Scrap Processors
November 23, 2023
Sims raises possibility of selling UK scrap business
Global recycler Sims Limited says it will conduct a full strategic review of its activities in Britain, following on from an operational assessment of the business.
“Supporting a strategic review have been expressions of interest from potential buyers indicating that these assets may well deliver enhanced value to the company’s shareholders through alternative ownership,” the company said in an Australian Securities Exchange filing.
“As a result, the strategic review will encompass several value-creation opportunities, including strategic partnerships, co-investment and potential divestment transaction structures.”
The Sydney-headquartered company described the UK metal business as having a strategic value with its key role in supplying critical scrap to meet growing domestic and export demand for low-carbon steel, copper and aluminium production.
“With 28 facilities and four shredders processing over 1.4 million tonnes of scrap metal annually, UK Metal is a leading scrap metal provider in the region,” said CEO and managing director Stephen Mikkelsen.
