electronic products, including information technology assets recycled for commercial customers. Co.'s product groups are: ferrous secondary recycling, which collects, processes and trades iron and steel secondary raw material; non-ferrous secondary recycling, which collects, processes and trades other metal alloys and residues; recycling solutions, which disposes post-consumer electronic products; and secondary processing and other services, which focuses on melting, refining and ingoting of certain non-ferrous metals.
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