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China Armco Metals, Inc. (NYSE:CNAM) announced its third quarter results, including a drop in metal ores trading sales of 74%, offset by a slight increase in manganese ore.
China Armco Metals, Inc. (NYSE:CNAM) announced its third quarter results, including a drop in metal ores trading sales of 74%, offset by a slight increase in manganese ore.
As quoted in the press release:
The decrease in the trading business sales was caused by a $3.9 million decrease in sales of iron ore and a $4.1 million decrease in sales of chromium ore, and the decrease was partially offset by a $0.37 million increase in sales of manganese ore.
China Armco’s Chairman and CEO, Kexuan Yao, said:
We made significant progress in our metal recycling business this quarter. In response to the market rebound in the third quarter, we significantly expanded our metal recycling business activities and our production and sales increased by 232% and 134% in quantities (MTs), respectively, compared to same period of 2011.
To view the whole press release, click here.Â