SIMS Metal Management says the weaker stainless and titanium markets means its half-year forecast profits will drop by around $40m.
This $90m profit forecast is approximately 11.8% lower than the 2007-2008 financial year result of $102m.
According to analysts, the steel market is still stuck with excess capacity, while the ferrous market was not seeing much movement. Some Australian scrap yards are refusing to accept material, seeing little to no demand.
Sims' core businesses are metal recycling and recycling solutions, with more than 230 operations globally.
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