Date: December 12, 2008
Source: News Room
Sims Metal Management has signed a 20-year recycling contract with the City of New York. While Sims has committed to invest more than $50 million in three locations, the revenue to Sims, assuming mid-range commodity prices, is likely to approach $1 billion over the 20-year period. For the first three years, Sims Metal Management will handle metal, plastic and glass. A predecessor company, Hugo Neu-Schnitzer East, began performing that role under short-term contracts in 2003. The terms of the deal take into account the collection of materials on a dual-stream basis. Sims will pay for paper scrap, which is one stream, based on market rates. The city will pay Sims for handling the other stream: metal, glass and plastics. For these materials, Sims and the city will share in any revenues from their sale.
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