China Armco to build scrap metal facility in China
China Armco Metals, Inc., a distributor of imported metal
ore, plans to launch a new state of the art scrap metal
recycling facility in China. The Company announced that
Armet Renewable Resources Co, Ltd., the Company’s wholly-owned
subsidiary, received a $13 million line of credit from
the Bank of China in August.
Management anticipates it will commence operations at
its 1 million ton recycling facility in the fourth quarter
of 2009. It is anticipated that the metal recycled by
Armet will be sold for use in the production of steel
within China. China is currently the largest producer
and consumer of steel in the world.