Breaking News Alert: China Armco Metals - March 23, 2010
23 März 2010 - 2:35PM
Marketwired
Stock Market Alert's performance stock list includes: China Armco
Metals, Inc. (OTCBB: CNAM), Freeport-McMoRan Copper & Gold Inc.
(NYSE: FCX), CNX Gas Corporation (NYSE: CXG) and AK Steel (NYSE:
AKS).
This morning, China Armco Metals, Inc. (OTCBB: CNAM) announced
that Armco & Metawise, Ltd. the Company's wholly owned
subsidiary, has entered into a contract to purchase 749,000 metric
tons of Brazilian manganese ore fines over the next 16 months which
could result in sales of up to $180 million over the contract
period based on current market prices for manganese ore of this
type.
Over 90% of magnesium ore demand is for the production of
iron-manganese alloys used in the steel industry. It is also used
in the production of non-ferrous alloys with aluminum, magnesium,
copper, nickel and zinc. In the production of steel, the presence
of the manganese is essential for sulfur control, and, in special
steels, for the control of carbon and phosphorus. Manganese ore has
been in high demand recently, as the Chinese steel industry has
continued to rebound in 2010 with industry forecasts calling for
continued growth.
Commenting on the contract, Mr. Kexuan Yao, CEO and Chairman of
China Armco Metals, Inc., stated, "Securing this contract is a
significant step forward for our company's metals distribution
operation as we move through 2010. With the ability to sell this
product into China under favorable terms we have significantly
strengthened our overall supply capabilities. Upon successful
delivery over the term of the contract, we are in a position to
significantly boost our top and bottom line performance for the
remainder of 2010 and well into 2011. We look forward to building
on our relationships with this and other international suppliers in
the coming months as we continue to see a strong environment for
industrial metals in China."
The company previously reported that Armet Renewable Resource
Company had signed a contract to supply a major Chinese steel
producer with up to 230,000 tons of scrap steel in 2010. 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.
That press release stated that based on the current spot price of
scrap steel, this supply contract is valued at over $100
million.
The stock closed yesterday at $8.25 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
14 million shares traded.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona.
CNX Gas Corporation (NYSE: CXG) up 22.8% on 8.1 million shares
traded.
CNX Gas Corporation is a leading Appalachian gas producer.
AK Steel (NYSE: AKS) up 2.1% on 7 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.
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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
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