Sims Metal Management has bought out the remaining 50% stake in Sims Pacific Metals from Fletcher Building for NZD 42 million ($28m) plus a working capital adjustment expected between NZD 13-18m. Sims says it is planning to expand its business through complimentary acquisitions in core markets, Kallanish notes.

Sims Pacific Metals has two shredders, one on North Island and one on South Island and handles some 350,000 tonnes/year of end-of-life ferrous and non-ferrous scrap. It mainly supplies the BlueScope-owned Pacific Steel, as well as small foundries, and also exports some scrap. It was established 25 years previously as a 50-50 joint venture between Sims and New Zealand construction group Fletcher.