Sims Metal to offload US business

Metals company expects to incur a $9 million loss from transaction.

Sims Metal Management Ltd will sell its stake in a former subsidiary of its North American metals business.

In a statement to the Australian Securities Exchange, the company said it would offload its interest in recycler Metal Management Aerospace, Inc. to ELG Utica Alloys.

Sims Metal Management says it expects to incur a loss of $9 million before tax from the transaction.

The sale terms have not been announced.