Sims Metal Management
Sims Metal Management (ASX:SGM) reported a profit for the half year ending on December 31, 2009 of $35.9 million after taxes, as the Sydney-based company, even as overall sales dropped by 39 percent for the same time a year before. Sims Metal is the largest scrap metal recycler in the world.
Even with higher revenue last year, the company had looses of of A$79.4 million. Sales for the period dropped by A$3.4 billion. Diluted earnings per share stood at 21.2 cents for the first fiscal half year.
The company seems positioned strongly going forward, as it hasn't tapped any of its lines of credit and has $225 million cash on hand.
They may use that in the next months to grow it share in the North American scrap market, which they now have 13 percent of. They may try to increase that to 22 percent sometime soon.
Sims Metal Management
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