Dec 22 2010
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, today announced it expects the Company to produce and sell approximately 25,500 tons of recycled steel with an aggregate value of approximately $12 million in the fourth quarter of 2010.
China Armco's fourth quarter orders to sell 25,500 tons of recycled steel are from 5 customers. The central government recently announced that the power rationing for energy intensive industries and steel producers will be phased out and the Company is optimistic about being able to be operating on a full time basis in the near term.
"We are encouraged by recent actions by the central government to relax the power restrictions," remarked Mr.Kexuan Yao, the Company's Chairman and Chief Executive Officer. "Recycled steel produced through our state-of-the-art production facility, which uses less electricity and emits less air pollution than steel produced through traditional iron ore processing, is poised to benefit from the central government's new policies. We are working diligently to secure additional scrap metal in order to service the pent up demand for recycled steel in China."