Sims Metals Ltd, the world's largest scrap metals group, said its full-year net profit rose 55 percent, citing robust steel markets and performance improvements.
Earnings rose to $48.1 million for the year, compared to around $34 million last year.
Jeremy Sutcliffe, chief executive of the Australian-based company, said he expected fiscal 2004's profit to be similar to the past year, owing to expectations for metals prices and currency exchange rates.
Partly offsetting firmer metals markets was a weakening of the U.S. dollar this year, which cut into Sims' bottom line.
Sales revenues rose 12.5 percent to $1.1 billion, reflecting the higher metals prices and a marginal rise in the volume of metal handled to 5.14 million metric tons, Sutcliffe said.
"Ferrous (iron) prices have now returned to similar or higher levels that those seen in the early part of the calendar year and supply remains extremely tight," Sutcliffe said. Reuters.Latest from Recycling Today
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