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.
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.
CONTACT: Investor Relations: HC International, Inc. Ted Haberfield, Executive VP Tel: +1-760-755-2716 Email: email@example.com Web: www.hcinternational.net Company: US Contact: Oliver Hu Investor Relations China Armco Metals, Inc. Office: 650.212.7620 Email: firstname.lastname@example.org Website: www.armcometals.com China Contact: Wayne Wu China Armco Metals, Inc. Office: 021-62375286 Email: email@example.com Website: www.armcometals.com