Sims CEO Retiring in June

Board Chairman Geoff Brunsdon said, “The Board would like to acknowledge the enormous contributions Mr. Dienst has made to the Company during the nine years he has been Chief Executive Officer, including; the integration of Metal Management and Hugo Neu, major improvements to the safe working environment of its 6,600 employees, and the establishment of the Company’s beachhead in the mainland Chinese market. More recently, Mr. Dienst has been driving a vigorous program of cost reductions, portfolio optimization and performance improvements in response to the continued challenging economic environment in our key markets. We are grateful for his tireless service and dedication to meeting the constant demands of a Company which operates 24 hours a day.”

Sims Metal Management posted a $295.5 million net loss for the first half of FY 2013 ending December 31, 2012, cutting its losses by almost half of those reported in the same period in 2011 (-$633.2 million).

‘We have now endured over four years of volatility and extremely challenging times in our markets,” said Dienst in the Sim’s presentation. “We believe closing the books on the first half of fiscal 2013 is also a potential closing of the doors on this difficult chapter,” he said.

Sims will commence searching for a new CEO from both internal and external candidates.