US metal recycler Sims Limited announced that it has signed an agreement with the UK-based Unimetals Group Limited to sell its UK business UK Metal (UKM).

The agreement includes a total of 28 facilities, including 3 port facilities and 4 shredders. The transaction amounts to approximately £195 million and is expected to be completed before the end of the first quarter of the 2025 fiscal year.

UKM's sales accounted for approximately 14% of Sims Metal's total sales in the 2024 fiscal year.

After Sims conducted a comprehensive strategic review and assessment of UKM, it was determined that the sale of UKM was the best outcome for Sims and its shareholders.

The transaction is pending regulatory approval. In the future, Sims will focus on markets with high scrap demand such as the US, Australia, and New Zealand to promote sustainable growth.