QualityStocks would like to highlight
Armco Metals Holdings (
NYSE: AMCO), engaged in the sale and distribution of metal ore and non-ferrous metals throughout China, and the recycling business in China. Customers include some of the fastest growing steel producing mills and foundries throughout China. Raw materials are acquired from a global group of suppliers located in various countries, including, but not limited to, Brazil, India, Indonesia, Ukraine, and the United States. Armco Metals' product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet, and recycled scrap metals.
In the company’s news,
Armco Metals announced its subsidiary Armco (Lianyungang) Renewable Metals, Inc. was on a list of companies that have received approval for operation in the scrap steel processing industry. The list of companies was published by China’s Ministry of Industry and Information Technology on June 16, 2014. It contains only 131 companies in total and signifies the final step in Armco Metals’ attainment of approval for entering into China’s scrap steel processing industry by the ministry.
Since September 2012, the Ministry of Industry and Information Technology came up with a set of stringent policies binding across many company facets as necessary standards for a company to enter into China’s scrap steel processing industry. Known as the “Standards for Entering the Scrap Steel Processing Industry”, these standards include policies for corporate layout, construction requirements, scale, technology and equipment, product quality, energy consumption and resource utilization, environmental protection, training of personnel, production safety, occupational health, social responsibility, supervision, and management. In 2013, Armco (Lianyungang) Renewable Metals attained Model Scrap Processing and Distribution Center” status from the Chinese Scrap Application Association, and earlier in 2014, it attained ministry authorization for market entry.
Armco Metals sees this as a company milestone because of the small number of companies that have been noted to be capable of operating within the policy guidelines. The Chinese government has been pushing for strengthened policies regarding efficiency and environmental responsibility, and Armco Metals is strategically positioned for taking advantage of those policy shifts. The policy shift toward environmental responsibility is forecasted to help promote scrap metal as a market alternative to iron ore for production purposes. At present, scrap steel usage in the Chinese steel industry is only about 8%, or approximately one-seventh of the scrap steel usage in the U.S. and Europe.
Kexuan Yao, Chairman and CEO of Armco Metals Holdings, stated, “We continue to see progress at our Renewable Metals subsidiary as we work to position our Company for the future. Our efforts have resulted in this important inclusion in the list of approved operators that we believe will pay big dividends down the road as the Government looks to increase industrial efficiency while reducing pollution. China’s scrap industry has been slow to develop due to many producers opting to use less costly and more pollutive production methods. As the government implements these new initiatives, we see steel producers moving to models that more closely resemble that of the U.S. and Europe which should lead to significant need for scrap steel produced by the small circle of companies who are approved by the government to operate in this industry.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
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