On Friday, Sims Metal Management, the world's largest listed metal recycler, said that earnings for fiscal 2012 (ending June 30, 2012) will be "materially less than 85 percent of the prior corresponding period" as Sims continues to face "global economic challenges and headwinds."
Additionally, results for the balance of fiscal 2012 are not yet certain and may be impacted by global economic events and conditions as well as specific factors including, but not limited to, trading illiquidity and softness in deep sea ferrous markets, current weakness in ferrous metal prices, as well as timing of planned cargo and container shipments.