Market Watch: China Direct Industries -- May 7, 2010
07 Mai 2010 - 5:01PM
Marketwired
Stock Market Alerts' performance stock list includes: China Direct
Industries, Inc. (NASDAQ: CDII), Alcoa, Inc. (NYSE: AA),
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Exxon Mobil
Corporation (NYSE: XOM).
China Direct Industries (NASDAQ: CDII) issued a press release
this morning announcing that it has begun the process to restart
production of magnesium ingots at two facilities, Baotou Changxin
Magnesium and Chang Magnesium. Management expects production to
commence at the facilities beginning in July and August of
2010.
As production at our Golden Magnesium facility nears its full
capacity of 12,000 metric tons annually, management has decided to
restart production at Baotou Changxin Magnesium and Chang
Magnesium, which had been idled due to weak demand for magnesium
throughout the course of 2009. Management believes magnesium
markets are beginning to firm and anticipates rising demand in the
coming quarters. These facilities are expected to add 30,000 metric
tons of manufacturing capacity annually once they become
operational in late July or early August 2010.
Commenting on the event, Dr. James Wang, Chairman and CEO of
China Direct Industries, Inc., stated, "We remain extremely
confident about the long-term prospects for our magnesium
operations as we move through 2010. We have seen a marked pickup in
quoting activity for larger quantity orders in recent months and
are confident that the gradual improving trends in price and demand
we see in the market will continue to gain momentum throughout the
remainder of 2010 and into 2011."
The stock closed yesterday at a $1.39 a share.
Alcoa, Inc. (NYSE: AA) as of 10 am EDT up 0.5% on 11.4 million
shares traded. Alcoa, Inc. is one of the world leaders in the
production and management of primary aluminum, fabricated aluminum
and alumina combined, through its active and growing participation
in all major aspects of the industry.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) as of 10am
EST. down 3.8% on 6.7 million shares traded. FCX is a leading
international mining company with headquarters in Phoenix,
Arizona.
Exxon Mobil Corporation (NYSE: XOM) as of 10am EST. up 0.1% on
13 million shares traded, Exxon Mobil Corporation is one of the
leading international energy companies whose subsidiaries have
operations in most of the world's countries.
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mentioned in this release. For current services performed for China
Direct Industries, Inc. (NASDAQ: CDII), China America Holdings,
China Armco Metals, Inc., Sunwin International Neutraceuticals,
Inc., Dragon Capital Group Corp. and China Logistics Group, Inc.,
the company has been compensated a total of Three Hundred and
Seventy Thousand Dollars (Seventy Thousand dollars for current
services and Three Hundred Thousand dollars for previous services)
by China Direct Investments Inc., a Florida corporation, and a
wholly owned subsidiary of China Direct. In addition, the company
has also been compensated One Million restricted shares of China
Logistics Group, Inc. and Two Million restricted shares of China
America Holdings. SMA may receive compensation for future services.
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