Sims Metal Management Announces Sale of US-Based Aerospace Metals Business to ELG Utica Alloys

Sims Metal Management SMS announces the sale of its interest in Metal Management Aerospace, Inc ("Aerospace"), to ELG Utica Alloys. Aerospace, based in Hartford, Connecticut, specializes in the recycling of titanium alloys and high temperature metals. Aerospace was a subsidiary of the Company's North America Metals business, and was determined to be non-core due to the unique aspects of its processing capabilities and associated commodities. The sale terms have not been disclosed and are not considered material to the Company. A pre-tax loss of circa $9 million is expected to be recognized by the Company in relation to the transaction. The Company will release its full year Fiscal 2013 results to the market on 23 August 2013. Cautionary Statements Regarding Forward-Looking Information This release may contain forward-looking statements, including statements about Sims Metal Management's financial condition, results of operations, earnings outlook and prospects. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions. These forward-looking statements involve certain risks and uncertainties. Our ability to predict results or the actual effects of our plans and strategies is See full press release