Sims Metal recyclers reporting reduced earnings expected....

Sims Metal recyclers reporting reduced earnings expected. Foreward earnings taking a decent hit in their forecasts after having a bumper year up until June.

Who are Sims Metal and what do they do?

200 recycling facilities in 15 countries

Here is what they were saying earlier in the year


Global expansion of electric arc furnaces for steel making and for other metals is affecting profitability. Those using electric arc furnaces now suffer with ever rising energy costs. Higher electricity prices willl affect Sims with all of their electric over hydraulic crushing/shredding circuits. H1 2022 saw high commodity prices but have since fallen with Steel, Copper, Aluminium etc, down
(Note: More electric arc furnaces in use leading to higher electricity costs.)

In the article above states 260 facilities. Seems Sims website needs a little updating.
With low metal prices, this puts pressure on recyclers and especially smelters with high gas and electricity prices. Currently, there is not enough renewable energy generated to mitigate the high prices coal and gas elicit for electricity generation.

Another reason why CYM Nifty copper metal plate 99.99% pure will be sought after.
Less time in the smelter = less input costs = happy smelter.