Ahead of the Bell: China Armco Metals - March 4, 2010
04 März 2010 - 2:35PM
Marketwired
Stock Market Alerts' performance stock list includes: China Armco
Metals, Inc. (OTCBB: CNAM), Freeport-McMoRan Copper & Gold Inc.
(NYSE: FCX), Newmont Mining Corporation (NYSE: NEM) and AK Steel
(NYSE: AKS).
China Armco Metals, Inc. (OTCBB: CNAM) announced that Armet
Renewable Resource Company, Limited, the Company's wholly owned
subsidiary, has signed a contract to supply a major Chinese steel
producer with up to 230,000 tons scrap steel in 2010. The press
release states that based on the current spot
price of scrap steel, this supply contract is valued at over $100
million.
The contract calls for the delivery of up to 23,000 metric tons
of scrap steel per month for 10 months beginning in March of 2010.
Management anticipates this supply contract will allow the company
to sell all of the initial production from its recently completed 1
million ton recycling facility during the first several months of
operation. Additionally, management anticipates reaching a full
capacity run rate sometime in the fourth quarter of 2010.
At full capacity the facility is capable of
processing approximately 1 million metric tons of scrap steel per
year or over $400 million annually at current prices.
Commenting on the supply contract, Mr. Kexuan Yao, CEO and
Chairman of China Armco Metals, Inc., stated, "We are very excited
to have secured such a sizable contract with this leading steel
producer. This essentially has pre-sold the first
several months of production from our newly opened facility as we
ramp up capacity over the coming quarters. We are confident
that this contract coupled with our other operations will enable
our company to experience significant revenue growth and enhanced
earnings power for the foreseeable future."
The stock closed yesterday at $5.30 cents a share.
For an in-depth profile of China Armco Metals,
visit http://www.wallstreetenews.com/view-company-profiles.php?profile=CNAM_080909.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) up 1.6% on
16.9 million shares traded. FCX is a leading international mining
company with headquarters in Phoenix, Arizona.
Newmont Mining Corporation (NYSE: NEM) up 0.4% on 7.7 million
shares traded. Newmont Mining Corporation is one of the leading
mining companies in the U.S.
AK Steel (NYSE: AKS) up 0.7% on 7.1 million shares traded. AK
Steel produces flat-rolled carbon, stainless and electrical steels,
primarily for automotive, appliance, construction and electrical
power generation and distribution markets.
This advertisement is provided by Wall Street Enews, a division
of Stock Market Alerts LLC, an electronic broadcaster and publisher
of this release, and hereafter referred to as "the company." The
company also maintains a contractual, working relationship with
Wall Street Capital Funding LLC and its Wall Street News Alert
brand. For current services performed for China Armco Metals, Inc.
(OTCBB: CNAM), China Direct Industries, Inc. ("China Direct
Industries"), Dragon Capital Group Corp, China America Holdings,
and Dragon International Group Corp., the company has been
compensated a total of Three Hundred Thousand Dollars (Two Hundred
and Fifty Thousand dollars for current services and Fifty Thousand
dollars for previous services) by China Direct Investments Inc., a
Florida corporation, and a wholly owned subsidiary of China Direct.
The company does not hold any shares of the stock. Because the
company received compensation for its services, there is an
inherent conflict of interest in the company statements and
opinions and such statements and opinions cannot be considered
independent.
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