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News Breaks | | | | January 2, 2013 | | 16:03 EDT |  | CNAM | China Armco Metals obtains scrap metal import license from Chinese government
China Armco Metals' wholly owned subsidiary, Armco ( Lianyungang) Renewable Metals, has obtained the qualification from Chinese regulators to import and process various scrap metals, including waste metal appliances, scrap wires/cables and waste electric motors, from overseas to China directly. The license will significantly improve its global sourcing capability and cost control by removing import agents and directly working with global suppliers. | |
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| May 22, 2013 | | 07:33 EDT | | CNAM | China Armco Metals signs sales contract with Chinese building material company
China Armco Metals announced that Armco Renewable Metals, the company's wholly owned subsidiary, has signed a long-term sales contract with CNBM International Corporation, a subsidiary of China National Building Materials Group Corporation. According to the contract, Armco will provide CNBM International monthly supplies of scrap metals and waste plastics for the next three years starting May 15, 2013. Under the contract, the company will supply approximately 15,000 MT of scrap metals of various types and waste plastics to CNBM International every month from May 15 to May 14, 2016. The contract calls for a separate single sale agreement to be formed prior to each monthly supply, and CNBM shall make full payment for each supply at the time of such single sale agreement. With the prepayment arrangement under a pre-selling model, China Armco could increase its recycling production and sales significantly without additional working capital. This contract will increase the Company's recycled scrap metals sales, and is also expected to improve the company's profit margin as a result of a lowered idle capacity cost accompanying the increased production. | |
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