FOSTER CITY, CA / ACCESSWIRE / November 24, 2014 / Armco Metals Holdings, Inc. ("Armco Metals Holdings") (NYSE MKT: AMCO), a distributor of imported metal ores and a steel recycler in China, today announced that its Armco Metals International, Inc. subsidiary ("Armco International") executed a sales contract valued $9.58 million with Bao Steel Resources International Company Limited ("Bao Steel Resources") for steel billets selling.
Under the terms of the agreement, Armco International would sell steel billets in an amount of 20,000 Metric Tons to Bao Steel Resources with total contract value of $9.58 million. The shipment for the total amount of the cargo under the contract was made in the week of November 17, 2004 as per the contract. The destination of the shipment is Yanbu Commercial Seaport, Saudi Arabia. It is the first transaction between Armco International and Bao Steel Resources for steel billets sales and we expect more business for steel billets between two parties if the first transaction goes smoothly.
Registered in Hong Kong, Bao Steel Resources is focused on and specialized in global market for steel products and a wholly owned subsidiary of Bao Steel Group. Bao Steel Group is one of the biggest and top-ranking steel companies in China.
Commenting on the announcement, Kexuan Yao, Chairman and CEO of Armco Metals Holdings, stated, "While keep confident in our metal ore trading and recycling business, management has been making efforts to diversify our product line and develop new profitable products into our business line. In additional to the newly-developed wood chips product disclosed previously, in 2014 so far our business development team also has made significant progresses on the trading for steel billets which is targeted not only Chinese domestic market but also global market. Given that our trading business usually only make sales in Chinese domestic market in the past, the success of this transaction for steel billets sales to overseas market will be a milestone for our trading business as we believe this product will extend our trading business sales globally and offer a great opportunity to us to step in global market while Chinese domestic market is still sluggish. As we already see measured progress in the third quarter of 2014, we are excited about the new global market opportunity and aim to achieve year-round profit."
ABOUT ARMCO METALS HOLDINGS, INC.
Armco Metals Holdings, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout China and is in the recycling business in China. Armco Metals' customers include some of the fastest growing steel producing mills and foundries throughout China. Raw materials are acquired from a global group of suppliers located in various countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. Armco Metals' product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about Armco Metals, 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, Armco Metals Holdings, 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") are forward-looking and 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, pricing and demand for our product lines and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
We caution that investors should not place undue reliance on any forward-looking statements herein. 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. 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, 2013, and our subsequent filing with the Securities and Exchange Commission.
CONTACT INFORMATION:
Armco Metals Holdings, Inc.
US Investor Relations Contact
Christina Xiong
Office: 650.212.7620
Email: [email protected]
Website: www.armcometals.com
China
Ripple Zhang
Office: 86-21-62375286
Email: [email protected]
Website: www.armcometals.com
SOURCE: Armco Metals Holdings, Inc.