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Sims Metal Management Announces UK Investigation Findings and Goodwill Impairment

15 Feb 2013  |  09:51:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: UK Investigation Findings and Goodwill Impairment

Sims Metal Management announced on 21 January 2013 that the board had established a special committee to investigate inventory valuation issues in the company's UK business. The committee has determined that a write-down of inventory of $78m will be required, versus a preliminary assessment of circa $60m. The write-down adjustment has been independently verified by the company's external auditor PricewaterhouseCoopers. $16m of the inventory write-down will impact first half Fiscal 2013 results, and the balance will be reflected in the restatement of prior period results.

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