SAN MATEO, Calif., March 14, 2011 (GLOBE NEWSWIRE) -- China Armco Metals, Inc. (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 has delivered two new iron ore orders to customers serving iron and steel producers in China, in addition to two new orders secured for recycled steel.
Through March, 2011 China Armco's trading business has completed and delivered two orders for iron and chrome ore with existing customers in China that include a combined volume of 8,000 tons with an aggregate value of approximately of $14.4 million.
The Company's also secured two new orders for its metal recycling business with existing customers to produce and sell a combined volume of 10,000 tons of recycled steel, with an aggregate value of approximately of $5.4 million.
"We are pleased to begin the new year with strong orders in both of our business segments when quarter one normally is steel industry's weak quarter," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "With the stabilization of iron prices and the end of power conservation plans imposed by the government, we are now beginning to see measured progress. We are confident in our ability to reach our goals as we position China Armco for further growth in 2011 and beyond."
About China Armco Metals, Inc.
China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and is in the recycling business with the recent launch of operations of a metal recycling facility capable of producing up to approximately one million tons per year located on 32 acres of land. China Armco maintains customers throughout China which includes the fastest growing steel producing mills and foundries in the PRC. Raw materials are acquired from a global group of suppliers located diverse countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore and steel billet. The recycling facility is expected to be capable of recycling one million metric tons of scrap metal per year which will position the Company as one of the 10 largest recyclers of scrap metal in China. China Armco estimates the demand for recycled metal market in China will be over 120 million metric tons in 2011. For more information about China Armco, please visit http://www.armcometals.com.
Safe Harbor Statement
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our revenues and production related to our scrap metal recycling operations and the extent of government imposed energy restrictions and resulting blackouts and impact on our recycling operations.
In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the following, including, but not limited to, any expectations with respect to the Company's revenues and operations, institution of governmental regulations relating to our businesses and the international economic climate, and the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2010.
CONTACT: Investor Relations: HC International, Inc. Ted Haberfield, Executive VP Tel: +1-760-755-2716 Email: ir@armcometals.com Web: www.hcinternational.net Company: US Contact: Oliver Hu Investor Relations China Armco Metals, Inc. Office: 650.212.7620 Email: oliver@armcometals.com Website: www.armcometals.com China Contact: Wayne Wu China Armco Metals, Inc. Office: 021-62375286 Email: wayne.wu@armcometals.com Website: www.armcometals.com