Fiscal prudence has also enabled Sims Metal Management to...

Fiscal prudence has also enabled Sims Metal Management to continue to invest in its operations in both the traditional metal recycling and Sims Recycling Solutions businesses.

In these challenging times, prior fiscal prudence has enabled our Company to continue to deploy capital to both
maintaining the existing asset base and enhancing our competitive position through cutting edge technology. These investments will further bolster the Company’s competitive position “NOW” and into the future.

Since 2005, Sims Metal Management has successfully acquired and integrated 24 businesses and has successfully implemented leading and highly accretive technology via capital expenditures.

Against the backdrop of our conservative financial profile, a desire to continue to invest in these high returning capital projects, and ensuring financial flexibility to continue our acquisition growth strategy, this morning Sims Metal Management announced an equity raising of circa A$400 million to fund these strategies.