Exhibit 4.23

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO CERTAIN PORTIONS OF THIS AGREEMENT. CONFIDENTIAL PORTIONS HAVE BEEN OMITTED AND FILED SEPARATELY
WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

Deed of Amendment and Waiver

Common Terms Deed



|        |  |                                                                                                                                                                                                                                                   
|------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Date    |  | 28 June 2013                                                                                                                                                                                                                                      
|        | 
|Parties |  | Sims Metal Management Limited ABN 69
114 838 630 of Sir Joseph Banks Corporate Park, Suite 3, Level 2 32-34 Lord Street Botany New South Wales 2019, Australia (Sims) and each
other Transaction Party under the Common Terms Deed (defined below)
|        | 
|        |  | Bank of America, N.A. of 800 5th
Avenue  FL 36, Seattle, WA 98104, United States of America                                                                                                                                                      
|        | 
|        |  | Commonwealth Bank of Australia ABN 48
123 123 124 of Level 21, Darling Park Tower 1, 201 Sussex Street, Sydney, New South Wales 2000, Australia                                                                                                   
|        | 
|        |  | HSBC Bank Australia Limited ABN 48
006 434 162 of Level 31, 580 George Street Sydney New South Wales 2000, Australia                                                                                                                              
|        | 
|        |  | HSBC Bank plc of City Corporate
Banking Centre, 60 Queen Victoria Street, London, EC4N 4TR, United Kingdom                                                                                                                                        
|        | 
|        |  | HSBC Bank USA, National Association
of 452 Fifth Avenue, New York, New York 10018, United States of America                                                                                                                                       
|        | 
|        |  | The Hongkong and Shanghai Banking Corporation Limited
ABN 65 117 925 970 of Level 10, 1 Queens Road, Central Hong Kong                                                                                                                            
|        | 
|        |  | Westpac Banking Corporation ABN 33
007 457 141 of Level 3, 275 Kent Street Sydney New South Wales 2000, Australia                                                                                                                                 
|        | 
|        |  | (each of the foregoing banks and financial institutions is aLenderand together theLenders)                                                                                                                                                        





Recitals



|A | The parties have entered into the Common Terms Deed dated 23 June 2011, as amended (Common Terms Deed), between, amongst others, Sims, each party listed in Part 1 of Schedule 1 of that deed as
Original Borrowers, each party listed in Part 2 of Schedule 1 of that deed as Original Guarantors and the Lenders.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|B | The parties have agreed to:
|- | ---------------------------



| | (a) | Sims making the EBITDA adjustments as set out in this Deed; and
| | --- | ---------------------------------------------------------------



1

[*] Confidential Treatment Requested



---

| | (b) | amend clause 4.17 (Financial undertakings) of the Common Terms Deed as set out in this Deed.
| | --- | --------------------------------------------------------------------------------------------



|C | The Lenders agree to give a waiver in respect of clause 4.18(a)(1)(B) (Guarantors) of the Common Terms Deed on the terms set out in this Deed.
|- | ----------------------------------------------------------------------------------------------------------------------------------------------

Operative provisions







|1. | Definitions and Interpretation
|-- | ------------------------------



|1.1 | Capitalised terms in this Deed have the meaning given in the Common Terms Deed unless otherwise defined in this Deed.
|--- | ---------------------------------------------------------------------------------------------------------------------



|1.2 | Clause 1.3 (Interpretation) of the Common Terms Deed applies to this Deed as if set out in full in this Deed and all references to this deed were references to this Deed.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | EBITDA adjustment items
|-- | -----------------------



|2.1 | The definition of EBITDA in clause 1.2 (Definitions) of the Common Terms Deed requires that for the purposes of calculating EBITDA, the calculation will be adjusted to exclude, among other things:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | any significant non-cash items or items disclosed as required by AASB 101.97 and AASB 101.98 due to their size or nature (or by the corresponding provisions of future revisions of this accounting standard) that are of a
non-recurring nature, including losses or gains on the revaluation of assets;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | significant unrealised losses that are of a non-recurring nature; and
| | --- | ---------------------------------------------------------------------



| | (c) | any other significant non-cash items or items, including but not limited to write downs of inventory to net realisable value, that are of a non-recurring nature.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.2 | In respect of the definition of EBITDA, Sims notifies each Lender of the following items that Sims considers would fall within the adjustments to EBITDA referred to in clause 2.1(a) above for the financial year ending
on 30 June 2013:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | [*]
| | ---



|2.3 | The net effect of the adjustment items referred to in clause 2.2 above would be to increase EBITDA (as it will be disclosed in the Sims Groups audited consolidated annual Financial Reports for the Calculation
Period ending on 30 June 2013) by approximately [*]. The Lenders agree to Sims increasing EBITDA by approximately such amount.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2

[*] Confidential Treatment Requested



---

|2.4 | In respect of the definition of EBITDA, Sims notifies each Lender of the following item that, if it arises, Sims considers would fall within the adjustment to EBITDA referred to in clause 2.1(b) above for the financial
year ending on 30 June 2013:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | [*]
| | ---



|2.5 | [*] The Lenders agree to Sims increasing EBITDA (as it will be disclosed in the Sims Groups audited consolidated annual Financial Reports for the Calculation Period ending on 30 June 2013) by the amount of
[*].
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.6 | The net effect of the adjustment items referred to in clause 2.4(b) would be to increase EBITDA (as it will be disclosed in the Sims Groups audited consolidated annual Financial Reports for the Calculation
Period ending on 30 June 2013) by approximately [*]. The Lenders agree to Sims increasing EBITDA by approximately such amount.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.7 | In respect of the definition of EBITDA, Sims notifies each Lender of the following items [*] that Sims considers would fall within the adjustments to EBITDA referred to in clause 2.1(a) above for the financial year
ending on 30 June 2013:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | [*]
| | ---



|2.8 | In respect of the definition of EBITDA, Sims notifies each Lender of the following item [*] that Sims considers would fall within the adjustments to EBITDA referred to in clause 2.1(c) above for the financial year
ending on 30 June 2013:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | [*]
| | ---



|2.9 | The net effect of the adjustment items referred to in clauses 2.7 and 2.8 above would be to increase EBITDA (as it will be disclosed in the Sims Groups audited consolidated annual Financial Reports for the
Calculation Period ending on 30 June 2013) by approximately [*]. The Lenders agree to Sims increasing EBITDA by approximately such amount.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



3

[*] Confidential Treatment Requested



---

|2.10 | The definition of EBITDA contemplates that the foregoing adjustments to EBITDA will be agreed by the Lenders and Sims in writing prior to the end of the applicable Calculation Period.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.11 | In addition to the foregoing, as a result of Sims ongoing audit process, the auditor of the Sims Group may require further negative adjustments to EBITDA for the financial year ending on 30 June 2013
(Negative Adjustments). At this stage it is not possible for Sims to ascertain or quantify the Negative Adjustments. However, to the extent that the auditor of the Sims Group requires the Negative Adjustments to be reflected in EBITDA
for that period and the Negative Adjustments would fall within the adjustments contemplated by the definition of EBITDA in clause 1.2 of the Common Terms Deed, the Lenders agree to Sims increasing EBITDA in the amount of the Negative Adjustments,
provided that such amount will not exceed [*], for the purpose of compliance with the Common Terms Deed.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | [*]
|-- | ---



|3.1 | [*]
|--- | ---



|4. | Guarantor EBITDA covenant waiver
|-- | --------------------------------



|4.1 | Clause 4.18(a)(1)(B) of the Common Terms Deed requires that, unless a Lender otherwise agrees in writing with Sims that this clause does not apply to such Lender, each Transaction Party must ensure that the Guarantors
(excluding any German Guarantors) will generate at least 80% of the EBITDA for each Calculation Period ending on a Calculation Date.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 | In connection with clause 4.18(a)(1)(B) of the Common Terms Deed, for the Calculation Period ending on 30 June 2013 Sims and the Lenders agree that, to the extent that the Guarantors (excluding any German
Guarantors) generate less than 80% of the EBITDA for that Calculation Period but in any event 75% or more of the EBITDA for that Calculation Period, the Transaction Parties will not be in breach of clause 4.18(a)(1)(B) of the Common Terms Deed and
no Default will arise under the Transaction Documents as a consequence.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. | Tangible Net Worth covenant amendment
|-- | -------------------------------------



|5.1 | The parties to this Deed agree that the Common Terms Deed is amended, with effect from the date of this Deed, as follows:
|--- | -------------------------------------------------------------------------------------------------------------------------



| | (a) | paragraph (3) of clause 4.17(a) of the Common Terms Deed is deleted and replaced with the following:
| | --- | ----------------------------------------------------------------------------------------------------



| | (3) | other than the Calculation Dates falling on 30 June 2013, 31 December 2013 and 30 June 2014, Tangible Net Worth must not be less than A$1,500,000,000.; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a new paragraph (c) is inserted into clause 4.17 of the Common Terms Deed immediately after paragraph (b) of that clause as follows:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each Transaction Party must ensure that on the Calculation Dates falling on 30 June 2013, 31 December 2013 and 30 June 2014, Tangible Net Worth must not be less than A$1,300,000,000..
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6. | References to Common Terms Deed
|-- | -------------------------------



|6.1 | Every reference in the Transaction Documents to the Common Terms Deed is to be construed as a reference to the Common Terms Deed as amended by this Deed. Any reference to this deed, in this
deed, of this deed, this agreement or words to the same effect in the Common Terms Deed will be construed as a reference to the Common Terms Deed as amended by this Deed.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



4

[*] Confidential Treatment Requested



---

|7. | Confirmation
|-- | ------------



|7.1 | Subject to the provisions of this Deed, the Common Terms Deed is confirmed and remains in full force and effect. For the purposes of the amendment set out in clause 5 above, this Deed and the Common Terms Deed will be
read and construed as one document.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8. | General
|-- | -------



|8.1 | Each party to this Deed acknowledges and agrees that it has entered into this Deed for valuable consideration received from the other parties to this Deed, receipt of which is hereby acknowledged.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2 | This Deed is a Transaction Document in respect of each Lender for the purposes of the Common Terms Deed and is governed by, and is to be construed in accordance with, the laws of New South Wales. Each Transaction Party
irrevocably submits to the non-exclusive jurisdiction of the courts of New South Wales.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.3 | This Deed may be executed and delivered in counterparts (including by facsimile, telecopy or other electronic imaging means of transmission), each of which will be deemed an original. All counterparts, taken together,
constitute one instrument.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.4 | All references in this Deed to EBITDA adjustment items denominated in Australian dollars are subject to change in the Sims Group Financial Reports for the financial year ending 30 June 2013 due to estimated amounts
being determined as actual amounts recorded and as a result of prevailing foreign currency exchange rates adopted by Sims.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.5 | Each of the attorneys executing this Deed states that the attorney has no notice of the revocation of the power of attorney appointing that attorney.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------



5

[*] Confidential Treatment Requested



---

Executed as a deed.



|            |  |                                                                                                                                                                                                                                                                  
|----------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |  | Sims                                                                                                                                                                                                                                                             
|            | 
|            |  | Executed by Sims Metal Management Limited
for itself and as attorney for each
other Transaction Party pursuant to clause 15.2 of
the Common Terms Deed in accordance with section 127(1) of the
Corporations Act 2001 (Cth) by a director and secretary/director:
|            | 
|sign here u |  | /s/ Frank Moratti                                                                                                                                                                                                                                                
|            |  | Company Secretary/Director                                                                                                                                                                                                                                       
|            | 
|print name  |  | Frank Moratti                                                                                                                                                                                                                                                    
|            | 
|sign here u |  | /s/ Geoff Brunsdon                                                                                                                                                                                                                                               
|            |  | Director                                                                                                                                                                                                                                                         
|            | 
|print name  |  | Geoff Brunsdon                                                                                                                                                                                                                                                   







6

[*] Confidential Treatment Requested



---

|            |  |                                                                                     
|----------- |  | ------------------------------------------------------------------------------------
|            |  | Lender                                                                              
|            | 
|            |  | Executed by Bank of America, N.A.
by its duly Authorised Officer in the presence of:
|            | 
|sign here u |  | /s/ Heidi Green                                                                     
|            |  | Authorised Officer                                                                  
|            | 
|print name  |  | Heidi Green                                                                         
|            | 
|print title |  | Vice President                                                                      
|            | 
|            |  | in the presence of                                                                  
|            | 
|sign here u |  | /s/ Deborah J. Amcio                                                                
|            |  | Witness                                                                             
|            | 
|print name  |  | Deborah J. Amcio                                                                    







7

[*] Confidential Treatment Requested



---

|            |  |                                                                               
|----------- |  | ------------------------------------------------------------------------------
|            |  | Lender                                                                        
|            | 
|            |  | Signed sealed and delivered for Commonwealth Bank of
Australia by its attorney
|            | 
|sign here u |  | /s/ Natalie Dundovic                                                          
|            |  | Attorney                                                                      
|            | 
|print name  |  | Natalie Dundovic                                                              
|            | 
|            |  | in the presence of                                                            
|            | 
|sign here u |  | /s/Annette Tomoski                                                            
|            |  | Witness                                                                       
|            | 
|print name  |  | Annette Tomoski                                                               







8

[*] Confidential Treatment Requested



---

|            |  |                                                                            
|----------- |  | ---------------------------------------------------------------------------
|            |  | Lender                                                                     
|            | 
|            |  | Signed sealed and delivered for HSBC Bank Australia
Limited by its attorney
|            | 
|sign here u |  | /s/ Robert Agati                                                           
|            |  | Attorney                                                                   
|            | 
|print name  |  | Robert Agati                                                               
|            | 
|            |  | in the presence of                                                         
|            | 
|sign here u |  | /s/Elin Schwarzenecker                                                     
|            |  | Witness                                                                    
|            | 
|print name  |  | Elin Schwarzenecker                                                        







9

[*] Confidential Treatment Requested



---

|            |  |                                                              
|----------- |  | -------------------------------------------------------------
|            |  | Lender                                                       
|            | 
|            |  | Signed sealed and delivered for HSBC Bank plc
by its attorney
|            | 
|sign here u |  | /s/ Michael John Lacey                                       
|            |  | Attorney                                                     
|            | 
|print name  |  | Michael John Lacey                                           
|            | 
|            |  | in the presence of                                           
|            | 
|sign here u |  | /s/Adam Spicer                                               
|            |  | Witness                                                      
|            | 
|print name  |  | Adam Spicer                                                  







10

[*] Confidential Treatment Requested



---

|            |  |                                                                                                
|----------- |  | -----------------------------------------------------------------------------------------------
|            |  | Lender                                                                                         
|            | 
|            |  | Signed sealed and delivered for
HSBC Bank USA, National Association by its authorised
signatory
|            | 
|sign here u |  | /s/ Randolph Cates                                                                             
|            |  | Authorised signatory                                                                           
|            | 
|print name  |  | Randolph Cates                                                                                 
|            | 
|            |  | in the presence of                                                                             
|            | 
|sign here u |  | /s/ Alexander Gutman                                                                           
|            |  | Witness                                                                                        
|            | 
|print name  |  | Alexander Gutman                                                                               







11

[*] Confidential Treatment Requested



---

|            |  |                                                                                                       |  | 
|----------- |  | ----------------------------------------------------------------------------------------------------- |  | 
|            |  | Lender                                                                                                |  | 
|            | 
|            |  | Signed sealed and delivered for
The Hongkong and Shanghai Banking Corporation Limited
by its attorney
|            |  |                                                                                                      
|sign here u |  | /s/ Candy Wong Wai Har                                                                                |  | 
|            |  | Attorney                                                                                              |  | 
|            |  |                                                                                                      
|print name  |  | Candy Wong Wai Har                                                                                    |  | 
|            |  |                                                                                                      
|            |  | in the presence of                                                                                    |  | 
|            |  |                                                                                                      
|sign here u |  | /s/Ho Tan Ting Yuk Cindy                                                                              |  | 
|            |  | Witness                                                                                               |  | 
|            |  |                                                                                                      
|print name  |  | Ho Tan Ting Yuk Cindy                                                                                 |  | 







12

[*] Confidential Treatment Requested



---

|            |  |                                                                            
|----------- |  | ---------------------------------------------------------------------------
|            |  | Lender                                                                     
|            | 
|            |  | Signed sealed and delivered for Westpac Banking
Corporation by its attorney
|            | 
|sign here u |  | /s/ Jeroen Nanninga                                                        
|            |  | Attorney                                                                   
|            | 
|print name  |  | Jeroen Nanninga                                                            
|            | 
|            |  | in the presence of                                                         
|            | 
|sign here u |  | /s/ Lydia Harvey                                                           
|            |  | Witness                                                                    
|            | 
|print name  |  | Lydia Harvey                                                               







13

[*] Confidential Treatment Requested