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Resource Exchange of America Corporation Set to Benefit From Worldwide Rise in Steel Prices

SARASOTA, Fla., Oct. 14, 2010 (GLOBE NEWSWIRE) -- Resource Exchange of America Corporation (OTCBB:RXAC), a Florida-based recycling company, is pleased to comment on the latest figures for global steel prices.
/ Source: GlobeNewswire

SARASOTA, Fla., Oct. 14, 2010 (GLOBE NEWSWIRE) -- Resource Exchange of America Corporation (OTCBB:RXAC), a Florida-based recycling company, is pleased to comment on the latest figures for global steel prices.

Following an uncertain summer, the market has seen increases as high as 12% in some areas, due mainly to cutbacks in China as producers attempt to meet year-end energy targets. Chinese mills currently account for around half the world's steel output.

"The market has been showing signs of strong growth for some time now and short-term indications point towards a healthy recovery for the steel industry," says Dana Pekas, CEO of REAC. "Production cuts in China have allowed the market to stabilize, at least in the short term, which is great news for the rest of the world."

Chinese markets remained the source of much speculation this week as one notably high profile purchase saw tanker Swift Resolute find a cash buyer willing to pay $460/LT LDT, far above the current scrap market value of $394/LT LDT.

 "Whether or not the market can sustain such anomalies is doubtful," adds Dana. "It is only a matter of time before prices correct themselves. However global demand for steel remains high, even as other competing markets are struggling. "

For more information, please see: GMS Weekly October report, and Wall Street Journal:

About Resource Exchange of America Corporation 

Resource Exchange of America Corporation is working to become a recycling powerhouse by rolling up companies within asset recovery, processing and brokering of ferrous and nonferrous scrap metal. With its access to deep-water ports, the company will be able to sell the scrap metal to clients domestically as well as abroad. Resource Exchange of America Corporation will bring together the best companies within the recycling industry and elevate them to excellence, drawing on the strengths of the individual companies while combining forces to achieve synergies and be able to tackle the biggest jobs.

The Resource Exchange of America logo is available at

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Disclaimer – Forward Looking Statements 

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances, various factors, and other risks identified in a company's annual report on Form 10-K and other filings made by such company.

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