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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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July 20, 2015
08:07 EDTAMCOArmco Metals to establish OTO platform for steel scrap business
Armco Metals announced that its Armco Metals Holding, Ltd. subsidiary is establishing an OTO, or Online to Offline, platform for steel scrap business with business partners. The new operations will be conducted through, Shanghai Meng Yi Network Technology, which has been in the process of registration and will serve as the operating entity to establish and operate the ecommerce trading platform for steel scrap products. This is a new strategic development for Armco Metals to expand and enlarge the steel scrap business from traditional trading model to OTO platform model with additional value-added services. The new company is in the process of registration with registered capital of approximately $1.6M and is being organized by four shareholders, including Armco Metals Shanghai, which will be the largest shareholder holding 34.3% ownership of the new company by contributing approximately $0.23M and business know-how. The other three shareholders will own 21.9% interest each by contributing approximately $0.46M. The other shareholders include two Chinese business entities and one Chinese individual. One of shareholders, Shanghai Pianzhou Assets Management, was Armco Metal's customer and the other two shareholders had no previous relationships with Armco Metals. Meng Yi will be operated from and based in Shanghai once registered and Kexuan Yao, Chairman of Armco Metals, will serve as executive director of the new company at no additional compensation. Meng Yi will create an OTO platform connecting decentralized steel scrap suppliers from upstream with downstream steel mills via internet and provide the services for facilitating steel mill's purchase from and payment to suppliers.

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