China Armco Metals Provides Updates On Trading Distribution And Metal Recycling Businesses
SAN MATEO, Calif., March 14, 2011 (GLOBE NEWSWIRE) -- China Armco Metals, Inc. (AMEX: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 it has delivered two new iron ore orders to customers serving iron and steel producers in China, in addition to two new orders secured for recycled steel.
Through March, 2011 China Armco's trading business has completed and delivered two orders for iron and chrome ore with existing customers in China that include a combined volume of 8,000 tons with an aggregate value of approximately of $14.4 million.
The Company's also secured two new orders for its metal recycling business with existing customers to produce and sell a combined volume of 10,000 tons of recycled steel, with an aggregate value of approximately of $5.4 million."We are pleased to begin the new year with strong orders in both of our business segments when quarter one normally is steel industry's weak quarter," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "With the stabilization of iron prices and the end of power conservation plans imposed by the government, we are now beginning to see measured progress. We are confident in our ability to reach our goals as we position China Armco for further growth in 2011 and beyond." 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 with the recent launch of operations of a metal recycling facility capable of producing up to approximately one million tons per year located on 32 acres of land. China Armco maintains customers throughout China which includes the fastest growing steel producing mills and foundries in the PRC. Raw materials are acquired from a global group of suppliers located 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 and steel billet. The recycling facility is expected to be capable of recycling one million metric tons of scrap metal per year which will position the Company as one of the 10 largest recyclers of scrap metal in China. China Armco estimates the demand for recycled metal market in China will be over 120 million metric tons in 2011. For more information about China Armco, please visit http://www.armcometals.com. Safe Harbor Statement
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