From Earlier: Sims Metal Management Market Update for Fiscal 2012

Sims Metal Management Limited SMS advised yesterday that basis the continuation of global economic challenges and headwinds, and with only 10 months results known at this point, that full year earnings for Fiscal 2012 ending 30 June 2012, including a gain on the sale of a business in February 2012 and after adding back goodwill impairment charges provided for in the first half of Fiscal 2012, will be materially less than 85% of the prior corresponding period. 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, potential for gains or losses on non-ferrous and precious metal commodity hedges, gains or losses on derivatives acquired in connection with the investment in Chiho-Tiande Group, volatility in foreign currency markets, as well as timing and recognition of planned cargo and container shipments. The Company also notes that the gain on sale of a business as previously advised in February 2012 will result in a gain of $36 million during Fiscal 2012 instead of $32 million as previously advised.