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Sims ( (AU:SGM) ) has shared an update.
Sims Limited has entered into a non-binding Memorandum of Understanding (MOU) with Alter Steel to supply up to 550,000 tonnes of ferrous scrap annually for Alter’s proposed Electric Arc Furnace in Queensland by 2028. This agreement marks a significant step in advancing the decarbonisation of steelmaking in Australia and New Zealand, aligning with the market’s shift towards onshoring steel production. The development of Sims’ Pinkenba site as a strategic logistics hub will enhance operational efficiency and market resilience, supporting the future feedstock needs of steelmakers in the region. The investment in Pinkenba, estimated at $215 million, will also enable the consolidation of Sims’ other sites, improving cost performance and climate change resilience.
The most recent analyst rating on (AU:SGM) stock is a Sell with a A$10.70 price target. To see the full list of analyst forecasts on Sims stock, see the AU:SGM Stock Forecast page.
More about Sims
Founded in Australia in 1917, Sims Limited is a global leader in metal recycling and the provision of circular solutions for technology. The company operates more than 150 facilities across 13 countries and employs approximately 4,100 people globally. Sims Limited is committed to increasing circularity and decarbonisation by supplying recycled materials and re-purposed products.
Average Trading Volume: 278,668
Technical Sentiment Signal: Buy
Current Market Cap: A$3.12B
For an in-depth examination of SGM stock, go to TipRanks’ Overview page.