SAN MATEO, Calif., Jan. 7, 2013 /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 Jiangsu Lihuai Lron & Steel, Co., Ltd. According to the agreement, China Armco's subsidiary will supply on average 5,000 metric tons each month, totaling 60,000 metric tons, of various scrap steel to the client in 2013.
The Company's important customer, Jiangsu Lihuai Lron & Steel Co., Ltd, listed on China Shenzhen Stock Exchange (SZEx, stock code 002075), is a subsidiary of Jiangsu Shagang Co., Ltd. which is the largest privately-owned steel company in China. China Armco has developed a long-term and strategic cooperation relationship with the customer. The client will use a letter of credit payment method to facilitate the trade financing in our business operation.
"We continue to strengthen our business relationship with this important client in 2013 by entering into the annual supply agreement; which we intend to pursue long term orders from other large clients to achieve steady growth in 2013," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "Receiving this large order from one of the largest steel companies in China is a great start for the promising year of 2013, and we are looking forward to working with all of our customers and achieving a productive year."
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.