Exhibit 4.22
 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.
 Westpac Institutional BankingLevel 3, 275 Kent StreetSYDNEY NSW 2000Phone:
    
    (02) 8254 8812Fax:
    
    (02) 8254 8999
  
 Variation to Cash Advance Facility for the Sims Group
 Westpac Sims Undertaking Companies Agreement Standard Terms
  Guarantors
   1. Amendments
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Maximum amount outstanding at any time
    
    Tranche A: $250,000,000 (as reduced, the Tranche A Commitment).
Tranche B: $150,000,000 (as reduced, the Tranche B Commitment),
(together the Commitment).Sims Metal Management Limited may cancel all or part of the undrawn Tranche A
Commitment or Tranche B Commitment on 20 Business Days Notice to Westpac. The
Commitment will be automatically cancelled on the last day of the Term or as
otherwise agreed in writing by Westpac and Sims.Margin
    
    The Margin is payable on outstandings drawn under the facility and will
vary as set out in the following grid.(The calculation and definition of the Finance Debt/EBITDA multiple is set out
in the Standard Terms).
 Finance Debt/
    
    Tranche A
    
    
    Tranche BEBITDA =
    
    Margin
    
    
    Margin[*]
    
    
    [*]
    
    
    
    [*]
 The amendments to the Margin contained in the grid set out above will take
effect when the conditions precedent set out below are satisfied.Any adjustment to the Margin according to the grid set out above following a
change in the Finance Debt/EBITDA multiple will be effective from the beginning
of the first interest period which commences on a date following the delivery of
a compliance certificate under clause 4(a)(ii) of the Standard Terms. The
adjusted Margin will apply until a subsequent compliance certificate discloses a
change in the Finance Debt/EBITDA multiple.Undrawn Line Fee
    
    Calculated as a percentage per annum of the daily amount of the undrawn Tranche
A Commitment and the undrawn Tranche B Commitment as set out below. It is
payable quarterly in arrears on the last Business Day of each calendar quarter,
and on the last day of the Term (or at any other intervals designated by Westpac
from time to time). If the Commitment is cancelled or reduced in the calendar
quarter the relevant amount of fee is not refundable.(The calculation and definition of the Finance Debt/EBITDA multiple is set out
in the Standard Terms).Tranche A Commitment:[*]of the applicable Margin.Tranche B Commitment:[*]of the applicable Margin.Term
    
    For Tranche A and Tranche B until 1 August 2011 or as otherwise agreed (the
Term).
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2. General
 Conditions Precedent
  
    
    the Undertaking Companies and the Guarantors must sign and return a copy of this
agreement; and
    
    [*]
 References to Agreement
  Confirmation of Agreement
  Confirmation by SMM  North America Trade Corporation
 Variation
 Confirmation by Guarantors
  
    
    It agrees to the amendments to the Agreement referred to in this letter;
    
    The amendments do not in any way release, reduce or limit its liability and obligations to
Westpac under the Group Guarantee dated 15 November 2000 between (amongst others) it and
Westpac (the Group Guarantee);
    
    The Group Guarantee remains a valid obligation binding on it to pay amongst other things
and according to its terms, all moneys due and payable from time to time to Westpac under the
Agreement and Standard Terms as varied from time to time;
    
    Westpac is under no obligation to advise it of any further variation to the Agreement as a
result of having requested this confirmation; and
    
    This confirmation is binding on it irrespective of whether all Guarantors sign or whether
the statements are true in respect of each other Guarantor.
 Governing law and Jurisdiction
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Schedule 1
 ACN/ARBN/Registered Number/Place ofName of Undertaking Company
    
    IncorporationSims Group Australia Holdings Limited
    
    008 634 526Sims Group UK Limited
    
    UK 3242331Sims Group UK Holdings Limited
    
    UK 2904307Mirec BV
    
    The Netherlands 17073024Sims Recycling Solutions AB
    
    SwedenSims Group USA Corporation
    
    DelawareSims Group Global Trade Corporation
    
    DelawareNorth Carolina Resource Conservation, LLC
    
    North CarolinaSims Group USA Holdings Corporation
    
    DelawareSchiabo Larovo Corporation
    
    DelawareSimsmetal East LLC
    
    DelawareSimsmetal West LLC
    
    DelawareMetal Management, Inc.
    
    DelawareMetal Management Alabama, Inc.
    
    DelawareMetal Management Arizona, L.L.C.
    
    ArizonaMetal Management Connecticut, Inc.
    
    DelawareMetal Management Memphis, L.L.C.
    
    TennesseeMetal Management Midwest, Inc.
    
    IllinoisMetal Management Mississippi, Inc.
    
    DelawareMetal Management Northeast, Inc.
    
    New JerseyMetal Management Ohio, Inc.
    
    OhioMetal Management West, Inc.
    
    ColoradoProler Southwest LP
    
    TexasMetal Dynamics Detroit LLC
    
    Delaware
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Schedule 2
 ACN/ARBN/Registered Number/Place ofName of Guarantor
    
    IncorporationSims Group Australia Holdings Limited
    
    008 634 526Sims Metal Management Limited
    
    114 838 630Simsmetal Holdings Pty Limited
    
    000 021 563Simsmetal Services Pty Limited
    
    000 166 987Sims Manufacturing Pty Limited
    
    004 332 870Sims Industrial Pty Limited
    
    000 090 479Sims Energy Pty Limited
    
    009 667 752Sims Group UK Limited
    
    UK 3242331Sims Group UK Holdings Limited
    
    UK 2904307Mirec BV
    
    The Netherlands 17073024Sims Recycling Solutions AB
    
    SwedenSimsmetal Industries Limited
    
    New ZealandSims M+R GmbH
    
    GermanySims Group German Holdings GmbH
    
    GermanySims Metal Management Asia Limited (formerly
known as Sims Asia Holdings Limited)
    
    Hong KongSims Group Recycling Solutions Canada Ltd.
    
    CanadaSims Group Canada Holdings Limited
    
    CanadaSims Group USA Corporation
    
    DelawareSims Group Global Trade Corporation
    
    DelawareNorth Carolina Resource Conservation, LLC
    
    North CarolinaSims Group USA Holdings Corporation
    
    DelawareSHN Co., LLC
    
    DelawareHNE Recycling LLC
    
    DelawareHNW Recycling LLC
    
    DelawareSchiabo Larovo Corporation
    
    DelawareSimsmetal East LLC
    
    DelawareSimsmetal West LLC
    
    Delaware
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ACN/ARBN/Registered Number/Place ofName of Guarantor
    
    IncorporationSims Recycling Solutions Holdings Inc.
(formerly known as Sims Recycling Solutions,
Inc.)
    
    IllinoisSMM  North America Trade Corporation
(formerly known as Metal Management S&A
Holdings, Inc.)
    
    DelawareSims Recycling Solutions, Inc. (formerly
known as United Refining & Smelting Co)
    
    IllinoisMetal Management, Inc.
    
    DelawareCIM Trucking, Inc.
    
    IllinoisMetal Management Alabama, Inc.
    
    DelawareMetal Management Arizona, L.L.C.
    
    ArizonaMetal Management Connecticut, Inc.
    
    DelawareMetal Management Indiana, Inc.
    
    IllinoisMetal Management Memphis, L.L.C.
    
    TennesseeMetal Management Midwest, Inc.
    
    IllinoisMetal Management Mississippi, Inc.
    
    DelawareMetal Management New Haven, Inc.
    
    DelawareMetal Management Northeast, Inc.
    
    New JerseyMetal Management Ohio, Inc.
    
    OhioMetal Management Pittsburgh, Inc.
    
    DelawareMetal Management Proler Southwest, Inc.
    
    DelawareMetal Management West Coast Holdings, Inc.
    
    DelawareMetal Management West, Inc.
    
    ColoradoMM Metal Dynamics Holdings, Inc.
    
    DelawareNaporano Iron & Metal, Inc.
    
    DelawareNew York Recycling Ventures, Inc.
    
    DelawareProler Southwest GP, Inc.
    
    DelawareProler Southwest LP
    
    TexasReserve Iron & Metal Limited Partnership
    
    DelawareMetal Dynamics LLC
    
    DelawareMetal Dynamics Detroit LLC
    
    DelawareTH Properties LLC (formerly known as Metal 
Dynamics Indianapolis LLC)
    
    DelawareSims Municipal Recycling of New York LLC
    
    Delaware
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WestpacSignedfor Westpac Banking Corporation by its attorneyName:Title:
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Guarantors and Undertaking Companies
 Accepted and agreed
for and on behalf of:Sims Metal Management Limited ACN 114 838 630Director
    
    Director/SecretaryName (please print)
    
    Name (please print)Date of acceptance:
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ExecutedbySchiabo Larovo Corporationby its officer:Signature of officerName of officer (please print)
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ExecutedbySimsmetal East LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbySimsmetal West LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Alabama, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Arizona, L.L.C.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Connecticut, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Memphis, L.L.C.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Midwest, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Mississippi, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Northeast, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Ohio, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management West, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyProler Southwest LPby its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Dynamics Detroit LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbySimsmetal Industries Limitedby its directors:Signature of director
    
    Signature of directorName of director (please print)
    
    Name of director (please print)
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Executedby Sims M+R GmbHby its officer:Signature of officer
    
    Signature of officerName of officer (please print)
    
    Name of officer (please print)
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ExecutedbySims Group German Holdings GmbHby its officer:Signature of officer
    
    Signature of officerName of officer (please print)
    
    Name of officer (please print)
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THE COMMON SEALofSims Metal Management Asia Limited(formerly known as Sims Asia Holdings Limited)was affixed to this
document in the presence of:Signature of officer
    
    Signature of officerName of officer (please print)
    
    Name of officer (please print)
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ExecutedbySims Group Recycling Solutions Canada Ltd.by its officer:Signature of officerName of officer (please print)
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ExecutedbySims Group Canada Holdings Limitedby its officer:Signature of officerName of officer (please print)
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ExecutedbySims Recycling Solutions Holdings Inc.(formerly known as Sims Recycling Solutions, Inc).by its officer:Signature of officerName of officer (please print)
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ExecutedbySMM  North America Trade Corporation(formerly known as Metal Management S&A Holdings, Inc.)by its officer:Signature of officerName of officer (please print)
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ExecutedbySims Recycling Solutions, Inc.(formerly known as United Refining & Smelting Co.)by its officer:Signature of officerName of officer (please print)
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ExecutedbyCIM Trucking, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Indiana, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management New Haven, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Pittsburgh, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management Proler Southwest, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Management West Coast Holdings, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyMM Metal Dynamics Holdings, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyNaporano Iron & Metal, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyNew York Recycling Ventures, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyProler Southwest GP, Inc.by its officer:Signature of officerName of officer (please print)
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ExecutedbyReserve Iron & Metal Limited Partnershipby its officer:Signature of officerName of officer (please print)
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ExecutedbyMetal Dynamics LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbyTH Properties LLC (formerly known asMetal Dynamics Indianapolis LLC)by its member: Metal Dynamics LLCSignature of officerName of officer (please print)
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ExecutedbySims Municipal Recycling of New York LLCby its officer:Signature of officerName of officer (please print)
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SignedbySims Group Australia Holdings Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySimsmetal Holdings Pty Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySimsmetal Services Pty Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySims Manufacturing Pty Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySims Industrial Pty Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySims Energy Pty Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySims Group UK Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySims Group UK Holdings Limitedby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbyMirec BVby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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SignedbySims Recycling Solutions ABby a director and secretary/director:Signature of director
    
    Signature of director/secretaryName of director (please print)
    
    Name of director/secretary (please print)
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ExecutedbySims Group USA Corporationby its officer:Signature of officerName of officer (please print)
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ExecutedbySims Group Global Trade Corporationby its officer:Signature of officerName of officer (please print)
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ExecutedbyNorth Carolina Resource Conservation LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbySims Group USA Holdings Corporationby its officer:Signature of officerName of officer (please print)
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ExecutedbySHN Co., LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbyHNE Recycling LLCby its officer:Signature of officerName of officer (please print)
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ExecutedbyHNW Recycling LLCby its officer:Signature of officerName of officer (please print)
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