Brazilian Steel Giant Inks Major Metal Distribution Agreement With China Armco
SAN MATEO, Calif., March 17, 2011 (GLOBE NEWSWIRE) -- China Armco Metals, Inc. (NYSE 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, announced today that it has delivered its first shipment of 150,000 metric tons of iron ore, valued at $19.8 million, from Mineracao Usiminas S.A (Usiminas), one of Latin America's largest producer of steel based in Brazil. With a total capacity of 9.5 million metric tons of steel per year, Usiminas' order marks the start of a long term relationship between the two companies. With this agreement concluded at a recent meeting between the management of both companies in Brazil, China Armco becomes the first company to assist Usiminas to export its iron ore to China.
"We are delighted to commence our partnership with international giant steel mills such as Usiminas," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "With the intention of the Usiminas to deliver 3 million metric tons of iron ore in 2011, as well as potentially 20 million metric tons in 2012 to China, we appreciate the confidence and support by the management of Usiminas by executing this agreement. We are pleased with their acknowledgment of our strong capabilities to assist them in reaching their objectives. At the same time, this strategic relationship offers us a strong opportunity to secure our metal distribution position in China while maximizing profitability."
About Mineracao Usiminas S.A (Usiminas):Usiminas ( BM&F Bovespa: USIM3, USIM5 / NYSE: USNZY / BMAD: XUSIO, XUSI) is one of the largest producers of steel in the Americas, with major steel mills in Brazil with a total capacity of 9.5 million metric tons of steel per year. The Company accounts for 28% of the total steel output in Brazil. Usiminas had approximately US $7.7 Billion in revenues with a net income of approximately US $898 million for the fiscal year ended 2010. For further information, please visit http://eng.usiminas.com/ About China Armco Metals, Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV