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Sims Metal Withdraws Previously Announced Earnings Guidance

Steel News - Published on Wed, 25 Mar 2020

Image Source: Sims Coronavirus COVID-19 Lockdown
Australia-headquartered Sims Metal Management Ltd. has released revised earnings guidance to investment community. The company noted that it has been forced to withdraw the guidance released by it almost a month back. It said “With reference to the mid-February guidance, it noted that the unprecedented spread of COVID-19 to more and more countries and the magnitude of its impact on economic activity make the company think that it is prudent to withdraw its earlier outlook. It must be noted that Sims Metal Management Ltd. had predicted underlying EBIT in the range between $23.1 million and $34.7 million for the initial half of the calendar year 2020.”

However, the company cited certain positive factors related to its global business operations. For instance, business activity in China has started to resume, which in turn will ensure gradual improvement in nonferrous metals demand. Ferrous scrap liquidity has started showing signs of improvement in several regions, especially the Middle East region, Turkey, Central and South America.

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Posted By : Yogender Pancholi on Wed, 25 Mar 2020
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