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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>As filed with the Securities and Exchange Commission on March&nbsp;14, 2008</B></DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Sims Group Limited</B></DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact Name of Registrant as Specified in Its Charter)</I></DIV>


<DIV align="center">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Victoria, Australia</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0490682</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or Other Jurisdiction</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer Identification No.)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>of Incorporation or Organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Sims Group House<BR>
Level 6, 41 McLaren Street<BR>
North Sydney<BR>
New South Wales 2060<BR>
Australia<BR>
(61 2) 9956-9100</B><BR>
<I>(Address of Principal Executive Offices) (Zip Code)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Sims Group Limited Transition Incentive Stock Plan</B><BR>
<I>(Full Title of the Plan)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CT Corporation System</B><BR>
<B>111 Eight Avenue,
13</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP>
<B>Floor</B><BR>
<B>New York, New York 10011</B><BR>
<B>(212)&nbsp;894-8400</B><BR>
<I>(Name, address and telephone number of Agent For Service)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I>Copies to:</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Frank M. Moratti<BR>
Company Secretary and General Counsel<BR>
Sims Group Limited<BR>
Sims Group House</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Level&nbsp;6, 41 McLaren Street<BR>
North Sydney<BR>
New South Wales 2060<BR>
Australia</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price Per Share(3)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price(3)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ordinary Shares</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,653,518</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="right" style="border-top: 2px solid #000000"><B>N/A</B></TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>

<TD align="right" style="border-top: 2px solid #000000"><B>22,225,534.40</B></TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>

<TD align="right" style="border-top: 2px solid #000000"><B>873.46</B></TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>American Depositary Shares (&#147;ADSs&#148;), each representing one ordinary share of Sims Group
Limited (the &#147;Registrant&#148;), have been registered on a separate Registration Statement on Form
F-6 filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on February&nbsp;27, 2008 (File
No.&nbsp;333-149406).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement also registers an indeterminate number of additional
ordinary shares as may be issuable under the Sims Group Limited Transition Incentive Stock
Plan (the &#147;Sims Plan&#148;) as a result of stock splits, stock dividends or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In accordance with Rule&nbsp;457(h)(i) under the Securities
Act, the maximum aggregate offering price is the sum of (i)&nbsp;the weighted average exercise price per share of the options
outstanding under the Sims Plan as of the date of this Registration Statement multiplied by
953,250, the aggregate number of ordinary shares issuable upon the exercise of all
options outstanding under the Sims Plan as of the date of this Registration Statement, and
(ii)&nbsp;with respect to the ADSs being registered for resale hereunder (other than ADSs issuable
upon the exercise of options covered by (i)), the number of such ADSs multiplied by
$<B>9.55</B>, the book value per share of the underlying Sims ordinary shares (using an exchange
ratio of $1.00 = A$ <B>.924898</B>).</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sims Group Limited (the &#147;Registrant&#148;), is filing this Registration Statement to register
ordinary shares of the Registrant, represented by American Depositary Shares (&#147;ADSs&#148;), issuable
upon the exercise of options that will be outstanding under the Sims Group Limited Transition
Incentive Stock Plan (the &#147;Sims Plan&#148;). The stock options were originally granted by Metal
Management, Inc., a Delaware corporation (&#147;Metal Management&#148;), to its directors, officers and
employees pursuant to the Metal Management, Inc. 2002 Incentive Stock Plan (the &#147;MMI Plan&#148;).
Effective March&nbsp;14, 2008, Metal Management merged with and into MMI Acquisition Corporation, a
Delaware corporation and a wholly-owned subsidiary of the Registrant (the &#147;Acquisition
Corporation&#148;), pursuant to an Agreement and Plan of Merger dated September&nbsp;24, 2007 (the &#147;Merger
Agreement&#148;) between the Registrant, the Acquisition Corporation and Metal Management. In
accordance with the Merger Agreement, upon the effective date of the merger of Metal Management and
the Acquisition Corporation, the Registrant is assuming the rights and obligations of Metal Management
under the MMI Plan and all stock options outstanding under the MMI
Plan are converting into options to acquire ADSs under the Sims Plan. Under the terms of the Sims Plan, no additional stock
options may be issued pursuant to the Sims Plan after the effective date of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section&nbsp;C of the General Instructions to Form S-8, this Registration
Statement also includes a reoffer prospectus, prepared in accordance with Part&nbsp;I of Form F-3 under
the Securities Act, with respect to the reoffer and resale, on a delayed or continuous basis, by
the Registrant&#146;s directors and executive officers named herein as selling stockholders of ordinary
shares, represented by ADSs acquired or to be acquired by such directors and executive officers
under an employee benefit plan.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document or documents containing the information specified in Part&nbsp;I of Form S-8 are not
required to be filed with the Securities and Exchange Commission (the &#147;SEC&#148;) as part of this
Registration Statement. The document or documents containing the information specified in Part&nbsp;I
of Form S-8 will be delivered to the participants in the Sims Plan as required by Rule&nbsp;428(b)(1)
under the Securities Act of 1933, as amended.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REOFFER PROSPECTUS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="c24540c2454000.gif" alt="(SIMS GROUP LOGO)"></div>
<DIV align="Center" style="font-size: 24pt; margin-top: 6pt">
<B>Sims Group Limited</B>

</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt">1,653,518
American Depositary Shares

</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to the offer and sale from time to time by the selling stockholders of
up to 1,653,518 American Depositary Shares, or ADSs, each representing one ordinary share of Sims
Group Limited.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any portion of the proceeds from sales of ADSs by the selling
stockholders. The ADSs may be offered from time to time by any or all of the selling stockholders
through ordinary brokerage transactions, in negotiated transactions or in other transactions at
prices that they may determine, which may relate to the market prices of the ADSs prevailing at the
time of sale or be a negotiated price. All costs, expenses and fees in connection with the
registration of the ADSs will be borne by us. Brokerage commissions and other selling expenses, if
any, will be borne by the selling stockholders. See &#147;Plan of Distribution.&#148;
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning on March&nbsp;17, 2008, our ADSs will be listed on the New York Stock Exchange under the
trading symbol &#147;SMS.&#148; Each ADS represents one ordinary share of Sims Group Limited. Our ordinary
shares are listed on the Australian Securities Exchange under the trading symbol &#147;SGM.&#148; On March&nbsp;13, 2008,
the last reported sale price of our ordinary shares on the Australian Securities Exchange
was A$28.90, which was equivalent to $27.20 based on the noon buying rate for the
Australian dollar on that date as published by the Federal Reserve Bank of New York.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at Sims Group House, Level&nbsp;6, 41 McLaren Street,
North Sydney, New South Wales 2060, Australia. Our telephone number is (6 12) 9956-9100.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our ADSs involves a high
degree of risk. See &#147;Risk Factors&#148; beginning on page 1 of this prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this prospectus is March&nbsp;14, 2008.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Our Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Forward-Looking Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Selling Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Plan of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Capitalization and Indebtedness</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Where You Can Find More Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained in this prospectus. We have not authorized
any other person to provide you with different information. If anyone provides you with different
or inconsistent information, you should not rely on it. Information contained on our website does
not constitute a part of this prospectus. The selling stockholders are not making an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted. You should assume
that the information appearing in this prospectus is accurate only as of the date on the front
cover of this prospectus, regardless of the time this prospectus is delivered or the shares offered
by this prospectus are sold. Our business, financial condition, results of operations and prospects
may have changed since that date.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sims
Group Limited, a corporation incorporated in Victoria, Australia
(&#147;Sims&#148;), is, in the belief of
Sims&#146;s management, one of the world&#146;s largest metals recycling companies on the basis of our market
capitalization and the size and scope of our operations. We operate two primary businesses, Metal
Recycling and Sims Recycling Solutions. The Metal Recycling business involves the collection,
processing and marketing of ferrous and non-ferrous metals. We have significant positions in the
metals recycling markets of Australasia, the United States and the United Kingdom. We also have a
strategic network of trading offices in Asia. The Sims Recycling Solutions business involves the
&#147;e-recycling&#148; of information technology equipment and electrical and electronic consumer goods, and
we have an emerging global presence with established operations in the United Kingdom, Continental
Europe and North America and a developing presence in the Asia Pacific region.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at Level 6, 41 McLaren Street, North Sydney NSW
2060, Australia, and our telephone number is (61 2) 9956-9100.
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should carefully consider the risk factors set forth below as well as the other
information contained in this prospectus before investing in our ADSs. Any of the following risks
could materially and adversely affect our business, financial condition or results of operations.
In such a case, you may lose all or part of your investment. The risks described below are not the
only risks facing our company. Additional risks and uncertainties not currently known to us or
those we currently view to be immaterial may also materially adversely affect our business,
financial condition or results of operations. The future trading price of ADSs will be affected by
the performance of our business relative to, among other things, competition, market conditions and
general economic and industry conditions</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The metal recycling industry has historically been, and is expected to remain, highly cyclical
and demand from individual export markets, which is important to us, is volatile.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operating results of the metal recycling industry, in general, have historically been, and
are expected to remain, highly cyclical in nature and our operations, specifically, are highly
cyclical in nature. Our results of operations tend to reflect, and be amplified by, changes to
general economic conditions, both domestically and internationally. Historically, in periods of
recession or periods of slowing economic growth, the results from operations of metal recycling
companies have been materially and adversely affected. For example, during recessions or periods of
slowing economic growth, the automobile and the construction industries typically experience major
cutbacks in production, resulting in decreased demand for steel, copper and aluminum, and it would
be expected that, during such periods, there would be significant fluctuations in demand and
pricing for our products. Economic downturns in the United States or internationally may materially
and adversely affect our results of operations and financial condition. Our ability to withstand
significant economic downturns or recessions in the future depends, in part, on our level of
capital and liquidity. Our business may also be adversely affected by increases in steel imports
into the United States or other significant market regions, such as Australia, the United Kingdom
and New Zealand, which may have an adverse impact on steel production in such market regions and a
corresponding adverse impact on the demand for recycled metals from some of our facilities within
such market regions. Additionally, our business could be negatively affected by changes in currency
exchange rates, changes in tariffs, or increased freight costs which could negatively impact export
sales or attract imports of recycled metal or metal substitutes, reducing demand for our recycled
metals. When metals markets weaken, if we are unable to reduce our costs commensurately, we could
experience a material decline in earnings. A material decline in earnings could negatively affect
cash flows and capitalization and the market price for our ordinary shares and ADSs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We are subject to significant risks relating to changes in commodity prices, currency exchange
rates and interest rates, and may not be able to effectively protect against these risks.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to commodity price risk during the period that we have title to products that
are held in inventory for processing or resale. Prices of commodities, including recycled metals,
can be volatile due to numerous factors beyond our control. In an increasing price environment for
raw materials, competitive conditions may limit our ability to pass on price increases to our
consumers. In a decreasing price environment for processed recycled metal, we may not have the
ability to fully recoup the cost of raw materials we procure, process and sell
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to our customers. New entrants into our markets could result in higher purchase prices for raw
materials and lower margins from our recycled metal. We are not able to hedge positions in certain
commodities, such as recycled ferrous metal, where no established futures market exists. Thus, our
sales and inventory position are vulnerable to adverse changes in commodity prices, which could
materially adversely impact our operating and financial performance. We operate a global trading
business that is involved in the purchase and sale of ferrous steel making raw materials without a
corresponding sale or purchase. At any one time, this global trading business may have a material
number of &#147;open&#148; or at risk trading positions. To the extent that markets move in an adverse
direction and we have not hedged our position, this will have an adverse impact on profitability.
As a company that operates in many countries, we are also exposed to movements in currency exchange
rates, the impact of which cannot be reliably predicted. We report our financial results in
Australian dollars. We have significant assets, liabilities and earnings denominated in currencies
other than the Australian dollar, in particular U.S. dollars, pounds sterling and euros. These
assets, liabilities and earnings, therefore, are exposed to fluctuations in exchange rates between
these currencies and the Australian dollar. Currency exchange rates have been extremely volatile in
recent periods. In addition, we have significant indebtedness for borrowed money, some or all of
which may provide for variable interest rates. It may not be possible for us to effectively hedge
against changes in interest rates at all or on an economically reasonable basis. Increases in
interest rates could materially increase our borrowing costs and could have a material adverse
effect on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The loss of export sales could adversely affect our results of operations and financial
condition</I></B><I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of our sales of recycled metal is exported to markets outside of the
United States and Australia, with significant sales to customers in China, Turkey, India, Malaysia
and other individual markets. If sales to these individual markets were to decline significantly
for any reason and alternative markets could not be found at comparable market prices, it could
materially adversely affect our results of operations and financial condition. Other risks
associated with our export business include, among other factors, political and economic factors,
economic conditions in the world&#146;s economies, changes in legal and regulatory requirements, changes
in currency exchange rates applicable to the U.S. dollar, Australian dollar and the currencies of
other countries in which we operate, purchase or export recycled metal, freight costs and customer
collection risks. Any of these factors could result in lower export sales, which could have a
material adverse effect on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We are subject to increasing competition from containerized recycled metal exports.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generate a significant proportion of our earnings from the export of recycled metals.
Recently, there has been a significant increase in the number of empty containers at ports in the
United States, Australia, the United Kingdom and elsewhere which may be used for exporting
materials at a relatively low cost because vessel operators provide lower freight costs to
container shippers relative to bulk shippers. Small recycled metal operators have taken advantage
of this situation by exporting significant quantities of recycled metals in containers in
competition with us. The increasing competition from containerized recycled metal exports may
reduce our export gross margin on sales or volumes and, accordingly, may have a material adverse
impact on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The concentration of our customers or the termination of material customer contracts could
have a material adverse effect on our results of operations and financial condition.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales to our largest customers may represent a substantial percentage of our total sales. We
do not generally have long term contracts with our customers. Our customers therefore generally
have the ability to terminate or modify their contracts with us on short notice without the payment
of penalties or other amounts. The loss of any of our significant customers, deterioration in the
financial condition of any of our significant customers, or the termination of one or more material
customer contracts could have a material adverse effect on our results of operations and financial
condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Potential credit losses from our significant customers could adversely affect our results of
operations and financial condition.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the sale of products, we generally do not require collateral as security
for customer receivables nor do we necessarily purchase credit insurance. We may have significant
balances owing from customers that operate in cyclical industries and under leveraged conditions
that may impair the collectibility of
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">those receivables. Failure to collect a significant portion of amounts due on those receivables
could have a material adverse effect on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The profitability of our metal recycling operations depends, in part, on the availability of
an adequate source of supply.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We procure our recyclable metal inventory from numerous sources. These suppliers generally are
not bound by long-term contracts and have no obligation to sell recyclable metal to us. In periods
of low industry prices, suppliers may elect to hold recyclable metal to wait for higher prices or
intentionally slow their metal collection activities. If a substantial number of suppliers cease
selling recyclable metal to us, we will be unable to recycle metals at desired levels and our
results of operations and financial condition could be materially adversely affected. In addition,
a slowdown of industrial production in the United States, Australia or certain other countries
would reduce the supply of industrial grades of metal to the metal recycling industry, resulting in
our having less recyclable metal available to process and market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>A significant increase in the use of substitute materials by consumers of processed recycled
ferrous metal could reduce demand for our products.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During periods of high demand, tightness can develop in the available supply of recycled
ferrous metal. The relative scarcity of recycled ferrous metal, particularly prime or industrial
grades, during such periods, provides opportunities for producers of substitute products, such as
pig iron and direct reduced iron pellets. It cannot be assured that the use of substitutes to
recycled ferrous metal will not proliferate in the future if the prices for recycled metal rise or
if the supply of available unprepared ferrous metal tightens. A number of third parties around the
world are working on ways to produce recycled ferrous metal substitutes. If these efforts prove
successful, they could become significant competitors and materially adversely impact our results
of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our operations are subject to extensive governmental regulation in each of the jurisdictions
in which we operate.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each of the jurisdictions in which we operate, we are subject to a variety of laws and
regulations relating to trade, competition, taxes, employees and employee benefits, worker health
and safety, land use, the environment and other matters. We may be required to make significant
expenditures and to devote substantial management time and attention in order to operate our
business in compliance with such laws and regulations. In addition, changes in these laws or
regulations or their interpretations or enforcement may require us to make significant additional
expenditures or to change our business practices. If we fail to comply with applicable laws and
regulations, we could incur criminal or civil fines, penalties, assessments or other damages, which
could be substantial, and could have material restrictions or limitations placed on our business
operations. In certain cases, governmental compliance actions may also give rise to potential
claims for damages by private parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our operations are subject to stringent environmental laws and regulations</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to comprehensive statutory and regulatory environmental requirements relating
to, among others:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acceptance, storage, treatment, handling and disposal of solid, hazardous and
toxic waste;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the discharge of materials into the air;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the management and treatment of wastewater and storm water;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remediation of soil and groundwater contamination; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the protection of employee health and safety.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of our business and previous operations by others at facilities currently or
formerly owned or operated or otherwise used by us expose us to risks of claims under environmental
laws and regulations, especially for the remediation of soil or groundwater contamination. We may
be required to make material expenditures for remedial activities or capital improvements with
regard to sites currently or formerly owned or operated or otherwise used by us.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental statutes and regulations have changed rapidly in recent years by requiring
greater and more expensive protective measures, and it is possible that we will be subject to even
more stringent environmental standards in the future. For example, in many jurisdictions in which
we operate, there is the potential for regulation and or legislation relating to mercury
contaminants. Automobile hulks that are purchased and processed by us may contain mercury switches.
Legislation or regulations that may be enacted in the future cannot be presently known and neither
can the effects, if any, that any such law or regulation could have on our business. For these
reasons and others, the future capital expenditures for pollution control equipment, remediation or
other initiatives that may be required cannot be predicted with accuracy. However, it is generally
expected that environmental standards will become increasingly more stringent and that the
expenditures necessary to comply with those heightened standards will correspondingly increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to maintain, and to comply with, various permits and licenses to conduct our
operations. Failure to maintain, or violations of, any permit or license, if not remedied, could
result in us incurring substantial fines, suspension of operations or closure of a site. Further,
our operations are conducted primarily outdoors and, as such, depending on the nature of the ground
cover, such outdoor operations involve the risk of releases of wastes and other regulated materials
to the soil and, possibly, to groundwater. As part of our continuous improvement programs, we will
incur costs to improve environmental control systems.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because companies in the metal recycling industry have the potential for discharging wastes or
other regulated materials into the environment, in any given year, a significant portion of our
capital expenditures could be related, directly or indirectly, to pollution control or
environmental remediation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our operations generate waste that needs to be treated, stored and disposed of in accordance
with applicable environmental laws.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our metal recycling operations produce significant amounts of waste that we are required to
pay to have treated or discarded. For example, we operate shredders for which the primary feedstock
is automobile hulks and obsolete household appliances. Approximately 20% of the weight of an
automobile hulk consists of non-metallic material, commonly referred to as shredder fluff or
automobile shredder residue, which is referred to as ASR, which constitutes the remnant material
after the separation of saleable ferrous and non-ferrous metals. Environmental regulations in the
United States and many other countries in which we operate require that we test ASR to determine if
it is to be classified as hazardous waste before disposing of it off-site in permitted landfills.
Our other waste streams in the United States and other countries in which we operate are subject to
similar requirements. Additionally, we employ significant source control programs to ensure, to the
fullest extent possible, that prohibited hazardous materials do not enter our raw materials stream.
However, it cannot be assured that such materials will be successfully removed from our source
streams and resultant recycling by-products. As a result, our waste streams may, from time to time,
be classified as a hazardous waste in which case we may incur higher costs for disposal of these
waste products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental assessments, conducted by independent environmental consulting firms, of certain
of the operating sites that we have revealed that some soil impacts, potentially including impacts
associated with various metals, petrochemical by-products, waste oils, polychlorinated biphenyls,
which are referred to as PCBs, and volatile organic compounds are, or may be, present at varying
levels. It is likely that such impacts at varying levels may exist at some of the sites and it is
expected that some of these sites could require investigation, monitoring and remediation in the
future. The costs of such remediation could be significant. The existence of such impacts at some
of our facilities potentially could require us to incur significant costs to remediate and could
materially adversely affect our ability to sell those properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We may have potential environmental investigation and cleanup liabilities</I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have received notices from the United States Environmental Protection Agency, which is
referred to as the USEPA, state agencies or third parties that certain of our subsidiaries have
been identified as potentially responsible for the cost of investigation and cleanup of landfills
or other sites where the subsidiary&#146;s material was shipped. In most cases, many other parties are
also named as potentially responsible parties. The Comprehensive Environmental Response,
Compensation and Liability Act, which is referred to as CERCLA, enables USEPA and other United
States&#146; regulatory agencies to recover from owners, operators, generators and transporters the cost
of investigation and cleanup of sites which pose serious threats to the environment or public
health. In certain circumstances, a potentially responsible party can be held jointly and severally
liable for the cost of cleanup. In other
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cases, a party who is liable may only be liable for a divisible share. Liability can be imposed
even if the party shipped materials in a lawful manner at the time of shipment. Liability for
investigation and cleanup costs can be significant, particularly in cases where joint and several
liability may be imposed. CERCLA, including the Superfund Recycling Equity Act of 1999, limits the
exposure of metals recyclers for sales of certain recyclable material under certain circumstances.
However, the recycling defense is subject to conducting reasonable care evaluations of current and
potential consumers. Because CERCLA can be imposed retroactively on shipments that occurred many
years ago, and because USEPA and state agencies are still discovering sites that present problems
to public health or the environment, it cannot be assured that we will not become liable in the
future for significant costs associated with investigation and remediation of CERCLA waste sites.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We do not have environmental impairment insurance</I></B><I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, because we believe that the cost of the premiums outweighs the benefit of
coverage, we do not carry environmental impairment liability insurance. If we were to incur
significant liability for environmental damage, such as a claim for soil or groundwater
remediation, ours results of operations and financial condition could be materially adversely
affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our operations present risk of injury or death.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the heavy industrial activities that are conducted at our facilities, there exists
a risk of serious injury or death to our employees or other visitors to our operations,
notwithstanding the safety precautions that are taken. Our United States operations and our
operations in certain other countries are subject to regulation by governmental agencies
responsible for employee health and safety. We currently have in place policies to minimize the
risk to employees and other visitors to our facilities and, accordingly, to minimize the risk that
we will incur government fines for violations of such regulations. We may, nevertheless, be unable
to avoid material liabilities for any death or injury that may occur in the future and these types
of incidents may have a material adverse effect on our results of operations and financial
condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The loss of any member of our senior management team or a significant number of our managers
could have a material adverse effect on our results of operations and financial condition</I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations depend heavily on the skills and efforts of our senior management team. In
addition, we rely substantially on the experience of the management of our businesses with regard
to day-to-day operations. While we have employment agreements with certain of the members of our
senior management team, we may be unable to retain the services of any of those individuals. The
loss of any member of our senior management team or a significant number of managers could have a
material adverse effect on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We may not be able to negotiate future labor contracts on favorable terms</I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant percentage of our employees are represented by various labor unions. As the
agreements with those unions expire, we may not be able to negotiate extensions or replacements on
terms favorable to us, or at all, or avoid strikes, lockouts or other labor actions from time to
time. Therefore, it cannot be assured that new labor agreements will be reached with our unions as
those labor contracts expire or on terms that we find desirable. Any labor action resulting from
the failure to reach an agreement with our unions could have an adverse effect on our results of
operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We are obligated to contribute to defined benefit pension plans, some of which are
underfunded</I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently contribute to defined benefit pension plans that cover various categories of
employees and retirees. The obligation to make contributions to fund benefit obligations under
these pension plans is based on actuarial valuations, which are based on certain assumptions,
including the long-term return on plan assets and discount rate.
Certain of our defined benefit
pension plans are currently underfunded. We will have to make additional contributions to fund our
pension benefit plans. Contributions will negatively impact our cash flow and results of
operations. In addition, we contribute to various multi-employer pension plans which cover
employees under collective bargaining agreements. The required contributions are specified in such
collective bargaining agreements. However, we may be required to fund additional amounts in the
future if one or more of these multi-employer plans do not meet the Employee Retirement Income
Security Act funding guidelines. Additional contributions will negatively impact our cash flow,
results of operations and financial condition.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We incur expense related to the amortization of intangible assets and may be required to
report losses resulting from the impairment of goodwill or other assets recorded in connection with
completed or future acquisitions.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have in the past expanded our operations through acquisitions and joint ventures involving
metal recycling businesses owned by third parties. We expect to continue to complete selected
acquisitions and joint venture transactions in the future. In connection with acquisition and joint
venture transactions, applicable accounting rules generally require the tangible and certain
intangible assets of the acquired business to be recorded on the balance sheet of the acquiror at
their fair market value. Intangible assets other than goodwill will be required to be amortized
over their estimated useful lives and this expense may be significant. Any excess in the purchase
price paid by the acquiror over the fair market value of tangible and intangible assets of the
acquired business is recorded as goodwill. If it is later determined that the anticipated future
cash flows from the acquired business will be less than the fair market value of the assets and
goodwill of the acquired business recorded at the time of the acquisition, the assets or goodwill
may be deemed to be impaired. In this case, the acquiror may be required under applicable
accounting rules to write down the value of the assets or goodwill on its balance sheet to reflect
the extent of the impairment. This write down of assets or goodwill is generally recognized as a
non-cash expense in the statement of operations of the acquiror for the accounting period during
which the write down occurs. If we determine that any of the assets or goodwill recorded in
connection with any prior or future acquisitions or joint venture transactions have become
impaired, we will be required to record a loss resulting from the impairment. The metal recycling
industry is highly cyclical and, as a result, we may be more likely than companies in other
industries to incur impairment losses. Impairment losses could be significant and could have a
material adverse effect on our results of operations and financial condition, and could have a
material adverse affect on our ability to pay dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Significant expenditures and senior management time may be required with respect to our
internal controls to ensure compliance with the requirements of Section&nbsp;404 of the Sarbanes Oxley
Act of 2002.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;404 of the Sarbanes Oxley Act of 2002 and the regulations of the SEC thereunder
require our senior executive and senior financial officers to assess the effectiveness of our
internal control over financial reporting on an annual basis commencing with the 12-month period
ending June&nbsp;30, 2009. Our independent registered public accounting firm will also be required to
provide a report with respect to our internal control over financial reporting annually commencing
with the 12-month period ending June&nbsp;30, 2009. To the extent that we are discovered to have
deficient internal controls, we may be required to allocate significant monetary and management
resources to remedy the deficiencies that could otherwise be devoted to our business operations. We
believe that we may incur additional expenditures of approximately $3&nbsp;million in our first year
after completion of the merger to ensure compliance with the requirements of Section&nbsp;404 of the
Sarbanes Oxley Act of 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>We are exposed to the risk of legal claims and other liabilities that may have a material
adverse effect on our results of operations and financial condition</I></B><I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to the risk of legal claims and other liabilities arising in connection with
the operation of our business that may have a material adverse effect on our results of operations
and financial condition. These claims and liabilities may include claims by employees or former
employees relating to personal injury, compensation or employment law violations, environmental,
land use and other claims arising out of the ownership or operation of facilities, and disputes
with customers, suppliers and other business relations. The nature of our business may make us more
likely than some other companies to be exposed to the risk of legal claims and other liabilities.
In particular, metal recycling companies are generally exposed to higher risks of environmental
claims and liabilities than companies in non-manufacturing industries, and employees working in the
metal recycling industry may be more likely to suffer workplace injuries than employees of
companies in other industries. The resolution of these claims and other liabilities may require us
to pay material damages or other costs to third parties, including potentially punitive, treble,
exemplary or other special damages. Resolution of claims may also involve an extensive commitment
of senior management time and attention, and may require changes in business practices resulting in
decreased revenues or profits or additional costs. Even if claims or other liabilities are resolved
successfully, we may incur significant legal and other expenses in defending against such matters.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our tax liabilities may substantially increase if the tax laws and regulations in the
countries in which we operate change or become subject to adverse interpretations or inconsistent
enforcement.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable by companies in many of the countries in which we operate are substantial and
include value added tax, excise duties, taxes on income (including profits and capital gains),
payroll related taxes, property taxes and other taxes. Tax laws and regulations in some of these
countries are subject to frequent change, varying interpretation and inconsistent enforcement. In
addition, many of the jurisdictions in which we operate have adopted transfer pricing legislation.
If tax authorities impose significant additional tax liabilities as a result of transfer pricing
adjustments, it could have a material adverse effect on our results of operations and financial
condition. It is possible that taxing authorities in the countries in which we operate will
introduce additional revenue raising measures. The introduction of any such provisions may affect
our overall tax efficiency and could result in significant additional taxes becoming payable. Any
such additional tax exposure could have a material adverse effect on our results of operations and
financial condition. We may face a significant increase in our income taxes if tax rates increase
or the tax laws or regulations in the jurisdictions in which we operate or treaties between those
jurisdictions are modified in an adverse manner. This may adversely affect our cash flows,
liquidity and ability to pay dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our operations are subject to risks and uncertainties relating to international conflicts and
terrorism.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of our extensive international operations and sales in certain developing countries,
we are subject to risks relating to international conflicts, wars, internal civil unrest, trade
embargoes and acts of terrorism. These operations include sales in developing countries, which may
be more likely than developed countries to be affected by international conflicts and terrorism.
Risks of this type may affect facilities owned or operated by us or facilities of our suppliers or
customers. In addition, risks of this type may affect port facilities or other transportation
infrastructure owned or used by us in the operation of our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>United States investors may have difficulty enforcing civil liabilities against us and our
directors and senior management</I></B><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized under the laws of Australia. Several of our directors and many members of our
senior management are residents of jurisdictions outside the United States. A significant portion
of our assets and the assets of these persons are located outside the United States. As a result,
United States investors may find it difficult to effect service of process within the United States
upon us or these persons or to enforce outside the United States judgments obtained against us or
these persons in United States courts, including actions predicated upon the civil liability
provisions of the United States federal securities laws. Likewise, it may also be difficult for an
investor to enforce in United States courts judgments obtained against us or these persons in
courts in jurisdictions outside the United States, including actions predicated upon the civil
liability provisions of the United States federal securities laws. It may also be difficult for a
United States investor to bring an original action in an Australian court predicated upon the civil
liability provisions of the United States federal securities laws against our directors and senior
management and non-United States experts named in this prospectus.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains or incorporates by reference a number of forward-looking statements,
including statements about our financial condition, results of operations, earnings outlook and
prospects. Forward-looking statements are typically identified by words such as &#147;plan,&#148; &#147;believe,&#148;
&#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;outlook,&#148; &#147;estimate,&#148; &#147;forecast,&#148; &#147;project&#148; and other similar
words and expressions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The forward-looking statements involve certain risks and uncertainties. Our ability to predict
results or the actual effects of our plans and strategies is subject to inherent uncertainty.
Factors that may cause actual results or earnings to differ materially from such forward-looking
statements include those set forth above under &#147;Risk Factors&#148; and those discussed and identified in
filings we make with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because these forward-looking statements are subject to assumptions and uncertainties, actual
results may differ materially from those expressed or implied by these forward-looking statements.
You are cautioned not to place undue reliance on these statements, which speak only as of the date
of this prospectus or the date of any document incorporated by reference in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors that could cause actual results to differ materially from those contemplated by the
forward-looking statements include, among others, the following factors:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cyclicality and volatility in the metal recycling industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exposure to changes in commodity prices, currency exchange rates and interest rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of export sales and increased competition from containerized recycled metal
exports;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>concentration of customers and exposure to customer credit risks;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of adequate sources of material supply;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failures to comply with or other liabilities incurred pursuant to applicable laws,
including applicable environmental laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the loss of senior executive employees or managers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>labor problems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs and risks associated with defined benefit pension plans and other employee
benefits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>goodwill impairment and other financial and accounting issues;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance costs and other risks relating to internal control over financial
reporting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>existing and future litigation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risks of global operations, including international hostilities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All subsequent written and oral forward-looking statements concerning the matters addressed in
this prospectus attributable to us or any person acting on our behalf are expressly qualified in
their entirety by the cautionary statements contained or referred to in this prospectus. Except to
the extent required by applicable law or regulation, we undertake no obligation to update these
forward-looking statements to reflect events or circumstances after the date of this prospectus or
to reflect the occurrence of unanticipated events.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling stockholders will receive all of the proceeds from the sales of the ADSs covered by
this prospectus. We will not receive any proceeds from sales of the ADSs by the selling
stockholders.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to the reoffer and resale of up to an aggregate of 1,653,518 ADSs
acquired or to be acquired by the selling stockholders named below. The selling stockholders may
resell all, a portion or none of the ADSs from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inclusion of the following individuals in the table below will not be deemed to be an
admission that any of these individuals is our affiliate. The
following table reflects the number of ADSs beneficially owned and
number of ADSs eligible to be offered by each of the selling
stockholders after the effective time of the merger between Metal
Management and the Acquisition Corporation.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of ADSs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of ADSs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ADSs Eligible</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>the Class</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to be Offered by</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned After</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned After</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned Prior to the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Completion of the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Completion of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stockholders</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>the Offering(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Daniel W. Dienst</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,566,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">992,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street<BR>
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Robert C. Larry</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street<BR>
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Alan D. Ratner</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street<BR>
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Norman R. Bobins</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street<BR>
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>John T. DiLacqua</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street<BR>
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Robert Lewon</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of ADSs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of ADSs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ADSs Eligible</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>the Class</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to be Offered by</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned After</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned After</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned Prior to the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Completion of the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Completion of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stockholders</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>the Offering(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Gerald E. Morris</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Metal Management, Inc.<BR>
325 N. LaSalle Street<BR>
Suite&nbsp;550<BR>
Chicago, IL 60610</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than one percent.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes ADSs beneficially owned or that may be acquired through exercise of stock options within 60&nbsp;days.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that all of the ADSs covered by this prospectus are sold.</TD>
</TR>




</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ADSs covered by this prospectus may be offered and sold from time to time by the selling
stockholders. The term &#147;selling stockholders&#148; as used in this prospectus includes the selling
stockholders listed in the table above and any donees, pledgees, transferees or other
successors-in-interest selling ADSs received after the date of this prospectus from a selling
stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders may sell ADSs pursuant to this prospectus from time to time:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in transactions (including one or more block transactions) on the New York Stock Exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the public market off the New York Stock Exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in privately negotiated transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through put or call options transactions relating to the shares; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in a combination of such transactions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each sale may be made either at the market price prevailing at the time of sale or at a
negotiated price. Sales may be made through brokers or to dealers, and such brokers or dealers may
receive compensation in the form of commissions or discounts not exceeding those customary in
similar transactions. Any shares covered by this prospectus that qualify for sale pursuant to Rule
144 under the Securities Act may be sold under Rule&nbsp;144 rather than pursuant to this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All expenses of registration incurred in connection with this offering are being borne by us,
but all brokerage commissions and other expenses incurred by a selling stockholder will be borne by
that selling stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders and any dealer acting in connection with the offering or any broker
executing a sell order on behalf of a selling stockholder may be deemed to be &#147;underwriters&#148; within
the meaning of the Securities Act, in which event any profit on the sale of shares by a selling
stockholder and any commissions or discounts received by any such broker or dealer may be deemed to
be underwriting compensation under the Securities Act. In addition, any such broker or dealer may
be required to deliver a copy of this prospectus to any person who purchases any of the shares from
or through such broker or dealer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with the securities laws of certain states, if applicable, the ADSs will be
sold only through registered or licensed brokers or dealers.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAPITALIZATION AND INDEBTEDNESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows our unaudited capitalization and indebtedness as of January&nbsp;31, 2008
on a combined pro forma basis giving effect to the consummation of the merger of Sims and Metal
Management as if the merger had occurred on that date. The information has been prepared in
accordance with United States generally accepted accounting principles based on the unaudited
balance sheets of Sims and Metal Management as of January&nbsp;31, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="16" style="border-bottom: 0px solid #000000"><B>Unaudited Pro Forma Combined Capitalization and Indebtedness</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sims Group</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Metal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Limited</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Management, Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Combined</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(In thousands of Australian dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">937,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">514,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">23,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">1,475,552</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,174,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,817,428</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,112,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">865,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,315,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,292,980</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">635,820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">610,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,362</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">994,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,387,182</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ordinary shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">738,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,546,599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,526,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(77,653</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,158</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(77,653</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">413,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(413,432</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457,049</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock, at cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,117,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,193,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,905,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">2,112,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">865,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">1,315,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">4,292,980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="14" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The information for Metal Management and the pro forma adjustments above were originally denominated in U.S. dollars and have been
converted to Australian dollars based on the 4:00&nbsp;p.m.
mid-market rate as of January&nbsp;31, 2008 of A$1.1256 = $1.00.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of our ADSs offered by this prospectus and the ordinary shares they represent
will be passed upon for us by Baker &#038; McKenzie LLP, Sydney, Australia and Chicago, Illinois.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Sims Group Limited and its subsidiaries as of June
30, 2007 and 2006, and for each of the three years in the period ended June&nbsp;30, 2007 incorporated
by reference in this prospectus have been included in reliance on the report of PricewaterhouseCoopers,
an independent registered public accounting firm, given on the authority of such firm as experts in
auditing and accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and management&#146;s assessment of the effectiveness of
internal control over financial reporting (which is included in Management&#146;s Annual Report on
Internal Control over Financial Reporting) of Metal Management, Inc. incorporated in this
prospectus by reference to Metal Management&#146;s Annual Report on Form 10-K for the year ended March
31, 2007 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an
independent registered public accounting firm, given on the authority of such firm as experts in
auditing and accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The combined statements of operations and cash flows of Hugo Neu Schnizter East, Hugo Neu
Proler Company and Hugo Neu Schnizer Global Trade LLC, collectively the Hugo Neu Recycling
Entities, for the two month period ended October&nbsp;31, 2005 incorporated by reference in this
prospectus have been included in reliance on the report of PricewaterhouseCoopers LLP, independent
auditors, given on the authority of such firm as experts in auditing and accounting.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual and file or furnish current reports and other information with the SEC. You may
read and copy these reports, statements or other information at the SEC&#146;s Public Reference Room at
100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the Public Reference Room. The SEC also maintains an Internet website that contains
reports, proxy statements and other information regarding issuers, including us, who file
electronically with the SEC. The address of that site is <I>www.sec.gov</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our SEC filings are also available at the office of the New York Stock Exchange. Please call
212-656-5060 for further information on obtaining copies of our public filings at the New York
Stock Exchange. You can also find information about us at our Internet website at
<I>www.sims-group.com</I>. Information contained on our website does not constitute part of this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; information into this prospectus. This means
that we can disclose important information to you by referring you to another document filed
separately with the SEC. The information incorporated by reference is considered to be a part of
this prospectus, except for any information that is superseded by information that is included
directly in this prospectus or incorporated by reference subsequent to the date of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus incorporates by reference the documents listed below that we have previously
filed with the SEC. They contain important information about Sims and the financial condition of
our company:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration Statement on Form F-4 filed with the SEC on November&nbsp;28, 2007
(File No.&nbsp;333-147659), as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration Statement on Form F-6 filed with the SEC on
February&nbsp;27, 2008 (File
No.&nbsp;333-149406);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other reports filed by Sims pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the end of
Sims&#146;s fiscal year covered by the Form F-4 Registration Statement referred to in (a)
above; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of Sims&#146;s ordinary shares contained in its Registration
Statement on Form 8-A filed with the SEC on
March&nbsp;3, 2008 (File No. 001-33983).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents that we may file with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended, after the date of this prospectus and
prior to the filing of a post-
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">effective amendment to the Registration Statement of which this prospectus is a part which
indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold will be deemed to be incorporated by reference in this prospectus and to be a part
hereof from the date of filing such documents. If we intend to incorporate by reference in this
prospectus any Form 6-K we submit to the SEC after the date of this prospectus, we may incorporate
such Form 6-K in this prospectus by identifying in such Form 6-K that it is being incorporated by
reference in this prospectus. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed except as so
modified or superseded, to constitute a part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can obtain any of the documents that we file with the SEC through us upon written or oral
request or from the SEC through the SEC&#146;s website at <I>www.sec.gov</I>. These documents are available
without charge, excluding any exhibits to those documents, unless the exhibit is specifically
incorporated by reference as an exhibit in this prospectus. Stockholders may request a copy of
such documents as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Sims Group Limited<BR>
Sims Group House<BR>
Level 6, 41 McLaren Street<BR>
North Sydney<BR>
New South Wales 2060<BR>
Attention: Investor Relations<BR>
(61 2) 9956-9100
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not authorized anyone to give any information or make any representation about our
company that is different from, or in addition to, that contained in this prospectus or in any of
the materials that have been incorporated into this prospectus. Therefore, if anyone does give you
information of this sort, you should not rely on it. The information contained in this prospectus
is accurate only as of the date of this document unless the information specifically indicates that
another date applies.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the SEC by the Registrant are hereby incorporated by
reference in this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration Statement on Form F-4 filed with the SEC on November&nbsp;28, 2007 (File
No.&nbsp;333-147659), as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration Statement on Form F-6 filed with the SEC on
February&nbsp;27, 2008 (File
No.&nbsp;333-149406);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the end of
the Registrant&#146;s fiscal year covered by the Registrant&#146;s Form F-4 referred to in (a)
above; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of the Registrant&#146;s ordinary shares contained in its Registration
Statement on Form 8-A filed with the SEC on March&nbsp;3, 2008 (File
No. 001-33983).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended, after the date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining
unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from the date of filing such documents. If the Registrant intends to incorporate by
reference in this Registration Statement any Form 6-K the Registrant submits to the SEC after the
date of this Registration Statement, the Registrant may incorporate such Form 6-K in this
Registration Statement by identifying in such Form 6-K that it is being incorporated by reference
in this Registration Statement. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed except
as so modified or superseded, to constitute a part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 4. DESCRIPTION OF SECURITIES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Australian Corporations Act of 2001 (Cth) (the &#147;Corporations Act&#148;) generally permits a
company to indemnify its directors and officers, with certain limitations. The Corporations Act
prohibits a company from indemnifying its directors for liabilities (i)&nbsp;owed to the company or a
related body corporate, (ii)&nbsp;for a pecuniary penalty order or a compensation order or (iii)&nbsp;that is
owed to someone other than the company or a related body corporate and did not arise out of conduct
in good faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporations Act prohibits a company from indemnifying its directors and officers for
legal costs in specific circumstances, such as when the costs are incurred in defending proceedings
in which the person is found to have a liability for which the company could not indemnify the
person under the above principle, or in defending or resisting criminal proceedings in which the
person is found guilty or in connection with relief proceedings in which the court denies the
relief.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments by a company of insurance premiums that cover conduct involving a willful breach of
duty or a breach of certain statutory director duties is also prohibited under the Corporations
Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant currently maintains liability insurance for its directors and officers,
including insurance against liabilities under the Securities Act, subject to the terms and
limitations of the policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 8. EXHIBITS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Constitution of Sims Group Limited (incorporated by reference to Exhibit&nbsp;3.1 to
the Registrant&#146;s Registration Statement on Form F-4 (File No.&nbsp;333-147659) (the &#147;F-4
Registration Statement&#148;)).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Deposit Agreement among the Registrant, The Bank of New York, as the
depositary, and all owners and holders from time to time of American Depositary Shares
issued thereunder (incorporated by reference to Exhibit&nbsp;4.1 to the F-4 Registration
Statement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Top-Up Deed, dated April&nbsp;2, 2007, by and between the Registrant and Votraint No.&nbsp;1652 Pty
Limited (Mitsui) (incorporated by reference to Exhibit&nbsp;4.2 to the F-4 Registration Statement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment Deed, dated November&nbsp;27, 2007, by and between the Registrant and Mitsui Raw
Materials Development Pty Limited (incorporated by reference to Exhibit&nbsp;4.3 to the F-4 Registration Statement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Baker &#038; McKenzie LLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sims Group Limited Transition Incentive Stock Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers regarding use in this Registration Statement of
its report dated November&nbsp;27, 2007 relating to the financial statements of the
Registrant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Pricewaterhouse Coopers LLP regarding use in this Registration
Statement of its report dated November&nbsp;14, 2007 relating to the statement of operations
and the statement of cash flows of the Hugo New Recycling Entities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers LLP regarding use in this Registration
Statement of its report dated May&nbsp;24, 2007 relating to the financial statements,
financial statement schedule, management&#146;s assessment of the effectiveness of internal
control over financial reporting and the effectiveness of internal control over
financial reporting of Metal Management, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Baker &#038; McKenzie LLP (included as part of Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on the signature page to this Registration
Statement).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9. UNDERTAKINGS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20&nbsp;percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
<I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the
Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act that are incorporated by
reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer, or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, Sims Group Limited certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Sydney, Australia, on the 14th day of March, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SIMS GROUP LIMITED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jeremy L. Sutcliffe
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeremy L. Sutcliffe
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Group Chief Executive</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOWN ALL MEN BY THESE PRESENTS, that each person whose signature appears below (whether as a
member of the board of directors or officer of Sims, as authorized representative of Sims or
otherwise) constitutes and appoints Paul K. Mazoudier and Jeremy L. Sutcliffe and each of them,
with full power to act without the other, as his or her true and lawful attorneys-in-fact and
agents, with full and several power of substitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) and supplements to this Registration Statement or any registration statement in
connection herewith that is to be effective upon filing pursuant to Rule 462(b) under the
Securities Act, and to file the same with all exhibits thereto and other documents in connection
therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents of each of them, full power and authority to do and perform each every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as they or he or she might or could do in person, hereby ratifying and conforming all that said
attorney-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities and on the dates indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>SIGNATURE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>TITLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DATE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul K. Mazoudier
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Paul K. Mazoudier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeremy L. Sutcliffe
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeremy L. Sutcliffe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Group Chief Executive<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ross B. Cunningham
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ross B. Cunningham
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Executive Director Group &#150;<BR>
Finance and Strategy<BR>
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter S. Ricketts
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter S. Ricketts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Group General Manager &#150;<BR>
Finance and Administration<BR>
(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Michael Feeney
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J. Michael Feeney
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul J. Varello
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Paul J. Varello
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>SIGNATURE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>TITLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DATE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Masakatsu Iwanaga
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Masakatsu Iwanaga
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Christopher J. Renwick
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Christopher J. Renwick
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;14, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTHORIZED U.S. REPRESENTATIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below on March&nbsp;14, 2008 by the undersigned as the duly authorized representative of Sims
Group Limited in the United States.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott Miller
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Scott Miller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Description</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Constitution of Sims Group Limited (incorporated by reference to Exhibit&nbsp;3.1 to
the Registrant&#146;s Registration Statement on Form&nbsp;F-4 (File No.&nbsp;333-147659) (the &#147;F-4
Registration Statement&#148;)).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement among the Registrant, The Bank of New York, as the
depositary, and all owners and holders from time to time of American Depositary Shares
issued thereunder (incorporated by reference to Exhibit&nbsp;4.1 to the F-4 Registration
Statement).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Top-Up Deed, dated April&nbsp;2, 2007, by and between the Registrant and Votraint
No.&nbsp;1652 Pty Limited (Mitsui) (incorporated by reference to Exhibit&nbsp;4.2 to the F-4
Registration Statement).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment Deed, dated November&nbsp;27, 2007, by and between the Registrant and
Mitsui Raw</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Materials Development Pty Limited (incorporated by reference to Exhibit&nbsp;4.3 to the F-4
Registration Statement).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Baker &#038; McKenzie LLP.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sims Group Limited Transition Incentive Stock Plan.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers regarding use in this Registration Statement
of its report dated November&nbsp;27, 2007 relating to the financial statements of the
Registrant.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP regarding use in this Registration
Statement of its report dated November&nbsp;14, 2007 relating to the statement of operations
and the statement of cash flows of the Hugo New Recycling Entities.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP regarding use in this Registration
Statement of its report dated May&nbsp;24, 2007 relating to the financial statements,
financial statement schedule, management&#146;s assessment of the effectiveness of internal
control over financial reporting and the effectiveness of internal control over
financial reporting of Metal Management, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Baker &#038; McKenzie LLP (included as part of Exhibit&nbsp;5.1).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on the signature page to this Registration
Statement).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "c24540sv8.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 164627}]
{"company-data": {"conformed-name": "SIMS GROUP LTD", "cik": "0000928366", "irs-number": "000000000"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-149717", "film-number": "08689223"}, "business-address": {"street1": "LEVEL 6 SIMSMETAL HOUSE", "street2": "41 MCLAREN ST", "city": "AUSTRALIA", "state": "C3", "zip": "2060"}, "former-company": {"former-conformed-name": "SIMSMETAL LTD                                           /FI", "date-changed": "19940811"}}
sv8
As filed with the Securities and Exchange Commission on March 14, 2008
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Sims Group Limited
(Exact Name of Registrant as Specified in Its Charter)
Victoria, Australia
98-0490682
(State or Other Jurisdiction
(I.R.S. Employer Identification No.)
of Incorporation or Organization)
Sims Group House
Level 6, 41 McLaren Street
North Sydney
New South Wales 2060
Australia
(61 2) 9956-9100
(Address of Principal Executive Offices) (Zip Code)
Sims Group Limited Transition Incentive Stock Plan
(Full Title of the Plan)
CT Corporation System
111 Eight Avenue,
13
th
Floor
New York, New York 10011
(212) 894-8400
(Name, address and telephone number of Agent For Service)
Copies to:
Frank M. Moratti
Company Secretary and General Counsel
Sims Group Limited
Sims Group House
Level 6, 41 McLaren Street
North Sydney
New South Wales 2060
Australia
CALCULATION OF REGISTRATION FEE
Title of Securities
Amount to be
Maximum Offering
Maximum Aggregate
Amount of
to be Registered(1)
Registered(2)
Price Per Share(3)
Offering Price(3)
Registration Fee(3)
Ordinary Shares
1,653,518
N/A
$
22,225,534.40
$
873.46
(1)
American Depositary Shares ("ADSs"), each representing one ordinary share of Sims Group
Limited (the "Registrant"), have been registered on a separate Registration Statement on Form
F-6 filed with the Securities and Exchange Commission (the "SEC") on February 27, 2008 (File
No. 333-149406).
(2)
In accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities
Act"), this Registration Statement also registers an indeterminate number of additional
ordinary shares as may be issuable under the Sims Group Limited Transition Incentive Stock
Plan (the "Sims Plan") as a result of stock splits, stock dividends or similar transactions.
(3)
In accordance with Rule 457(h)(i) under the Securities
Act, the maximum aggregate offering price is the sum of (i) the weighted average exercise price per share of the options
outstanding under the Sims Plan as of the date of this Registration Statement multiplied by
953,250, the aggregate number of ordinary shares issuable upon the exercise of all
options outstanding under the Sims Plan as of the date of this Registration Statement, and
(ii) with respect to the ADSs being registered for resale hereunder (other than ADSs issuable
upon the exercise of options covered by (i)), the number of such ADSs multiplied by
$
9.55
, the book value per share of the underlying Sims ordinary shares (using an exchange
ratio of $1.00 = A$
.924898
).
EXPLANATORY NOTE
Sims Group Limited (the "Registrant"), is filing this Registration Statement to register
ordinary shares of the Registrant, represented by American Depositary Shares ("ADSs"), issuable
upon the exercise of options that will be outstanding under the Sims Group Limited Transition
Incentive Stock Plan (the "Sims Plan"). The stock options were originally granted by Metal
Management, Inc., a Delaware corporation ("Metal Management"), to its directors, officers and
employees pursuant to the Metal Management, Inc. 2002 Incentive Stock Plan (the "MMI Plan").
Effective March 14, 2008, Metal Management merged with and into MMI Acquisition Corporation, a
Delaware corporation and a wholly-owned subsidiary of the Registrant (the "Acquisition
Corporation"), pursuant to an Agreement and Plan of Merger dated September 24, 2007 (the "Merger
Agreement") between the Registrant, the Acquisition Corporation and Metal Management. In
accordance with the Merger Agreement, upon the effective date of the merger of Metal Management and
the Acquisition Corporation, the Registrant is assuming the rights and obligations of Metal Management
under the MMI Plan and all stock options outstanding under the MMI
Plan are converting into options to acquire ADSs under the Sims Plan. Under the terms of the Sims Plan, no additional stock
options may be issued pursuant to the Sims Plan after the effective date of the merger.
In accordance with Section C of the General Instructions to Form S-8, this Registration
Statement also includes a reoffer prospectus, prepared in accordance with Part I of Form F-3 under
the Securities Act, with respect to the reoffer and resale, on a delayed or continuous basis, by
the Registrant's directors and executive officers named herein as selling stockholders of ordinary
shares, represented by ADSs acquired or to be acquired by such directors and executive officers
under an employee benefit plan.
PART I
The document or documents containing the information specified in Part I of Form S-8 are not
required to be filed with the Securities and Exchange Commission (the "SEC") as part of this
Registration Statement. The document or documents containing the information specified in Part I
of Form S-8 will be delivered to the participants in the Sims Plan as required by Rule 428(b)(1)
under the Securities Act of 1933, as amended.
REOFFER PROSPECTUS
Sims Group Limited
1,653,518
American Depositary Shares
This prospectus relates to the offer and sale from time to time by the selling stockholders of
up to 1,653,518 American Depositary Shares, or ADSs, each representing one ordinary share of Sims
Group Limited.
We will not receive any portion of the proceeds from sales of ADSs by the selling
stockholders. The ADSs may be offered from time to time by any or all of the selling stockholders
through ordinary brokerage transactions, in negotiated transactions or in other transactions at
prices that they may determine, which may relate to the market prices of the ADSs prevailing at the
time of sale or be a negotiated price. All costs, expenses and fees in connection with the
registration of the ADSs will be borne by us. Brokerage commissions and other selling expenses, if
any, will be borne by the selling stockholders. See "Plan of Distribution."
Beginning on March 17, 2008, our ADSs will be listed on the New York Stock Exchange under the
trading symbol "SMS." Each ADS represents one ordinary share of Sims Group Limited. Our ordinary
shares are listed on the Australian Securities Exchange under the trading symbol "SGM." On March 13, 2008,
the last reported sale price of our ordinary shares on the Australian Securities Exchange
was A$28.90, which was equivalent to $27.20 based on the noon buying rate for the
Australian dollar on that date as published by the Federal Reserve Bank of New York.
Our principal executive offices are located at Sims Group House, Level 6, 41 McLaren Street,
North Sydney, New South Wales 2060, Australia. Our telephone number is (6 12) 9956-9100.
Investing in our ADSs involves a high
degree of risk. See "Risk Factors" beginning on page 1 of this prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is March 14, 2008.
Table of Contents
Our Company
1
Risk Factors
1
Forward-Looking Information
8
Use of Proceeds
9
Selling Stockholders
9
Plan of Distribution
11
Capitalization and Indebtedness
12
Legal Matters
12
Experts
13
Where You Can Find More Information
13
You should rely only on the information contained in this prospectus. We have not authorized
any other person to provide you with different information. If anyone provides you with different
or inconsistent information, you should not rely on it. Information contained on our website does
not constitute a part of this prospectus. The selling stockholders are not making an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted. You should assume
that the information appearing in this prospectus is accurate only as of the date on the front
cover of this prospectus, regardless of the time this prospectus is delivered or the shares offered
by this prospectus are sold. Our business, financial condition, results of operations and prospects
may have changed since that date.
OUR COMPANY
Sims
Group Limited, a corporation incorporated in Victoria, Australia
("Sims"), is, in the belief of
Sims's management, one of the world's largest metals recycling companies on the basis of our market
capitalization and the size and scope of our operations. We operate two primary businesses, Metal
Recycling and Sims Recycling Solutions. The Metal Recycling business involves the collection,
processing and marketing of ferrous and non-ferrous metals. We have significant positions in the
metals recycling markets of Australasia, the United States and the United Kingdom. We also have a
strategic network of trading offices in Asia. The Sims Recycling Solutions business involves the
"e-recycling" of information technology equipment and electrical and electronic consumer goods, and
we have an emerging global presence with established operations in the United Kingdom, Continental
Europe and North America and a developing presence in the Asia Pacific region.
Our principal executive offices are located at Level 6, 41 McLaren Street, North Sydney NSW
2060, Australia, and our telephone number is (61 2) 9956-9100.
RISK FACTORS
You should carefully consider the risk factors set forth below as well as the other
information contained in this prospectus before investing in our ADSs. Any of the following risks
could materially and adversely affect our business, financial condition or results of operations.
In such a case, you may lose all or part of your investment. The risks described below are not the
only risks facing our company. Additional risks and uncertainties not currently known to us or
those we currently view to be immaterial may also materially adversely affect our business,
financial condition or results of operations. The future trading price of ADSs will be affected by
the performance of our business relative to, among other things, competition, market conditions and
general economic and industry conditions
.
The metal recycling industry has historically been, and is expected to remain, highly cyclical
and demand from individual export markets, which is important to us, is volatile.
The operating results of the metal recycling industry, in general, have historically been, and
are expected to remain, highly cyclical in nature and our operations, specifically, are highly
cyclical in nature. Our results of operations tend to reflect, and be amplified by, changes to
general economic conditions, both domestically and internationally. Historically, in periods of
recession or periods of slowing economic growth, the results from operations of metal recycling
companies have been materially and adversely affected. For example, during recessions or periods of
slowing economic growth, the automobile and the construction industries typically experience major
cutbacks in production, resulting in decreased demand for steel, copper and aluminum, and it would
be expected that, during such periods, there would be significant fluctuations in demand and
pricing for our products. Economic downturns in the United States or internationally may materially
and adversely affect our results of operations and financial condition. Our ability to withstand
significant economic downturns or recessions in the future depends, in part, on our level of
capital and liquidity. Our business may also be adversely affected by increases in steel imports
into the United States or other significant market regions, such as Australia, the United Kingdom
and New Zealand, which may have an adverse impact on steel production in such market regions and a
corresponding adverse impact on the demand for recycled metals from some of our facilities within
such market regions. Additionally, our business could be negatively affected by changes in currency
exchange rates, changes in tariffs, or increased freight costs which could negatively impact export
sales or attract imports of recycled metal or metal substitutes, reducing demand for our recycled
metals. When metals markets weaken, if we are unable to reduce our costs commensurately, we could
experience a material decline in earnings. A material decline in earnings could negatively affect
cash flows and capitalization and the market price for our ordinary shares and ADSs.
We are subject to significant risks relating to changes in commodity prices, currency exchange
rates and interest rates, and may not be able to effectively protect against these risks.
We are exposed to commodity price risk during the period that we have title to products that
are held in inventory for processing or resale. Prices of commodities, including recycled metals,
can be volatile due to numerous factors beyond our control. In an increasing price environment for
raw materials, competitive conditions may limit our ability to pass on price increases to our
consumers. In a decreasing price environment for processed recycled metal, we may not have the
ability to fully recoup the cost of raw materials we procure, process and sell
1
to our customers. New entrants into our markets could result in higher purchase prices for raw
materials and lower margins from our recycled metal. We are not able to hedge positions in certain
commodities, such as recycled ferrous metal, where no established futures market exists. Thus, our
sales and inventory position are vulnerable to adverse changes in commodity prices, which could
materially adversely impact our operating and financial performance. We operate a global trading
business that is involved in the purchase and sale of ferrous steel making raw materials without a
corresponding sale or purchase. At any one time, this global trading business may have a material
number of "open" or at risk trading positions. To the extent that markets move in an adverse
direction and we have not hedged our position, this will have an adverse impact on profitability.
As a company that operates in many countries, we are also exposed to movements in currency exchange
rates, the impact of which cannot be reliably predicted. We report our financial results in
Australian dollars. We have significant assets, liabilities and earnings denominated in currencies
other than the Australian dollar, in particular U.S. dollars, pounds sterling and euros. These
assets, liabilities and earnings, therefore, are exposed to fluctuations in exchange rates between
these currencies and the Australian dollar. Currency exchange rates have been extremely volatile in
recent periods. In addition, we have significant indebtedness for borrowed money, some or all of
which may provide for variable interest rates. It may not be possible for us to effectively hedge
against changes in interest rates at all or on an economically reasonable basis. Increases in
interest rates could materially increase our borrowing costs and could have a material adverse
effect on our results of operations and financial condition.
The loss of export sales could adversely affect our results of operations and financial
condition
.
A significant portion of our sales of recycled metal is exported to markets outside of the
United States and Australia, with significant sales to customers in China, Turkey, India, Malaysia
and other individual markets. If sales to these individual markets were to decline significantly
for any reason and alternative markets could not be found at comparable market prices, it could
materially adversely affect our results of operations and financial condition. Other risks
associated with our export business include, among other factors, political and economic factors,
economic conditions in the world's economies, changes in legal and regulatory requirements, changes
in currency exchange rates applicable to the U.S. dollar, Australian dollar and the currencies of
other countries in which we operate, purchase or export recycled metal, freight costs and customer
collection risks. Any of these factors could result in lower export sales, which could have a
material adverse effect on our results of operations and financial condition.
We are subject to increasing competition from containerized recycled metal exports.
We generate a significant proportion of our earnings from the export of recycled metals.
Recently, there has been a significant increase in the number of empty containers at ports in the
United States, Australia, the United Kingdom and elsewhere which may be used for exporting
materials at a relatively low cost because vessel operators provide lower freight costs to
container shippers relative to bulk shippers. Small recycled metal operators have taken advantage
of this situation by exporting significant quantities of recycled metals in containers in
competition with us. The increasing competition from containerized recycled metal exports may
reduce our export gross margin on sales or volumes and, accordingly, may have a material adverse
impact on our results of operations and financial condition.
The concentration of our customers or the termination of material customer contracts could
have a material adverse effect on our results of operations and financial condition.
Sales to our largest customers may represent a substantial percentage of our total sales. We
do not generally have long term contracts with our customers. Our customers therefore generally
have the ability to terminate or modify their contracts with us on short notice without the payment
of penalties or other amounts. The loss of any of our significant customers, deterioration in the
financial condition of any of our significant customers, or the termination of one or more material
customer contracts could have a material adverse effect on our results of operations and financial
condition.
Potential credit losses from our significant customers could adversely affect our results of
operations and financial condition.
In connection with the sale of products, we generally do not require collateral as security
for customer receivables nor do we necessarily purchase credit insurance. We may have significant
balances owing from customers that operate in cyclical industries and under leveraged conditions
that may impair the collectibility of
2
those receivables. Failure to collect a significant portion of amounts due on those receivables
could have a material adverse effect on our results of operations and financial condition.
The profitability of our metal recycling operations depends, in part, on the availability of
an adequate source of supply.
We procure our recyclable metal inventory from numerous sources. These suppliers generally are
not bound by long-term contracts and have no obligation to sell recyclable metal to us. In periods
of low industry prices, suppliers may elect to hold recyclable metal to wait for higher prices or
intentionally slow their metal collection activities. If a substantial number of suppliers cease
selling recyclable metal to us, we will be unable to recycle metals at desired levels and our
results of operations and financial condition could be materially adversely affected. In addition,
a slowdown of industrial production in the United States, Australia or certain other countries
would reduce the supply of industrial grades of metal to the metal recycling industry, resulting in
our having less recyclable metal available to process and market.
A significant increase in the use of substitute materials by consumers of processed recycled
ferrous metal could reduce demand for our products.
During periods of high demand, tightness can develop in the available supply of recycled
ferrous metal. The relative scarcity of recycled ferrous metal, particularly prime or industrial
grades, during such periods, provides opportunities for producers of substitute products, such as
pig iron and direct reduced iron pellets. It cannot be assured that the use of substitutes to
recycled ferrous metal will not proliferate in the future if the prices for recycled metal rise or
if the supply of available unprepared ferrous metal tightens. A number of third parties around the
world are working on ways to produce recycled ferrous metal substitutes. If these efforts prove
successful, they could become significant competitors and materially adversely impact our results
of operations and financial condition.
Our operations are subject to extensive governmental regulation in each of the jurisdictions
in which we operate.
In each of the jurisdictions in which we operate, we are subject to a variety of laws and
regulations relating to trade, competition, taxes, employees and employee benefits, worker health
and safety, land use, the environment and other matters. We may be required to make significant
expenditures and to devote substantial management time and attention in order to operate our
business in compliance with such laws and regulations. In addition, changes in these laws or
regulations or their interpretations or enforcement may require us to make significant additional
expenditures or to change our business practices. If we fail to comply with applicable laws and
regulations, we could incur criminal or civil fines, penalties, assessments or other damages, which
could be substantial, and could have material restrictions or limitations placed on our business
operations. In certain cases, governmental compliance actions may also give rise to potential
claims for damages by private parties.
Our operations are subject to stringent environmental laws and regulations
.
We are subject to comprehensive statutory and regulatory environmental requirements relating
to, among others:
•
the acceptance, storage, treatment, handling and disposal of solid, hazardous and
toxic waste;
•
the discharge of materials into the air;
•
the management and treatment of wastewater and storm water;
•
the remediation of soil and groundwater contamination; and
•
the protection of employee health and safety.
The nature of our business and previous operations by others at facilities currently or
formerly owned or operated or otherwise used by us expose us to risks of claims under environmental
laws and regulations, especially for the remediation of soil or groundwater contamination. We may
be required to make material expenditures for remedial activities or capital improvements with
regard to sites currently or formerly owned or operated or otherwise used by us.
3
Environmental statutes and regulations have changed rapidly in recent years by requiring
greater and more expensive protective measures, and it is possible that we will be subject to even
more stringent environmental standards in the future. For example, in many jurisdictions in which
we operate, there is the potential for regulation and or legislation relating to mercury
contaminants. Automobile hulks that are purchased and processed by us may contain mercury switches.
Legislation or regulations that may be enacted in the future cannot be presently known and neither
can the effects, if any, that any such law or regulation could have on our business. For these
reasons and others, the future capital expenditures for pollution control equipment, remediation or
other initiatives that may be required cannot be predicted with accuracy. However, it is generally
expected that environmental standards will become increasingly more stringent and that the
expenditures necessary to comply with those heightened standards will correspondingly increase.
We are required to maintain, and to comply with, various permits and licenses to conduct our
operations. Failure to maintain, or violations of, any permit or license, if not remedied, could
result in us incurring substantial fines, suspension of operations or closure of a site. Further,
our operations are conducted primarily outdoors and, as such, depending on the nature of the ground
cover, such outdoor operations involve the risk of releases of wastes and other regulated materials
to the soil and, possibly, to groundwater. As part of our continuous improvement programs, we will
incur costs to improve environmental control systems.
Because companies in the metal recycling industry have the potential for discharging wastes or
other regulated materials into the environment, in any given year, a significant portion of our
capital expenditures could be related, directly or indirectly, to pollution control or
environmental remediation.
Our operations generate waste that needs to be treated, stored and disposed of in accordance
with applicable environmental laws.
Our metal recycling operations produce significant amounts of waste that we are required to
pay to have treated or discarded. For example, we operate shredders for which the primary feedstock
is automobile hulks and obsolete household appliances. Approximately 20% of the weight of an
automobile hulk consists of non-metallic material, commonly referred to as shredder fluff or
automobile shredder residue, which is referred to as ASR, which constitutes the remnant material
after the separation of saleable ferrous and non-ferrous metals. Environmental regulations in the
United States and many other countries in which we operate require that we test ASR to determine if
it is to be classified as hazardous waste before disposing of it off-site in permitted landfills.
Our other waste streams in the United States and other countries in which we operate are subject to
similar requirements. Additionally, we employ significant source control programs to ensure, to the
fullest extent possible, that prohibited hazardous materials do not enter our raw materials stream.
However, it cannot be assured that such materials will be successfully removed from our source
streams and resultant recycling by-products. As a result, our waste streams may, from time to time,
be classified as a hazardous waste in which case we may incur higher costs for disposal of these
waste products.
Environmental assessments, conducted by independent environmental consulting firms, of certain
of the operating sites that we have revealed that some soil impacts, potentially including impacts
associated with various metals, petrochemical by-products, waste oils, polychlorinated biphenyls,
which are referred to as PCBs, and volatile organic compounds are, or may be, present at varying
levels. It is likely that such impacts at varying levels may exist at some of the sites and it is
expected that some of these sites could require investigation, monitoring and remediation in the
future. The costs of such remediation could be significant. The existence of such impacts at some
of our facilities potentially could require us to incur significant costs to remediate and could
materially adversely affect our ability to sell those properties.
We may have potential environmental investigation and cleanup liabilities
.
We have received notices from the United States Environmental Protection Agency, which is
referred to as the USEPA, state agencies or third parties that certain of our subsidiaries have
been identified as potentially responsible for the cost of investigation and cleanup of landfills
or other sites where the subsidiary's material was shipped. In most cases, many other parties are
also named as potentially responsible parties. The Comprehensive Environmental Response,
Compensation and Liability Act, which is referred to as CERCLA, enables USEPA and other United
States' regulatory agencies to recover from owners, operators, generators and transporters the cost
of investigation and cleanup of sites which pose serious threats to the environment or public
health. In certain circumstances, a potentially responsible party can be held jointly and severally
liable for the cost of cleanup. In other
4
cases, a party who is liable may only be liable for a divisible share. Liability can be imposed
even if the party shipped materials in a lawful manner at the time of shipment. Liability for
investigation and cleanup costs can be significant, particularly in cases where joint and several
liability may be imposed. CERCLA, including the Superfund Recycling Equity Act of 1999, limits the
exposure of metals recyclers for sales of certain recyclable material under certain circumstances.
However, the recycling defense is subject to conducting reasonable care evaluations of current and
potential consumers. Because CERCLA can be imposed retroactively on shipments that occurred many
years ago, and because USEPA and state agencies are still discovering sites that present problems
to public health or the environment, it cannot be assured that we will not become liable in the
future for significant costs associated with investigation and remediation of CERCLA waste sites.
We do not have environmental impairment insurance
.
In general, because we believe that the cost of the premiums outweighs the benefit of
coverage, we do not carry environmental impairment liability insurance. If we were to incur
significant liability for environmental damage, such as a claim for soil or groundwater
remediation, ours results of operations and financial condition could be materially adversely
affected.
Our operations present risk of injury or death.
Because of the heavy industrial activities that are conducted at our facilities, there exists
a risk of serious injury or death to our employees or other visitors to our operations,
notwithstanding the safety precautions that are taken. Our United States operations and our
operations in certain other countries are subject to regulation by governmental agencies
responsible for employee health and safety. We currently have in place policies to minimize the
risk to employees and other visitors to our facilities and, accordingly, to minimize the risk that
we will incur government fines for violations of such regulations. We may, nevertheless, be unable
to avoid material liabilities for any death or injury that may occur in the future and these types
of incidents may have a material adverse effect on our results of operations and financial
condition.
The loss of any member of our senior management team or a significant number of our managers
could have a material adverse effect on our results of operations and financial condition
.
Our operations depend heavily on the skills and efforts of our senior management team. In
addition, we rely substantially on the experience of the management of our businesses with regard
to day-to-day operations. While we have employment agreements with certain of the members of our
senior management team, we may be unable to retain the services of any of those individuals. The
loss of any member of our senior management team or a significant number of managers could have a
material adverse effect on our results of operations and financial condition.
We may not be able to negotiate future labor contracts on favorable terms
.
A significant percentage of our employees are represented by various labor unions. As the
agreements with those unions expire, we may not be able to negotiate extensions or replacements on
terms favorable to us, or at all, or avoid strikes, lockouts or other labor actions from time to
time. Therefore, it cannot be assured that new labor agreements will be reached with our unions as
those labor contracts expire or on terms that we find desirable. Any labor action resulting from
the failure to reach an agreement with our unions could have an adverse effect on our results of
operations and financial condition.
We are obligated to contribute to defined benefit pension plans, some of which are
underfunded
.
We currently contribute to defined benefit pension plans that cover various categories of
employees and retirees. The obligation to make contributions to fund benefit obligations under
these pension plans is based on actuarial valuations, which are based on certain assumptions,
including the long-term return on plan assets and discount rate.
Certain of our defined benefit
pension plans are currently underfunded. We will have to make additional contributions to fund our
pension benefit plans. Contributions will negatively impact our cash flow and results of
operations. In addition, we contribute to various multi-employer pension plans which cover
employees under collective bargaining agreements. The required contributions are specified in such
collective bargaining agreements. However, we may be required to fund additional amounts in the
future if one or more of these multi-employer plans do not meet the Employee Retirement Income
Security Act funding guidelines. Additional contributions will negatively impact our cash flow,
results of operations and financial condition.
5
We incur expense related to the amortization of intangible assets and may be required to
report losses resulting from the impairment of goodwill or other assets recorded in connection with
completed or future acquisitions.
We have in the past expanded our operations through acquisitions and joint ventures involving
metal recycling businesses owned by third parties. We expect to continue to complete selected
acquisitions and joint venture transactions in the future. In connection with acquisition and joint
venture transactions, applicable accounting rules generally require the tangible and certain
intangible assets of the acquired business to be recorded on the balance sheet of the acquiror at
their fair market value. Intangible assets other than goodwill will be required to be amortized
over their estimated useful lives and this expense may be significant. Any excess in the purchase
price paid by the acquiror over the fair market value of tangible and intangible assets of the
acquired business is recorded as goodwill. If it is later determined that the anticipated future
cash flows from the acquired business will be less than the fair market value of the assets and
goodwill of the acquired business recorded at the time of the acquisition, the assets or goodwill
may be deemed to be impaired. In this case, the acquiror may be required under applicable
accounting rules to write down the value of the assets or goodwill on its balance sheet to reflect
the extent of the impairment. This write down of assets or goodwill is generally recognized as a
non-cash expense in the statement of operations of the acquiror for the accounting period during
which the write down occurs. If we determine that any of the assets or goodwill recorded in
connection with any prior or future acquisitions or joint venture transactions have become
impaired, we will be required to record a loss resulting from the impairment. The metal recycling
industry is highly cyclical and, as a result, we may be more likely than companies in other
industries to incur impairment losses. Impairment losses could be significant and could have a
material adverse effect on our results of operations and financial condition, and could have a
material adverse affect on our ability to pay dividends.
Significant expenditures and senior management time may be required with respect to our
internal controls to ensure compliance with the requirements of Section 404 of the Sarbanes Oxley
Act of 2002.
Section 404 of the Sarbanes Oxley Act of 2002 and the regulations of the SEC thereunder
require our senior executive and senior financial officers to assess the effectiveness of our
internal control over financial reporting on an annual basis commencing with the 12-month period
ending June 30, 2009. Our independent registered public accounting firm will also be required to
provide a report with respect to our internal control over financial reporting annually commencing
with the 12-month period ending June 30, 2009. To the extent that we are discovered to have
deficient internal controls, we may be required to allocate significant monetary and management
resources to remedy the deficiencies that could otherwise be devoted to our business operations. We
believe that we may incur additional expenditures of approximately $3 million in our first year
after completion of the merger to ensure compliance with the requirements of Section 404 of the
Sarbanes Oxley Act of 2002.
We are exposed to the risk of legal claims and other liabilities that may have a material
adverse effect on our results of operations and financial condition
.
We are exposed to the risk of legal claims and other liabilities arising in connection with
the operation of our business that may have a material adverse effect on our results of operations
and financial condition. These claims and liabilities may include claims by employees or former
employees relating to personal injury, compensation or employment law violations, environmental,
land use and other claims arising out of the ownership or operation of facilities, and disputes
with customers, suppliers and other business relations. The nature of our business may make us more
likely than some other companies to be exposed to the risk of legal claims and other liabilities.
In particular, metal recycling companies are generally exposed to higher risks of environmental
claims and liabilities than companies in non-manufacturing industries, and employees working in the
metal recycling industry may be more likely to suffer workplace injuries than employees of
companies in other industries. The resolution of these claims and other liabilities may require us
to pay material damages or other costs to third parties, including potentially punitive, treble,
exemplary or other special damages. Resolution of claims may also involve an extensive commitment
of senior management time and attention, and may require changes in business practices resulting in
decreased revenues or profits or additional costs. Even if claims or other liabilities are resolved
successfully, we may incur significant legal and other expenses in defending against such matters.
6
Our tax liabilities may substantially increase if the tax laws and regulations in the
countries in which we operate change or become subject to adverse interpretations or inconsistent
enforcement.
Taxes payable by companies in many of the countries in which we operate are substantial and
include value added tax, excise duties, taxes on income (including profits and capital gains),
payroll related taxes, property taxes and other taxes. Tax laws and regulations in some of these
countries are subject to frequent change, varying interpretation and inconsistent enforcement. In
addition, many of the jurisdictions in which we operate have adopted transfer pricing legislation.
If tax authorities impose significant additional tax liabilities as a result of transfer pricing
adjustments, it could have a material adverse effect on our results of operations and financial
condition. It is possible that taxing authorities in the countries in which we operate will
introduce additional revenue raising measures. The introduction of any such provisions may affect
our overall tax efficiency and could result in significant additional taxes becoming payable. Any
such additional tax exposure could have a material adverse effect on our results of operations and
financial condition. We may face a significant increase in our income taxes if tax rates increase
or the tax laws or regulations in the jurisdictions in which we operate or treaties between those
jurisdictions are modified in an adverse manner. This may adversely affect our cash flows,
liquidity and ability to pay dividends.
Our operations are subject to risks and uncertainties relating to international conflicts and
terrorism.
Because of our extensive international operations and sales in certain developing countries,
we are subject to risks relating to international conflicts, wars, internal civil unrest, trade
embargoes and acts of terrorism. These operations include sales in developing countries, which may
be more likely than developed countries to be affected by international conflicts and terrorism.
Risks of this type may affect facilities owned or operated by us or facilities of our suppliers or
customers. In addition, risks of this type may affect port facilities or other transportation
infrastructure owned or used by us in the operation of our business.
United States investors may have difficulty enforcing civil liabilities against us and our
directors and senior management
.
We are organized under the laws of Australia. Several of our directors and many members of our
senior management are residents of jurisdictions outside the United States. A significant portion
of our assets and the assets of these persons are located outside the United States. As a result,
United States investors may find it difficult to effect service of process within the United States
upon us or these persons or to enforce outside the United States judgments obtained against us or
these persons in United States courts, including actions predicated upon the civil liability
provisions of the United States federal securities laws. Likewise, it may also be difficult for an
investor to enforce in United States courts judgments obtained against us or these persons in
courts in jurisdictions outside the United States, including actions predicated upon the civil
liability provisions of the United States federal securities laws. It may also be difficult for a
United States investor to bring an original action in an Australian court predicated upon the civil
liability provisions of the United States federal securities laws against our directors and senior
management and non-United States experts named in this prospectus.
7
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This prospectus contains or incorporates by reference a number of forward-looking statements,
including statements about our financial condition, results of operations, earnings outlook and
prospects. Forward-looking statements are typically identified by words such as "plan," "believe,"
"expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar
words and expressions.
The forward-looking statements involve certain risks and uncertainties. Our ability to predict
results or the actual effects of our plans and strategies is subject to inherent uncertainty.
Factors that may cause actual results or earnings to differ materially from such forward-looking
statements include those set forth above under "Risk Factors" and those discussed and identified in
filings we make with the SEC.
Because these forward-looking statements are subject to assumptions and uncertainties, actual
results may differ materially from those expressed or implied by these forward-looking statements.
You are cautioned not to place undue reliance on these statements, which speak only as of the date
of this prospectus or the date of any document incorporated by reference in this prospectus.
Factors that could cause actual results to differ materially from those contemplated by the
forward-looking statements include, among others, the following factors:
•
cyclicality and volatility in the metal recycling industry;
•
exposure to changes in commodity prices, currency exchange rates and interest rates;
•
loss of export sales and increased competition from containerized recycled metal
exports;
•
concentration of customers and exposure to customer credit risks;
•
availability of adequate sources of material supply;
•
failures to comply with or other liabilities incurred pursuant to applicable laws,
including applicable environmental laws;
•
the loss of senior executive employees or managers;
•
labor problems;
•
costs and risks associated with defined benefit pension plans and other employee
benefits;
•
goodwill impairment and other financial and accounting issues;
•
compliance costs and other risks relating to internal control over financial
reporting;
•
existing and future litigation; and
•
the risks of global operations, including international hostilities.
All subsequent written and oral forward-looking statements concerning the matters addressed in
this prospectus attributable to us or any person acting on our behalf are expressly qualified in
their entirety by the cautionary statements contained or referred to in this prospectus. Except to
the extent required by applicable law or regulation, we undertake no obligation to update these
forward-looking statements to reflect events or circumstances after the date of this prospectus or
to reflect the occurrence of unanticipated events.
8
USE OF PROCEEDS
The
selling stockholders will receive all of the proceeds from the sales of the ADSs covered by
this prospectus. We will not receive any proceeds from sales of the ADSs by the selling
stockholders.
SELLING STOCKHOLDERS
This prospectus relates to the reoffer and resale of up to an aggregate of 1,653,518 ADSs
acquired or to be acquired by the selling stockholders named below. The selling stockholders may
resell all, a portion or none of the ADSs from time to time.
The inclusion of the following individuals in the table below will not be deemed to be an
admission that any of these individuals is our affiliate. The
following table reflects the number of ADSs beneficially owned and
number of ADSs eligible to be offered by each of the selling
stockholders after the effective time of the merger between Metal
Management and the Acquisition Corporation.
Number of
Number of ADSs
Percentage of
Number of ADSs
ADSs Eligible
Beneficially
the Class
Beneficially
to be Offered by
Owned After
Owned After
Owned Prior to the
Selling
Completion of the
Completion of
Name
Position
Offering(1)
Stockholders
Offering(2)
the Offering(2)
Daniel W. Dienst
Executive Officer
1,566,872
992,872
574,000
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
Robert C. Larry
Executive Officer
155,890
90,972
64,918
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
Alan D. Ratner
Executive Officer
74,316
26,424
47,892
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
Norman R. Bobins
Director
123,000
123,000
0
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
John T. DiLacqua
Director
61,500
61,500
0
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
Robert Lewon
Director
123,000
123,000
0
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
9
Number of
Number of ADSs
Percentage of
Number of ADSs
ADSs Eligible
Beneficially
the Class
Beneficially
to be Offered by
Owned After
Owned After
Owned Prior to the
Selling
Completion of the
Completion of
Name
Position
Offering(1)
Stockholders
Offering(2)
the Offering(2)
Gerald E. Morris
Director
235,750
235,750
0
*
Metal Management, Inc.
325 N. LaSalle Street
Suite 550
Chicago, IL 60610
*
Less than one percent.
(1)
Includes ADSs beneficially owned or that may be acquired through exercise of stock options within 60 days.
(2)
Assumes that all of the ADSs covered by this prospectus are sold.
10
PLAN OF DISTRIBUTION
The ADSs covered by this prospectus may be offered and sold from time to time by the selling
stockholders. The term "selling stockholders" as used in this prospectus includes the selling
stockholders listed in the table above and any donees, pledgees, transferees or other
successors-in-interest selling ADSs received after the date of this prospectus from a selling
stockholder.
The selling stockholders may sell ADSs pursuant to this prospectus from time to time:
•
in transactions (including one or more block transactions) on the New York Stock Exchange;
•
in the public market off the New York Stock Exchange;
•
in privately negotiated transactions;
•
through put or call options transactions relating to the shares; or
•
in a combination of such transactions.
Each sale may be made either at the market price prevailing at the time of sale or at a
negotiated price. Sales may be made through brokers or to dealers, and such brokers or dealers may
receive compensation in the form of commissions or discounts not exceeding those customary in
similar transactions. Any shares covered by this prospectus that qualify for sale pursuant to Rule
144 under the Securities Act may be sold under Rule 144 rather than pursuant to this prospectus.
All expenses of registration incurred in connection with this offering are being borne by us,
but all brokerage commissions and other expenses incurred by a selling stockholder will be borne by
that selling stockholder.
The selling stockholders and any dealer acting in connection with the offering or any broker
executing a sell order on behalf of a selling stockholder may be deemed to be "underwriters" within
the meaning of the Securities Act, in which event any profit on the sale of shares by a selling
stockholder and any commissions or discounts received by any such broker or dealer may be deemed to
be underwriting compensation under the Securities Act. In addition, any such broker or dealer may
be required to deliver a copy of this prospectus to any person who purchases any of the shares from
or through such broker or dealer.
In order to comply with the securities laws of certain states, if applicable, the ADSs will be
sold only through registered or licensed brokers or dealers.
11
CAPITALIZATION AND INDEBTEDNESS
The following table shows our unaudited capitalization and indebtedness as of January 31, 2008
on a combined pro forma basis giving effect to the consummation of the merger of Sims and Metal
Management as if the merger had occurred on that date. The information has been prepared in
accordance with United States generally accepted accounting principles based on the unaudited
balance sheets of Sims and Metal Management as of January 31, 2008.
Unaudited Pro Forma Combined Capitalization and Indebtedness
Sims Group
Metal
Pro Forma
Pro Forma
Limited
Management, Inc.
Adjustments
Combined
January 31,
January 31,
January 31,
January 31,
2008
2008(1)
2008(1)
2008(1)
(In thousands of Australian dollars)
ASSETS
Total current assets
937,804
514,187
23,561
1,475,552
Total non-current assets
1,174,776
350,962
1,291,690
2,817,428
Total assets
2,112,580
865,149
1,315,251
4,292,980
LIABILITIES
Total current liabilities
384,514
229,406
21,900
635,820
Total non-current liabilities
610,330
40,700
100,332
751,362
Total liabilities
994,844
270,106
122,232
1,387,182
SHAREHOLDERS' EQUITY
Ordinary shares
738,340
241,463
1,546,599
2,526,402
Accumulated other comprehensive income
(77,653
)
(2,158
)
2,158
(77,653
)
Retained earnings
457,049
413,432
(413,432
)
457,049
Treasury stock, at cost
—
(57,694
)
57,694
—
Shareholders' equity
1,117,736
595,043
1,193,019
2,905,798
Total liabilities and shareholders' equity
2,112,580
865,149
1,315,251
4,292,980
(1)
The information for Metal Management and the pro forma adjustments above were originally denominated in U.S. dollars and have been
converted to Australian dollars based on the 4:00 p.m.
mid-market rate as of January 31, 2008 of A$1.1256 = $1.00.
LEGAL MATTERS
The validity of our ADSs offered by this prospectus and the ordinary shares they represent
will be passed upon for us by Baker & McKenzie LLP, Sydney, Australia and Chicago, Illinois.
12
EXPERTS
The consolidated financial statements of Sims Group Limited and its subsidiaries as of June
30, 2007 and 2006, and for each of the three years in the period ended June 30, 2007 incorporated
by reference in this prospectus have been included in reliance on the report of PricewaterhouseCoopers,
an independent registered public accounting firm, given on the authority of such firm as experts in
auditing and accounting.
The consolidated financial statements and management's assessment of the effectiveness of
internal control over financial reporting (which is included in Management's Annual Report on
Internal Control over Financial Reporting) of Metal Management, Inc. incorporated in this
prospectus by reference to Metal Management's Annual Report on Form 10-K for the year ended March
31, 2007 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an
independent registered public accounting firm, given on the authority of such firm as experts in
auditing and accounting.
The combined statements of operations and cash flows of Hugo Neu Schnizter East, Hugo Neu
Proler Company and Hugo Neu Schnizer Global Trade LLC, collectively the Hugo Neu Recycling
Entities, for the two month period ended October 31, 2005 incorporated by reference in this
prospectus have been included in reliance on the report of PricewaterhouseCoopers LLP, independent
auditors, given on the authority of such firm as experts in auditing and accounting.
WHERE YOU CAN FIND MORE INFORMATION
We file annual and file or furnish current reports and other information with the SEC. You may
read and copy these reports, statements or other information at the SEC's Public Reference Room at
100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the Public Reference Room. The SEC also maintains an Internet website that contains
reports, proxy statements and other information regarding issuers, including us, who file
electronically with the SEC. The address of that site is
www.sec.gov
.
Our SEC filings are also available at the office of the New York Stock Exchange. Please call
212-656-5060 for further information on obtaining copies of our public filings at the New York
Stock Exchange. You can also find information about us at our Internet website at
www.sims-group.com
. Information contained on our website does not constitute part of this
prospectus.
The SEC allows us to "incorporate by reference" information into this prospectus. This means
that we can disclose important information to you by referring you to another document filed
separately with the SEC. The information incorporated by reference is considered to be a part of
this prospectus, except for any information that is superseded by information that is included
directly in this prospectus or incorporated by reference subsequent to the date of this prospectus.
This prospectus incorporates by reference the documents listed below that we have previously
filed with the SEC. They contain important information about Sims and the financial condition of
our company:
(a)
Registration Statement on Form F-4 filed with the SEC on November 28, 2007
(File No. 333-147659), as amended;
(b)
Registration Statement on Form F-6 filed with the SEC on
February 27, 2008 (File
No. 333-149406);
(c)
all other reports filed by Sims pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of
Sims's fiscal year covered by the Form F-4 Registration Statement referred to in (a)
above; and
(d)
the description of Sims's ordinary shares contained in its Registration
Statement on Form 8-A filed with the SEC on
March 3, 2008 (File No. 001-33983).
In addition, all documents that we may file with the SEC pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended, after the date of this prospectus and
prior to the filing of a post-
13
effective amendment to the Registration Statement of which this prospectus is a part which
indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold will be deemed to be incorporated by reference in this prospectus and to be a part
hereof from the date of filing such documents. If we intend to incorporate by reference in this
prospectus any Form 6-K we submit to the SEC after the date of this prospectus, we may incorporate
such Form 6-K in this prospectus by identifying in such Form 6-K that it is being incorporated by
reference in this prospectus. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed except as so
modified or superseded, to constitute a part of this prospectus.
You can obtain any of the documents that we file with the SEC through us upon written or oral
request or from the SEC through the SEC's website at
www.sec.gov
. These documents are available
without charge, excluding any exhibits to those documents, unless the exhibit is specifically
incorporated by reference as an exhibit in this prospectus. Stockholders may request a copy of
such documents as follows:
Sims Group Limited
Sims Group House
Level 6, 41 McLaren Street
North Sydney
New South Wales 2060
Attention: Investor Relations
(61 2) 9956-9100
We have not authorized anyone to give any information or make any representation about our
company that is different from, or in addition to, that contained in this prospectus or in any of
the materials that have been incorporated into this prospectus. Therefore, if anyone does give you
information of this sort, you should not rely on it. The information contained in this prospectus
is accurate only as of the date of this document unless the information specifically indicates that
another date applies.
14
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents filed with the SEC by the Registrant are hereby incorporated by
reference in this Registration Statement:
(a)
Registration Statement on Form F-4 filed with the SEC on November 28, 2007 (File
No. 333-147659), as amended;
(b)
Registration Statement on Form F-6 filed with the SEC on
February 27, 2008 (File
No. 333-149406);
(c)
all other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of
the Registrant's fiscal year covered by the Registrant's Form F-4 referred to in (a)
above; and
(d)
the description of the Registrant's ordinary shares contained in its Registration
Statement on Form 8-A filed with the SEC on March 3, 2008 (File
No. 001-33983).
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended, after the date of this Registration Statement and
prior to the filing of a post-effective amendment to this Registration Statement which indicates
that all securities offered have been sold or which deregisters all securities then remaining
unsold shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from the date of filing such documents. If the Registrant intends to incorporate by
reference in this Registration Statement any Form 6-K the Registrant submits to the SEC after the
date of this Registration Statement, the Registrant may incorporate such Form 6-K in this
Registration Statement by identifying in such Form 6-K that it is being incorporated by reference
in this Registration Statement. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed except
as so modified or superseded, to constitute a part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not required.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Australian Corporations Act of 2001 (Cth) (the "Corporations Act") generally permits a
company to indemnify its directors and officers, with certain limitations. The Corporations Act
prohibits a company from indemnifying its directors for liabilities (i) owed to the company or a
related body corporate, (ii) for a pecuniary penalty order or a compensation order or (iii) that is
owed to someone other than the company or a related body corporate and did not arise out of conduct
in good faith.
The Corporations Act prohibits a company from indemnifying its directors and officers for
legal costs in specific circumstances, such as when the costs are incurred in defending proceedings
in which the person is found to have a liability for which the company could not indemnify the
person under the above principle, or in defending or resisting criminal proceedings in which the
person is found guilty or in connection with relief proceedings in which the court denies the
relief.
Payments by a company of insurance premiums that cover conduct involving a willful breach of
duty or a breach of certain statutory director duties is also prohibited under the Corporations
Act.
II-1
The Registrant currently maintains liability insurance for its directors and officers,
including insurance against liabilities under the Securities Act, subject to the terms and
limitations of the policy.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
The following exhibits are filed as part of this Registration Statement:
4.1
Constitution of Sims Group Limited (incorporated by reference to Exhibit 3.1 to
the Registrant's Registration Statement on Form F-4 (File No. 333-147659) (the "F-4
Registration Statement")).
4.2
Form of Deposit Agreement among the Registrant, The Bank of New York, as the
depositary, and all owners and holders from time to time of American Depositary Shares
issued thereunder (incorporated by reference to Exhibit 4.1 to the F-4 Registration
Statement).
4.3
Top-Up Deed, dated April 2, 2007, by and between the Registrant and Votraint No. 1652 Pty
Limited (Mitsui) (incorporated by reference to Exhibit 4.2 to the F-4 Registration Statement).
4.4
Amendment Deed, dated November 27, 2007, by and between the Registrant and Mitsui Raw
Materials Development Pty Limited (incorporated by reference to Exhibit 4.3 to the F-4 Registration Statement).
5.1
Opinion of Baker & McKenzie LLP.
10.1
Sims Group Limited Transition Incentive Stock Plan.
23.1
Consent of PricewaterhouseCoopers regarding use in this Registration Statement of
its report dated November 27, 2007 relating to the financial statements of the
Registrant.
23.2
Consent of Pricewaterhouse Coopers LLP regarding use in this Registration
Statement of its report dated November 14, 2007 relating to the statement of operations
and the statement of cash flows of the Hugo New Recycling Entities.
23.3
Consent of PricewaterhouseCoopers LLP regarding use in this Registration
Statement of its report dated May 24, 2007 relating to the financial statements,
financial statement schedule, management's assessment of the effectiveness of internal
control over financial reporting and the effectiveness of internal control over
financial reporting of Metal Management, Inc.
23.4
Consent of Baker & McKenzie LLP (included as part of Exhibit 5.1).
24.1
Power of Attorney (included on the signature page to this Registration
Statement).
II-2
ITEM 9. UNDERTAKINGS.
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement.
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(3) To remove from registration by means of post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer, or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act, Sims Group Limited certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Sydney, Australia, on the 14th day of March, 2008.
SIMS GROUP LIMITED
By:
Name:
/s/ Jeremy L. Sutcliffe
Jeremy L. Sutcliffe
Title:
Group Chief Executive
POWER OF ATTORNEY
KNOWN ALL MEN BY THESE PRESENTS, that each person whose signature appears below (whether as a
member of the board of directors or officer of Sims, as authorized representative of Sims or
otherwise) constitutes and appoints Paul K. Mazoudier and Jeremy L. Sutcliffe and each of them,
with full power to act without the other, as his or her true and lawful attorneys-in-fact and
agents, with full and several power of substitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) and supplements to this Registration Statement or any registration statement in
connection herewith that is to be effective upon filing pursuant to Rule 462(b) under the
Securities Act, and to file the same with all exhibits thereto and other documents in connection
therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents of each of them, full power and authority to do and perform each every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as they or he or she might or could do in person, hereby ratifying and conforming all that said
attorney-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities and on the dates indicated:
SIGNATURE
TITLE
DATE
/s/ Paul K. Mazoudier
Paul K. Mazoudier
Chairman of the Board
March 14, 2008
/s/ Jeremy L. Sutcliffe
Jeremy L. Sutcliffe
Director, Group Chief Executive
(Principal Executive Officer)
March 14, 2008
/s/ Ross B. Cunningham
Ross B. Cunningham
Director, Executive Director Group –
Finance and Strategy
(Principal Financial Officer)
March 14, 2008
/s/ Peter S. Ricketts
Peter S. Ricketts
Group General Manager –
Finance and Administration
(Principal Accounting Officer)
March 14, 2008
/s/ J. Michael Feeney
J. Michael Feeney
Director
March 14, 2008
/s/ Paul J. Varello
Paul J. Varello
Director
March 14, 2008
II-4
SIGNATURE
TITLE
DATE
/s/ Masakatsu Iwanaga
Masakatsu Iwanaga
Director
March 14, 2008
/s/ Christopher J. Renwick
Christopher J. Renwick
Director
March 14, 2008
AUTHORIZED U.S. REPRESENTATIVE
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below on March 14, 2008 by the undersigned as the duly authorized representative of Sims
Group Limited in the United States.
/s/ Scott Miller
Scott Miller
II-5
EXHIBIT INDEX
No.
Description
4.1
Constitution of Sims Group Limited (incorporated by reference to Exhibit 3.1 to
the Registrant's Registration Statement on Form F-4 (File No. 333-147659) (the "F-4
Registration Statement")).
4.2
Form of Deposit Agreement among the Registrant, The Bank of New York, as the
depositary, and all owners and holders from time to time of American Depositary Shares
issued thereunder (incorporated by reference to Exhibit 4.1 to the F-4 Registration
Statement).
4.3
Top-Up Deed, dated April 2, 2007, by and between the Registrant and Votraint
No. 1652 Pty Limited (Mitsui) (incorporated by reference to Exhibit 4.2 to the F-4
Registration Statement).
4.4
Amendment Deed, dated November 27, 2007, by and between the Registrant and
Mitsui Raw
Materials Development Pty Limited (incorporated by reference to Exhibit 4.3 to the F-4
Registration Statement).
5.1
Opinion of Baker & McKenzie LLP.
10.1
Sims Group Limited Transition Incentive Stock Plan.
23.1
Consent of PricewaterhouseCoopers regarding use in this Registration Statement
of its report dated November 27, 2007 relating to the financial statements of the
Registrant.
23.2
Consent of PricewaterhouseCoopers LLP regarding use in this Registration
Statement of its report dated November 14, 2007 relating to the statement of operations
and the statement of cash flows of the Hugo New Recycling Entities.
23.3
Consent of PricewaterhouseCoopers LLP regarding use in this Registration
Statement of its report dated May 24, 2007 relating to the financial statements,
financial statement schedule, management's assessment of the effectiveness of internal
control over financial reporting and the effectiveness of internal control over
financial reporting of Metal Management, Inc.
23.4
Consent of Baker & McKenzie LLP (included as part of Exhibit 5.1).
24.1
Power of Attorney (included on the signature page to this Registration
Statement).