## Sims expects to post loss for FY 2012
_By Editorial Staff, Resource Recycling_
Sims Metal Management says it expects to post a net loss for the company's 2012 fiscal year, attributed primarily to weak demand and low prices for ferrous scrap.
Sims' final results (to be released Aug. 23) will show a $521 million after-tax loss for the company's fiscal year, which ended June 30. The company's previous fiscal year saw net income of $192 million. According to the company, much of this loss can be attributed to weak demand for ferrous scrap associated with ongoing sluggishness in the economy, growth concerns in China and the Eurozone economic crisis. Ferrous scrap intake and shipments were 15.87 million tons in FY 2012, compared to 15.76 million tons the previous year. However, reduced demand for lowered prices for shipped material, reducing income.
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