QualityStocks.net News – Terra Nostra Resources Corp. (TNRO.OB) Reports Strong Q3 Revenues

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We would like to highlight Terra Nostra Resources Corp. (OTCBB: TNRO). The Company is a leading copper and stainless steel producer in China through its 51% majority interests in two joint venture companies in China. Shandong Terra Nostra Jinpeng Metallurgical Co., Ltd. has an existing and under construction total production capacity of 170,000 MT of electrolytic copper and 20,000 MT of low-oxygen copper, together with value-added copper rod and wire capabilities. Shandong Quanxin Stainless Steel Co., Ltd. operates a modern stainless steel production facility with a 230,000 MT capacity casting mill, and a 150,000 MT rolling mill.

In the Company’s news today,

Terra Nostra Resources Corp. announced its financial results for the three months ended February 29, 2008, posting an increase based on the company’s “aggressive ramp” in its stainless steel business. The Company reported revenues for the third quarter at $108.8 million, up from $41.3 million from the third quarter of 2007. Gross profit reached $11.4 million in 2008, as compared to a loss of $1.3 million in the third quarter of 2007.

“We made good progress executing on our growth strategy to become a premier producer of specialty stainless steel and cathode copper in China … Domestic demand remains robust. Our local sources of supply and our modern, efficient and strategically located plants give us a distinct advantage over imports and other in-country producers. Our performance to date demonstrates that we’ve built an efficient manufacturing model to maximize profitability as we achieve greater economies of scale and optimize capacity utilization,” Don Nicholson, president and acting CFO of Terra Nostra stated in the press release.

Nicholson said the company intends on increasing manufacturing efforts in both of its copper facilities. Terra Nostra also has a backlog of orders that will contribute to the ramp in stainless steel production.

“In the fourth quarter we will continue to deploy the capital raised in the second half of 2007, increasing production and diversifying our product mix. Now that both the Jinpeng and Dongying copper facilities are fully operational, we will begin to ramp downstream production of rod and wire used in the power and home appliance sectors. Based on orders in hand we are planning for a continued ramp in stainless steel production, including a larger portion of higher grade 310-S and hot rolled strip,” stated Nicholson.

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