China Armco's Subsidiary Received AAA Grade In Credit Rating
SAN MATEO, Calif., May 29, 2013 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and a metal recycler with a state-of-the-art scrap metal recycling facility in China, today announced that Armco (Lianyungang) Renewable Metals, Inc., the Company's wholly owned subsidiary, was rated as AAA grade in credit rating by China Association of Metal Scrap Utilization.
The AAA rating was awarded and announced during the 6th International Symposium on China Metal Recycling. The Symposium was hosted by China Iron and Steel Association and China Association of Metal Scrap Utilization in Chongqing, a city in southwest China, from May 19, 2013 to May 22, 2013. The credit rating was initiated by the Chinese Ministry of Commerce and the Chinese State-owned Assets Supervision and Administration Commission, organized by the China Association of Metal Scrap Utilization, and conducted by an independent rating agency. The credit rating was rated based on various factors, including the Company's basic product quality, operation management capabilities, and social credit. The AAA rating is the highest level in the credit rating system. Mr. Weigang Zhao, director of China Armco and executive vice general manager of Armco (Lianyungang) Renewable Metals, Inc., was also elected as director of the Symposium. Companies and industry associations from worldwide, including China, U.S., Korea, and Japan attended the event and discussed the issues pertaining to Chinese metal recycling developments and policies.
"We are very pleased to receive the AAA rating from the China Association of Metal Scrap Utilization during the Symposium. This recognition is very important to us while we are building our brand in the industry and market which will help us to improve and strengthen our supply chain, customer base and bank credit facilities," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "During the Symposium, based on messages from the officers from China steel industry associations, the industry expects to receive more policy support from the Chinese government with government emphasis on energy saving and environmental protection. We believe that with the support of Chinese government industry guidance and policy support, our recycling business has substantial potential and tremendous opportunity to grow in the long term."
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