Australia | Sims Group Ltd boss Jeremy Sutcliffe has stepped down from the Chief Executive role after the world's largest scrap metal recycler finalised a US$1.6 billion (Euro 1.3 billion) merger with US-based Metal Management Inc. Mr Sutcliffe, who has been the Chief Executive of Australia's Sims for the past six years, will remain as an Executive Director of the company until at least October 2009. He will chair the group's European and Australian metals recycling businesses and Sims Recycling Solutions business globally.

Sims's merger with Metal Management will create an entity with more than 200 global operations and revenues in excess of US$8.5 billion annually.

Metal Management shareholders approved the merger at a special meeting. Sims will issue Metal Management stockholders with 2.05 New York stock exchange-listed American Depositary Receipts (ADRs) for each Metal Management share, to satisfy the transaction. Each ADR represents one Sims ordinary share.

Metal Management Chief Executive Daniel Dienst will assume the Chief Executive role for the merged entity and will chair the combined North American metals recycling business. Sims shareholders will vote on a change in the company's name to Sims Metal Management Ltd at an annual general meeting in November.

Until then, the merged company will trade in North America under the name Sims Metal Management. Sims Metal Management will remain domiciled in Australia and retain its ASX listing, in addition to the New York Stock Exchange listing of its ADRs.