Sims Metal Management (ASX:SGM) responded to the economic crisis with strong financial discipline, group CEO Daniel Denst said.
Speaking at the company’s annual general meeting, Denst added that this discipline has left the company in a great position to benefit from economic recovery.
“While [the economic crisis] has been a particularly unpleasant time for all of us assembled here this morning, never has the old saying 'from chaos comes opportunity’ rang more true. Nevertheless, opportunity would not be possible without fiscal prudence,” he said.
The company’s discipline has allowed it to continue to invest in its metal recycling operations even during the recession, Denst added. “These investments will further bolster the company’s competitive position both now and into the future.”