Exhibit 4.21
 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.
 
 
  
 Variation to Multicurrency Cash Advance Facility
 Westpac Undertaking Company Agreement
     1. Amendments
  Term:
    
    Until 1 August 2011 or as otherwise agreed (the Term).
 [*] Confidential Treatment Requested




---



##### 



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 Total Finance Debt/Gross EBITDA
multiple is set out in the Standard Terms).Ratio of Total Finance Debt/Gross EBITDA =
    
     Margin[*]
    
    [*]LineFee
    
    Calculated as a percentage per annum of the daily amount of the undrawn
Commitment at the rate of [*]of the Margin. 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 quarter the
relevant amount of fee is not refundable.
 2. General
 Conditions Precedent
  
    
    sign by two authorised officers of the Undertaking Companies and the Guarantors and return a copy of this letter; and
    
    [*]
 References to Agreement
  Confirmation of Agreement
  Confirmation by Guarantors
  
    
    It agrees to the amendment to the Agreement referred to in this letter;
 [*] Confidential Treatment Requested




---



##### 




    
    This amendment does 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
  Schedule 1  Undertaking Companies
 Name of company
    
    ABN/ARB/ place of incorporationSims Group Australia Holdings Limited
    
    37 008 634 526Sims Metal Management Limited
    
    69 114 838 630Sims Group UK Limited
    
    UK 3242331Sims Group UK Holdings Limited
    
    UK 2904307Mirec BV
    
    Holland 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
 [*] Confidential Treatment Requested




---



##### 



Schedule 2  Guarantors
 Name of Company
    
    ACN/ARBNSims Group Australia Holdings Limited
    
    37 008 634 526Sims Metal Management Limited
    
    69 114 838 630Simsmetal Holdings Pty Limited
    
    97 000 021 563Simsmetal Services Pty Limited
    
    76 000 166 987Sims Manufacturing Pty Limited
    
    13 004 332 870Sims Industrial Pty Limited
    
    95 000 090 479Sims Energy Pty Limited
    
    42 009 667 752Sims Group UK Limited
    
    UK 3242331Sims Group UK Holdings Limited
    
    UK 2904307Mirec BV
    
    Holland 17073024Sims Recycling Solutions AB
    
    SwedenSimsmetal Industries Limited
    
    New ZealandSims M+R GmbH
    
    GermanySims Group German Holdings GmbH
    
    GermanySims 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
    
    DelawareSims Recycling Solutions, Inc.
    
    IllinoisSims Group Recycling Solutions USA Corporation
    
    DelawareUnited 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.
    
    Delaware
 [*] Confidential Treatment Requested




---



##### 



Name of Company
    
    ACN/ARBNMetal Management S&A Holdings, 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
    
    DelawareMetal Dynamics Indianapolis LLC
    
    DelawareSims Municipal Recycling of New York LLC
  [*] Confidential Treatment Requested




---



##### 



Accepted and agreed  Sims Group Australia Holdings Limited  Sims Metal Management Limited  Sims Group UK Limited
Sims Group UK Holdings Limited
Mirec BV
Sims Recycling Solutions AB
Sims Group USA Corporation
Sims Group Global Trade Corporation
North Carolina Resource Conservation LLC
Sims Group USA Holdings Corporation
Schiabo Larovo Corporation
Simsmetal East LLC
Simsmetal West LLC
Metal. Management, Inc.
Metal Management Alabama, Inc.
Metal Management Arizona, L.L.C.
Metal Management Connecticut, Inc.
Metal Management Memphis, L.L.C.
Metal Management Midwest, Inc.
Metal Management Mississippi, Inc.
Metal Management Northeast, Inc.
Metal Management Ohio, Inc.
Metal Management West, Inc.
Proler Southwest LP
Metal Dynamics Detroit LLC
  authorised officer
    
    
    
    authorised officerName Peter Ricketts
    
    
    
    NameTitle
    
    Group Senior Vice President
    
    TitleTreasury Financial Strategy and Planning
 [*] Confidential Treatment Requested




---



##### 



Accepted and agreed  Sims Group Australia Holdings Limited
Sims Metal Management Limited  Simsmetal Holdings Pty Limited
Simsmetal Services Pty Limited
Sims Manufacturing Pty LimitedSims Industrial Pty Limited
Sims Energy Pty Limited
Sims Group UK Limited
Sims Group UK Holdings Limited
Mirec BY
Sims Recycling Solutions AB
Simsmetal Industries Limited
Sims M+R GmbH
Sims Group German Holdings GmbH
Sims Asia Holdings Limited
Sims Group Recycling Solutions Canada Ltd
Sims Group Canada Holdings Limited
Sims Group USA Corporation
Sims Group Global Trade Corporation
North Carolina Resource Conservation, LLC
Sims Group USA Holdings Corporation
SHIN Co., LLC
HNE Recycling LLC
HNW Recycling LLC
Schiabo Larovo Corporation
Simsmetal East LLC
Simsmetal West LLC
Sims Recycling Solutions, Inc.
Sims Group Recycling Solutions USA Corporation
United Refining & Smelting Co.
Metal Management, Inc.
CIM Trucking, Inc.
Metal Management Alabama, Inc.
Metal Management Arizona, L.L.C.
Metal Management Connecticut, Inc.
Metal Management Indiana, Inc.
Metal Management Memphis, L.L.C.
Metal Management Midwest, Inc.
Metal Management Mississippi, Inc.
Metal Management New Haven, Inc.
Metal Management Northeast, Inc.
Metal Management Ohio, Inc.
Metal Management Pittsburgh, Inc.
Metal Management Proler Southwest, Inc.
Metal Management S&A Holdings, Inc.
Metal Management West Coast Holdings, Inc.
 [*] Confidential Treatment Requested




---



##### 



Metal Management West, Inc.
MM Metal Dynamics Holdings, Inc.
Naporano Iron & Metal, Inc.
New York Recycling Ventures, Inc.
Proler Southwest GP, Inc.
Proler Southwest LP
Reserve Iron & Metal Limited Partnership Metal Dynamics LLC
Metal Dynamics Detroit LLC
Metal Dynamics Indianapolis LLC
Sims Municipal Recycling of New York LLC
  authorised officer
    
    
    
    authorised officerName Peter Ricketts
    
    
    
    NameTitle
    
    Group Senior Vice President
    
    TitleTreasury Financial Strategy and Planning
 [*] Confidential Treatment Requested