Metal recycler Sims Metal Management said that it will take advantage of current market volatility and buy back up to 10% of its own shares.

Sims Metal said that it will buy back a maximum of 10% of its issued shares or 20,603,871 shares over a 12 month period beginning October 24th 2011. The timing and actual number of shares to be bought would depend on market conditions and other factors.

Sims Metal said that the company's board considered it appropriate to establish the buyback, particularly during times of share price volatility.

Mr Daniel Dienst CEO of Sims Metal said that the buy back would not detract from the company's growth strategy. He added that "Effecting a repurchase of shares on the open market and perpetuating our growth objectives are not mutually exclusive propositions."

As of June 30th 2011, Sims Metal's net debt represented 4% of its total capital.

(Sourced from AAP)