Today before the
opening bell, Armco Metals reported its subsidiary, Renewable Metals, Inc., had
obtained a restricted materials import approval from the Environmental
Management of the Solid Waste in China.
The approval enables
Renewable Metals to import up to 20,000 metric tons of a range of materials on
an annual basis. These materials include: steel-based scrap, copper-based
scrap, and aluminum-based scrap. Renewable Metals has been taking steps in
recent years to improve its operations so it could obtain this governmental
approval.
The receipt of
approval represents a significant company development for Armco Metals. It will
now be able to import certain non-ferrous metals, which typically have
significantly higher gross margins than basic scrap steel. Armco Metals is now
more strongly positioned for business scaling, as it also recently received a
$15 million credit facility approval.
Commenting on the
announcement, Kexuan Yao, Chairman and CEO of Armco Metals, stated, “China’s
demand for non-ferrous scrap metal has significantly outpaced domestic
resources for many years forcing Chinese companies to seek international
sources for supply of these materials. Also, beginning in 2013, the China
General Administration of Customs has significantly tightened inspection
standards on the import of scrap metals in an effort to insure more fair
business practices in the regulation of import supply. This approval
demonstrates that we have complied with the standards necessary to operate this
expanded business and we intend to work diligently to build our operations in
what we believe will be a very lucrative business for our Company in the years
to come.”
For more
information, visit: www.armcometals.com
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