The world's largest recycler, SIMS Metal Management, has sold its US-based aerospace business, for a loss.
SIMS on Tuesday announced it had sold its interest in Metal Management Aerospace, based in Connecticut, to ELG Utica Alloys.
The company said it had incurred a loss of $9 million from the sale, though it said the sale terms were not considered material to the company.
"Aerospace was a subsidiary of the company's North America Metals business, and was determined to be non-core due to the unique aspects of its processing capabilities and associated commodities," SIMS said in a statement to the Australian Securities Exchange.
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