SIMS LIMITED — Capital/Financing Update 2015

Feb 17, 2015

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

Name of entity

SIMS METAL MANAGEMENT LIMITED

ABN

69 114 838 630

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+Classof+securitiesissued or tobe issued	(1) Ordinary shares(2) Restricted stock units and performance rights [SGMAI](3) Options
2	Numberof+securitiesissued or tobe issued (ifknown)ormaximumnumberwhichmaybe issued	(1) 6,369(2) (a) (6,369)(b) (68,064)(c) 11,090(3) (13,068)

+ See chapter 19 for defined terms.

3	Principal
	terms of the+securities	(1) Fully paid ordinary shares
	(eg,if	(2) –(3) N/A
	options,
	exercise
	priceand
	expiry date;
	if partly paid
	+securities,
	theamount
	outstanding
	anddue
	datesfor
	payment;if
	+convertible
	securities,
	the
	conversion
	priceand
	datesfor
	conversion)

+ See chapter 19 for defined terms.

4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 5 Issue price or consideration
• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)

(1) Issue of fully paid ordinary shares pursuant to the vesting of restricted stock units (RSUs) under the Sims Metal Management Long Term Incentive Plan (SimsMM Plan).

(2) (a) Vesting of RSUs under the SimsMM Plan.

(b) Forfeiture and subsequent cancellation of RSUs and performance rights under the SimsMM Plan.

(c) Isuue of RSUs under the SimsMM Plan. In respect of this particular grant of RSUs made to two participants, for the RSUs to vest, and ordinary shares be issued, which they may do on 5 February 2018 (the "Vesting Date"), the participants must remain in the employ of the entity or a related party, or have ceased to be an employee as a result of a 'qualifying cessation', on the Vesting Date.

(3) Forfeiture and subsequent cancellation of options under the SimsMM Plan.

(2) – (3) N/A

N/A

(1) Yes

6a	Is the entity an +eligible entity thathasobtainedsecurityholderapproval under rule 7.1A?	N/A
	If Yes, complete sections 6b – 6hin relation to the +securities thesubject of this Appendix 3B, andcomply with section 6i
6b	Thedatethesecurityholderresolution under rule 7.1A waspassed
6c	+securitiesNumberofissuedwithout security holder approvalunder rule 7.1
6d	Number of +securities issued withsecurity holder approval under rule7.1A
6e	Number of +securities issued withsecurity holder approval under rule7.3, or another specific securityholder approval (specify date ofmeeting)
6f	Number of securities issued underan exception in rule 7.2
6g	If securities issued under rule7.1A, was issue price at least 75%of 15 day VWAP as calculatedunder rule 7.1A.3?Include theissuedateandbothvalues.Include the source of the VWAPcalculation.
6h	If securities were issued under rule7.1A for non-cash consideration,state date on which valuation ofconsideration was released to ASXMarket Announcements
6i	Calculate the entity's remainingissue capacity under rule 7.1 andrule 7.1A – complete Annexure 1andreleasetoASXMarketAnnouncements

+ See chapter 19 for defined terms.

7 Dates of entering +securities into uncertificated holdings or despatch of certificate

18 February 2015

+ See chapter 19 for defined terms.

		Number		+Class
8	+classNumberandofall+securitiesquotedonASX(including the securities in section2 if applicable)	204,703,086		Fullypaidshares	ordinary
		Number	+Class
9	+classNumberandofall+securities not quoted on ASX(includingthesecuritiesinsection 2 if applicable)	6,053,202	[SGMAI]are met	Plan or individual contracts.		performance rights and restricted stock units(this is the maximum number of ordinary sharesand ADSs, collectively, which may be issuedpursuant to the performance rights and restrictedstock units assuming that the performance hurdlesunder the SimsMM Plan or the formerSims Metal Management Long Term Incentive
		________45,145		options exp 24/11/ 2015 [SGMAK]		(issued to executive directors pursuant to theSimsMM Plan - this is the maximum number ofordinary shares and ADSs, collectively, whichmay be issued pursuant to the exercise of options).
		________273,999		options exp 2/04/2016 [SGMAK]issued pursuant to the exercise of options)_____________________________________		(issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares and ADSs, collectively, which may be
		________850,946		options exp 17/06/2016 [SGMAK]issued pursuant to the exercise of options).		(issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares and ADSs, collectively, which may be
		________4,747		_____________________________________options exp 22/10/2016 [SGMAK]pursuant to the exercise of options)		(issued to executive pursuant to the SimsMM Plan- this is the maximum number of ordinary sharesand ADSs, collectively, which may be issued

+ See chapter 19 for defined terms.

	________	______________________________________
	370,915________	options exp 23/11/ 2016 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number ofordinary shares and ADSs, collectively, which maybe issued pursuant to the exercise of options).______________________________________
	501,214	options exp 17/12/ 2016 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number ofordinary shares and ADSs, collectively, which maybe issued pursuant to the exercise of options).
	203,908	options exp 22/11/ 2017 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ADSs whichmay be issued pursuant to the exercise of options)
	714,796	options exp 30/11/2017 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares and ADSs, collectively, which may be issuedpursuant to the exercise of options)
	16,499	options exp 17/12/2017 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ADSs whichmay be issued pursuant to the exercise of options)_
	1,305,748	options exp 11/11/2018 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares and ADSs, collectively, which may be issuedpursuant to the exercise of options)
	________2,169,746	______________________________________options exp 16/11/2019 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares and ADSs, collectively, which may be issuedpursuant to the exercise of options)
	________1,358,523	________________________________options exp 15/11/2020 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares which may be issued pursuant to the exerciseof options)
	________1,358,069	______________________________________options exp 14/11/2021 [SGMAK](issued to participants pursuant to the SimsMMPlan - this is the maximum number of ordinaryshares which may be issued pursuant to the exerciseof options)
+ See chapter 19 for defined terms.
01/08/2012		Appendix 3B Page 7

10	Dividend policy (in the case of a
	trust, distribution policy) on the
	increased capital (interests)

No change

Part 2 - Bonus issue or pro rata issue

11	Issecurityholderapprovalrequired?	N/A
12	Is the issue renounceable or nonrenounceable?	N/A
13	Ratio in which the +securities willbe offered	N/A
14	+Class of +securities to which theoffer relates	N/A
15	+Recorddatetodetermineentitlements	N/A
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?	N/A
17	Policy for deciding entitlements inrelation to fractions	N/A
18	Names of countries in which theentity has +security holders whowillnotbesentnewissuedocumentsNote: Security holders must be told how their	N/A
	entitlements are to be dealt with.Cross reference: rule 7.7.
19	Closingdateforreceiptofacceptances or renunciations	N/A

+ See chapter 19 for defined terms.

20	Names of any underwriters	N/A
21	Amount of any underwriting fee or	N/A
	commission
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to thebroker to the issue	N/A
24	Amountofanyhandlingfee	N/A
	payabletobrokerswholodge
	acceptances or renunciations on
	behalf of +security holders
25	Iftheissueiscontingenton	N/A
	+securityholders'approval,the
	date of the meeting
26	Date entitlement and acceptance	N/A
	form and prospectus or Product
	Disclosure Statement will be sent topersons entitled
27	If the entity has issued options, and	N/A
	the terms entitle option holders toparticipate on exercise, the date on
	which notices will be sent to option
	holders
28	Date rights trading will begin (if
	applicable)	N/A
29	Date rights trading will end (ifapplicable)	N/A
30	How do +security holders sell their
	entitlementsinfullthrougha	N/A
	broker?
31	How do +security holders sell part
	oftheirentitlementsthrougha	N/A
	broker and accept for the balance?

+ See chapter 19 for defined terms.

32	How do +security holders disposeof their entitlements (except by salethrough a broker)?	N/A
33	+Despatch date	N/A

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• (a) Securities described in Part 1

|--|

(b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35	If the +securities are +equity securities, the names of the 20 largest holders of theadditional +securities, and the number and percentage of additional +securities held bythose holders
36	If the +securities are +equity securities, a distribution schedule of the additional+securities setting out the number of holders in the categories1 - 1,0001,001 - 5,0005,001 - 10,00010,001 - 100,000100,001 and over
37	A copy of any trust deed for the additional +securities

+ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

38	Number of securities for which+quotation is sought	N/A
39	+securitiesClassofforwhichquotation is sought	N/A
40	Do the +securities rank equally in allrespects from the date of allotmentwith an existing +class of quoted+securities?If the additional securities do not	N/A
	rank equally, please state:the date from which they dotheextenttowhichtheyparticipate for the next dividend,(inthecaseofatrust,distribution) or interest paymentthe extent to which they do notrankequally,otherthaninrelation to the next dividend,distribution or interest payment
41	Reason for request for quotationnow	N/A
	Example: In the case of restricted securities, end ofrestriction period
	(ifissueduponconversionofanother security, clearly identify thatother security)
		Number	+Class
42	Number and +class of all +securitiesquotedonASX(includingthesecurities in clause 38)	N/A	N/A

+ See chapter 19 for defined terms.

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.
• 2 We warrant the following to ASX.
  • The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
  • There is no reason why those +securities should not be granted +quotation.
  • An offer of the + securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: ............................................................ Date: 18/2/2015 (Company secretary)

Print name: Frank Moratti

== == == == ==

+ See chapter 19 for defined terms.

Appendix 3B – Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for + eligible entities

Introduced 01/08/12

N/A

+ See chapter 19 for defined terms.