China Armco Metals, Inc. (NYSE:CNAM) announced that it has signed a sales agreement with a Jiangsu Lihuai Lron & Steel, Co., Ltd., in which they will supply an average 5,000 metric tons each month, for a total of totaling 60,000 metric tons, of various scrap steel.
As quoted in the press release:
The Company’s important customer, Jiangsu Lihuai Lron & Steel Co., Ltd, listed on China Shenzhen Stock Exchange (SZEx, stock code 002075), is a subsidiary of Jiangsu Shagang Co., Ltd. which is the largest privately-owned steel company in China. China Armco has developed a long-term and strategic cooperation relationship with the customer. The client will use a letter of credit payment method to facilitate the trade financing in our business operation.
China Armco’s Chairman and CEO, Kexuan Yao, said:
Receiving this large order from one of the largest steel companies in China is a great start for the promising year of 2013, and we are looking forward to working with all of our customers and achieving a productive year.