CEO to retire form loss-making Sims
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Scrap metal recycler Sims Metal Management has posted another first half loss due to lower volumes and metal prices.
The company's chief executive, Daniel Dienst, has also announced he will retire on June 30 when his contract with Sims Metal expires.
Sims Metal made a net loss of $295.5 million in the six months to December 31, an improvement on a $633.2 million loss in the previous corresponding period.
Scrap metal intake and shipments in the six months to December decreased by 18 per cent and 17 per cent, respectively, from the previous corresponding period, the company said on Friday.
The company also took a $17 million impact from its recently announced writedowns on its UK operations.
The writedowns are connected to possible fraud and the poor performance of the business.
Sims has taken the remainder of the $78 million writedown on the value of inventory at its British operations in adjustments to previous financial periods.