China Armco Metals, Inc. (NYSE:CNAM)’s subsidiary Armco (Lianyungang) Renewable Metals, Inc. signed a sales agreement with China Metal Recycling (Holdings) Limited, in which they will supply a total of 60,000 metric tons of various scrap steels to China Metal Recycling over the the next three months.
As quoted in the press release:
The Company’s important customer, China Metal Recycling (Holdings) Limited, listed on HongKong Stock Exchange (HKEx, stock code 773), is one of the largest scrap metal recycling companies in China. China Armco has been working with China Metal Recycling for years and has developed a long-term and strategic cooperation relationship with them.
Armco’s Chairman and CEO, Kexuan Yao, said:
As steel mills start to accumulate inventories for winter and Chinese New Year, we expect to benefit from the increased demand in this and next quarter.