SAN MATEO, Calif., April 5, 2011 (GLOBE NEWSWIRE) -- China Armco Metals, Inc. (NYSE 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, provided a clarification of the description of Usiminas included in its March 17th, 2011 press release titled "Brazilian Steel Giant Inks Major Metal Distribution Agreement with China Armco."
The Company announced on March 17th, 2011 that it had delivered its first shipment of 150,000 metric tons (MT) of iron ore from Mineracao Usiminas S.A. The agreement is with Mineracao Usiminas S.A. ("MUSA"), 70% owned by Usiminas, a vertically integrated steel producer based in Brazil, and 30% owned by Sumitomo Corporation, a global integrated conglomerate based in Japan. Usiminas, with annual steel production capacity of approximately 9.5 million metric tons, is one of Latin America's largest producers of steel. The original press release incorrectly stated that the agreement was with Usiminas. In addition, MUSA intends to export one million MT of iron ore in 2011, not the three million stated in the original press release.
About Usiminas S.A.
Usiminas (BM&F Bovespa: USIM3, USIM5 / NYSE: USNZY / BMAD: XUSIO, XUSI) is one of the largest producers of steel in the Americas, with major steel mills in Brazil with a total capacity of 9.5 million metric tons of steel per year. The Company accounts for 28% of the total steel output in Brazil. Usiminas had approximately US $7.7 Billion in revenues with a net income of approximately US $898 million for the fiscal year ended 2010. For further information, please visit
About Sumitomo Corporation
Sumitomo Corporation, together with its subsidiaries, operates as an integrated trading company worldwide. The company's Metal Products segment trades in steel products and non-ferrous metals, as well as undertakes various processing ventures. Its Transportation and Construction Systems segment manufactures automobile components and provides logistics services, as well as operates in ship, aircraft, rail, other transportation equipment, and construction equipment. The company's Infrastructure segment offers projects in electric power, water and sewage, and port; and telecommunications, environment/energy conservation-related ventures, and industrial facilities. Its Media, Network, and Lifestyle Retail segment operates cable television; offers multi-channel programming; and engages in the movie-related businesses. This segment also provides IT solutions, mobile communications, and the Internet services; and operates TV shopping channel, supermarket, and drugstore. The company's Mineral Resources, Energy, Chemical, and Electronics segment develops and imports coal, iron ore, non-ferrous metal materials, uranium, and petroleum; and trades in petroleum, LPG, batteries, carbon electrode-related materials, synthetic resins, organic/inorganic chemicals, pharmaceuticals, agricultural chemicals, and electronic devices and components, as well as provides electronics manufacturing services. Its General Products and Real Estate segment engages in the business development, planning, production management, processing, logistics, and other business related to food/food products and general materials, as well as in promoting construction and real estate ventures. The company's Financial and Logistics segment promotes finance-related businesses, logistics, insurance, and industrial park-related businesses. It also provides oil country tubular goods machine shop services to the oil and gas industry. Sumitomo Corporation was founded in 1919 and is headquartered in Tokyo, Japan.
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 in 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 .
CONTACT: Investor Relations: HC International, Inc. Ted Haberfield, Executive VP Tel: +1-760-755-2716 Email: firstname.lastname@example.org Web: www.hcinternational.net Company: US Contact: Oliver Hu Investor Relations China Armco Metals, Inc. Office: 650.212.7620 Email: email@example.com Website: www.armcometals.com China Contact: Wayne Wu China Armco Metals, Inc. Office: 021-62375286 Email: firstname.lastname@example.org Website: www.armcometals.com