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April 1, 2014
08:44 EDTAMCOArmco Metals, Midland Resources enter into steel scrap supply agreement
Armco Metals announced that it entered into a steel scrap supply agreement with Midland Resources, a Hong Kong-based joint venture with Shagang Steel Group. Midland serves as the exclusive agent for Shagang Steel for the sale of its steel products in the Hong Kong markets. Under the terms of the agreement, Armco Metals will act as a sourcing agent for Midland to import steel scrap into China. The agreement also enables Midland to utilize its import licenses and financing capabilities to import steel scrap for direct processing by Armco Metals. Processing under this method would substantially improve Armco Metal's cash flow and expand its processing capabilities. Armco Metals sees this as a significant first step in becoming a processing base for both Midland and Shagang Steel.
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