China Armco Metals Updates Metals Trading Activities, With New Contracts Valued At More Than $5.6 Million
SAN MATEO, Calif., Jan. 5, 2012 /PRNewswire/ -- 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 provided an update on its trading business.
By December 31, 2011, China Armco had secured and shipped three orders to deliver chrome ore to trading firms serving iron and steel producers in China. The orders included a combined volume of 24,000 tons with an aggregate value of approximately $3.89 million. 2 additional shipments of a combined volume of 8,000 tons with an aggregate value of approximately $1.72 million are to be delivered by the end of the first quarter of 2012.
Commenting on the company's performance, Mr. Kexuan Yao, Chairman and CEO of China Armco stated "While China's economy is experiencing many challenges in a variety of sectors, we are working hard to adjust our operations and to reallocate our resources in response to this changing environment. As a result of our management team's efforts, we are pleased to be seeing a steady progress in our trading business. With iron ore price stabilizing to a certain degree in the fourth quarter of 2011, we are cautiously optimistic about the strengthening of our businesses as China's economic conditions improve and its monetary policies are relaxed. Capitalizing on our more than 10 years of experience, our growing brand name excellence in the industry and strong relationships with over 150 customers in China, we remain well positioned to benefit from the long-term growth associated with the Chinese steel industry."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 includes 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. SAFE HARBOR STATEMENT
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