Sims Metal Management, the world's largest listed metal recycler, recently announced that it had completed its acquisition of UK based recycler All Metal Recovery Ltd (AMR).
Founded in 1986, AMR's competitive approach placed it as one of the fastest growing metal recyclers in the UK, securing supply approval from Corus as well as worldwide export custom.
Tom Bird, Sims UK Managing Director stated "We are delighted ... and look forward to welcoming the team from AMR ... We have been looking to build our presence in the strategically important central location of the West Midlands for some time ... The AMR acquisition will build upon Sims metal recycling business in Halesowen, and is consistent with our strategy to source tonnes for our major facilities in the UK."
In addition to the two metal recycling yards in Smethwick, AMR's operations include a nearby four acre dedicated rail link facility for transporting ferrous and non-ferrous metal to UK steelworks and ports.
Thanks to a ruling by the Supreme Court, there has been some great news for the Indian ship-breaking industry. The recent decision means that Indian ship breaking companies can now claim heavy deductions from their taxable income and it would seem that it's all down to how one interprets the small print and the question of whether 'ship-breaking is a production process or recycling'.
According to the Business Standard (India), the legal tussle related to whether the ship-breaking industry produced anything new and distinct, one of the conditions for claiming a tax deduction. In this battle between the Income Tax Department and a large ship breaking company, the prize to be won was up to 20 per cent of profits and gains.
The Income-tax Department rejected the claim for deductions, stating that ship-breaking activity does not produce new article. The Supreme Court of India however, is of the view that production has much broader connotations and includes all byproducts, intermediate products and residual products that emerge in the course of manufacturing, and thus as well as dealing with the production of new article it should also encapsulate the production of a very desirable byproduct, scrap.
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