Sims Group Ltd. announced it has divested its steel distribution that it operated throughout Australia. The division, called Sims Steel, was sold to 7 Steel Distributin pty Ltd., a subsidiary of Capital Steel Group. The sale is expected to be complete by the end of this month.
Jeremy Sutcliffe, Sims’ chairman, Europe & Australia, said, "We are pleased with the result. Following the merger with Metal Management, the sale of the Sims Steel business is consistent with the company’s strategy to focus on its core metals recycling and Sims Recycling Solutions businesses globally."
Edward Studdy, managing director of the Capital Group of Companies said, "This acquisition provides synergy allowing for further expansion to our international/domestic steel trading, project supply and fabrication operations."
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