Sims Metal Management

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Bega Cheese has been whacked by investors after it became the latest business to issue a profit warning over its 2020 earnings.

Investors have sliced almost $200 million off the value of recycling giant Sims Metal Management after the company issued a profit warning.

Metal recycler Sims Metal has warned increasing escalation in trade wars, coupled with weak car sales, has drastically reduced scrap metal demand.

Sims Metal Management has seen its profits go back by a quarter as rising global tensions were weighing on metals prices..

Sims Metal is planning to build a series of plants around the world capable of turning into gas the residue left when cars are shredded.

Investors were caught between optimism on trade and a disappointing economic performance from China.

Sims is one of the first large Australian companies to issue a set of results that has been directly impacted by the trade war.