Sims Metal Management Limited announced earnings guidance for the first half of financial year 2017. For the period, the company expects underlying EBIT to be between $75 million and $79 million. Based on preliminary unaudited financials, underlying EBIT will be a material improvement on previous guidance of underlying EBIT `similar to' first half of 2016 of $63 million. Statutory earnings are also expected to be higher than underlying, related primarily to a gain on sale of non-core real estate. Statutory EBIT for the first half of 2017 is anticipated to be between $95 million and $99 million. Net cash at 31 December 2016 is expected to be around $300 million. The improved net cash position from $242 million as at 30 June 2016 principally relates to strong operating cash flow, as well as proceeds from the sale of non-core assets.