Dive summary:

• Sims Metal Management, the largest listed metals and electronics recycling company, announced the sale of its Arizona scrap metal recycling assets to SA Recycling (SAR) for $35 million in cash.
• SAR is equally owned by Sims Metal Management and Adams Steel and operates 50 recycling facilities in California, Nevada and Arizona.
• The transaction resolves a conflict with the SAR joint venture agreement in which Sims was allowed to operate in Arizona but not to expand; by selling the facilities to a company they have partial ownership of, they can abide by the agreement and still profit off the area.

From the article:

The sale was settled at a price of US$35 million in cash. The sale principally involves the real property related assets for two scrap metal recycling facilities located in Phoenix and Tucson, Arizona. SimsMM will retain the working capital assets of the Arizona business which is anticipated to monetize a further circa US$15 million in cash over 45 days following the sale. This brings the total expected cash generation from the Arizona sale to US$50 million. The transaction will be accounted for in the first half Fiscal 2013 results with an expected pre-tax loss of A$12 million. The loss on sale relates to the value of intangible assets not realised in the sale. ...