China Armco Metals, Inc. (AMEX:CNAM), a distributor of imported metal ore and a metal recycler with a new state-of-the-art scrap metal recycling facility in China, recently announced that the company’s wholly owned subsidiary, Armet Renewable Resourced Co., Ltd., began shipments of metal from its recycling facility in June 2010.
Totaling approximately 10,000 metric tons, the second quarter shipments are the first quantity of end products produced and sold out of the new facility. Although production delays were experienced in the second quarter due to power generation issues, the company’s management team expects production at the facility to ramp significantly in the third and fourth quarters due to current supply contracts.
Mr. Kexuan Yao, chief executive officer and chairman of China Armco Metals, Inc., stated, “We are pleased to have reached this important milestone for our company. As we now ramp toward our goal of full production and the small startup issues are behind us, we believe the future for our company is brighter than ever.” Mr. Yao continued, “With the contracts, materials, manpower and equipment in place and operational, we now are in a position to realize our growth potential in the coming quarters and years for the benefit of our shareholders.”
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