China Gerui Lands Three More International Customers

China Gerui Advanced Materials Group Limited (NASDAQ:CHOP) announced that after an aggressive marketing campaign they have increased their international customer base.

As quoted in the press release:

Two of the three initial customers began testing China Gerui’s products before committing to becoming ongoing, regular customers. The current three customers are purchasing both wide- and narrow-strip high-precision, chromium-plated, cold-rolled strip steel. The initial application is for insulating wire and cable manufactured for the telecommunications industry with an average thickness of 0.15 mm and with widths ranging from 610 mm to 810 mm. Based on current order levels, it is estimated that the annual order requirements will total approximately 3,000 tons of this higher-margin product.

China Gerui’s CEO, Mingwang Lu, said:

With a focus on balancing our business mix from the current heavy concentration in the Chinese market, and to build our presence in higher-growth markets, our strategic shift to enhance our exports is expected to broaden our customer base, strengthen our capacity utilization, and increase our return on investment to build value for our shareholders. We anticipate that exports will be the fastest growth driver of sales over the next few years with a long-term goal of exports potentially matching domestic sales levels over time.

To view the whole press release, click here.