Sims: No longer a junkyard dog

Scrap metal traders are looking at a very different market in the years to come.

Summary: Sims Metal Management buys scrap for the cheapest possible price and sells it for the highest possible price. The company is a recovery story and has been one of the few stars on the Australian market in recent weeks after full-year results showed an increase in profit and fine margins. One investment bank has doubts about the company’s earnings forecast, while another says it is improving strongly.

Key take-out: China is the world’s biggest consumer of iron ore to make steel but over the next 10 years it is likely to become a major user of scrap metal in its steel-making furnaces.

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