China Armco Metals provides updates on metal recycling business, receiving orders totaling 60,000 tons of scrap steel
Tuesday, Nov 27, 2012
SAN MATEO, Calif., Nov. 26, 2012 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced that Armco (Lianyungang) Renewable Metals, Inc., the Company's wholly owned subsidiary, has signed a sales agreement with China Metal Recycling (Holdings) Limited. According to the agreement, Armco (Lianyungang) will supply a total of 60,000 metric tons of various scrap steels to China Metal Recycling in the next three months at the market price at delivery.
The Company's important customer, China Metal Recycling (Holdings) Limited, listed on HongKong Stock Exchange (HKEx, stock code 773), is one of the largest scrap metal recycling companies in China. China Armco has been working with China Metal Recycling for years and has developed a long-term and strategic cooperation relationship with them.
"After years of effort, our recycling business model and operation has started to show good results and significant improvement, especially upon the market rebound in the late third quarter of 2012," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "As steel mills start to accumulate inventories for winter and Chinese New Year, we expect to benefit from the increased demand in this and next quarter."
ABOUT CHINA ARMCO METALS, INC.
China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and is in the recycling business in the PRC. China Armco's customers throughout China include some of the fastest growing steel producing mills and foundries in the PRC. Raw materials are acquired from a global group of suppliers located in diverse countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about China Armco, please visit http://www.armcometals.com.
SOURCE China Armco Metals, Inc.