China Armco Metals auf Wachstum eingestellt
galway : China Armco Metals auf Wachstum eingestellt
Aktueller Kurz 3,45 USD
Hier besteht ein großes Nachholpotential - Diese Firma erweitert strategisch Ihre Marktposition und verwendet überschüssiges Geld in wertvolle Erweiterungen, so daß es ein stetiges Wachstum gibt. Die Aussichten sind in einem schwierigen Umfeld rosig - so daß ich mich ein wenig aus dem Fenster lege und einen Tipp bis zum Ende d. Jahres auch abgebe. + 45% auf 5 USD..........
Zahlen kommen für ein wohl ein gutes 2. Q im August.
Viel Glück uns Allen
I believe in Carolyn Boone’s story
galway : China Armco Metals rises on high volatility
RELATIVE VALUATION INDICATORS [RVI] FUNDAMENTALS
- The Price to Book of 0.2 is lower than the average of 1.7 for the Conventional Electricity sector and 1.0 for the Total NYSE Market. We estimate the shares are trading at a current year Price to Book of 0.1 and a forward year Price to Book of 0.1.
- The company is cash rich with Cash to Market Capitalisation at 14.3%
- Total Liabilities/ EBITDA of 36.4 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.
Description Value Rank In Market Price to Book Value 0.2 In Top 2% Cash to MCap % 14.3 In Top Quartile EBITDA Margin % 1.4 In Bottom 1%
RELATIVE VALUATION INDICATORS [RVI] TECHNICALS
- The price crashed 21.1% in the last month. The stock has been exacerbated by high volume of 4.1 times average for the month.
- Compared with the NYSE U.S. 100 Index which fell 1.1% for the week and 0.1% for the month, this represented a relative price decrease of 1.3% for the week and 21.0% for the month.
- In the last three months the stock has hit a new 52-week low once.
Volume: there were 148,500 shares worth US$59,400 traded. Trading volume was 4.1 times average.
% Premium to low: it is at a premium of 11.1% to the 12-month low of 36.0c (traded on 04 Feb, 2013).
- The present value of US$1,000 (PV$1000) invested one year ago is US$506 [vs US$1,132 for the NYSE U.S. 100 Index], for a capital loss of US$494. The total return to shareholders for 1 year is -49.4%.
PV$1000 1-week 1-month 1-year CNAM.AMEX US$976 US$789 US$506
- The stock is oversold according to the Williams % R indicator of -81.7, suggesting the price is close to its 14-day low.
Description Value Rank In Market MCap US$7.3 million In Bottom 1% Williams %R -81.7 Bullish Price Change % 0.6 In Top Quartile Volatility % 5.1 In Bottom Quartile Price/MAP50 0.61 In Bottom 4%
galway : news
Armco (Lianyungang) holds ceremony for obtaining qualification of “scrap steel processing and distribution center” demonstration base
Armco (Lianyungang) Renewable Metals, Inc is holding ceremony for obtaining qualification of “scrap steel processing and distribution center “demonstration base on Mar.4th, 2013, at Banqiao industrial park, which is in Lianyungang city, Jiangsu Province.
Honorary President Mr. Zhenwu Wang, Standing committee and Secretary General Mr. Shubin Li and Vice Executive Secretary Mr. Shuzhou Liu from China Association of Metal Scrap Utilization (CAMU) is attending the ceremony, together with local government representatives and industry colleagues. Besides, communication is arranged after the ceremony between attendees for better collaboration and larger profit margin.
Qualification of “scrap steel processing and distribution center “demonstration base is awarded by CAMU after accessed Armco (Lianyungang) according to a series of entry criteria, including but not limited to the scale, equipments, quality/environmental management system, with the purpose of utilizing the scrap steel to the max.
The policy is carrying out to serve the iron and steel industry by promoting the convergence of the suppliers and the demand side as well as establishing long-term strategic alliance and stabilizing industry chain, not only that, is significant for reducing the waste of resources and environmental pollution due to more efficient processing by the chosen companies.
It’s reported the VAT (Valve Added Tax) policy is carrying out, by which the steel scrap enterprises obtained the qualification mentioned above could enjoy 50% refund of the VAT.
Armco (Lianyungang) Renewable Metals, Inc passed both of the assessment and review from CAMU and Ministry of Environmental Protection Association of China in the late Dec.2012. The qualification plays a positive role in promoting the development of the enterprise.
galway : hohes Volumen
Vol / Avg. 381,372.00/145,837.00 +0.040 (12.12%) auf 0,37 USD
nun glaube ich, daß der "große Käufer" langsam eingesammelt hat und fertig sein sollte - Ende März kommen die Zahlen - Alle warten, daß dieser Penny auf mind. 1 USD dieses Jahr ansteigt.................Die Zeit ist reif..............für einen Spurt nach oben.............but you never mind.
Ab jetzt glaube ich wieder an die Bude................
galway : Korrektur
Das Volumen ist Volume: 728,417 Shares gestern gewesen. An diese hohe Summe kann ich mich nicht erinnern jemals erreicht zu haben.
galway : Corporate News Archive
China Armco Metals: Corporate News Archive
Armco’s cooperation with Mitsui
Mr. Ethan Guo, Manager of Mineral & Metal Resources Division from Mitsui & Co. (Shanghai) Ltd. and Yuuki Maran, Manager of Business Div. & Ferrous Raw Materials Unit from Mitsui Bussan Metals Co., Ltd visited Armco Shanghai yesterday for potential steel scrap cooperation.
As there exists differences as well as respective advantages between Chinese and Japanese markets, the two parties are seeking exchange for mutual interests. CNAM possess quite advanced processing s and comparatively lower labor cost, while Mitsui Bussan Metals Co., Ltd owns abundant fund and complete industry .The cooperation could capital pressure of CNAM and make up the capacity shortage due to the lack of raw materials.
Mitsui Group is the biggest company (Sogo Shosha) in the world. The proportion of Japan in China imports has been about 20%, far more than the United States and Europe. Besides, according to the Japanese government announcement and media survey regarding overseas investment, China is the preferred choice for investments.
After discussions more than once, CNAM is looking forward to establishing a stable supply and demand between the two parties.
galway : cooperation with Baosteel
Mr. Kexuan Yao, Chairman and CEO of China Armco, Mr.Yuanfeng Tang, Manager of Resource Development and Trading Department from Baosteel, meet together with Mr. Guoqiang Wei, Vice-secretary of the Lianyungang Municipal Committee on Mar.4th.2013.
It is significant that the government, state-owned enterprise and private company work together for mutual interests. Interactions among the three parties draw a profound impact on the development of the industry in China. However, the specific implementation needs further confirmation.
If investment, consumption and export act as the "troika" to boost GDP growth, policy assist, fund support and standardized operation play a role the same as “troika" in steel scrap industry. Armco are seeking ways to maximize its advantages by flexible mechanism.
galway : wird eine interessante Woche
aus dem China Armco Yahoo Bord............
China Steel posts profit for January, February
Taipei, March 16 (CNA) China Steel Corp., Taiwan's largest steel maker, said Saturday that it recorded a year-on-year profit in January and February, citing a recovery in the domestic economy...
China Steel said the market conditions for 2013 are expected to improve from last year as a global economic rebound has led to an increase in demand.
In late February, the steel maker decided to raise domestic wholesale product prices for its April and May contracts by 3.81 percent from March, citing restocking from downstream steel firms as the reason.
Speaking about the price hikes, China Steel said business and consumer confidence has recovered globally to some extent since the European Central Bank and the United States Federal Reserve implemented liquidity easing measures to stimulate the economy.
In China, the world's second largest economy, exports and industrial production have shown signs of rebounding, which has further boosted demand. China Steel said.
Under such favorable circumstances, the steel maker said, its orders for the first quarter of this year rose 10 percent from the previous quarter and are likely to increase by a quarterly 3 percent in the April-June period.
The company said it is optimistic about an uptrend in domestic wholesale product prices for June deliveries.
Following the power transition in Beijing, the Chinese government is expected to introduce more economic stimulus measures by raising investments...
(good news for CNAM, when steel makers are profiting usually the scrap metal supply chain profits also with better margin room in price negotiations
galway : Zahlen kommen Freitag
viel Glück und frohe Ostern....................
galway : Zahlen
ab jetzt geht es aufwärts.........................
galway : News Around the Industry
China's demand for iron ore is playing a major role in keeping the market in the commodity buoyant.
Used in the production of steel, China imported 19 million tonnes of iron ore from Australia in March, a 22% increase on February's figure.
But can this strong price environment be sustained over the long-term? Jay Hambro, chairman at IRC, says yes, and not just because demand is high.
galway : News Around the Industry
Economic & Steel Market Outlook 2013-2014
Source: The European Steel Association
Despite several economic indicators edging up since November last year, EUROFER’s Q1-2013 Economic & Steel Market Outlook signals that for the time being the EU steel market looks set to remain stuck in reverse gear.
Since late 2012, several economic indicators such as the EU economic sentiment indicator and PMI output indices are improving. Also the first cautious signs could be observed that reforms in the most troubled countries are beginning to work.
The ECB announcing the Outright Monetary Transaction programme and further progress on the restructuring of the Spanish banking sector helped easing financial market tensions. This was supportive to private funds from abroad flowing back into the peripheral Eurozone countries and a strengthening of the Euro.
EUROFER Director-General Gordon Moffat: “We do expect a more supportive economic environment towards the end of the year. But it will take most of 2013 before our customers in industry and the steel distribution chain will notice any improvement in business conditions. Confidence may be rising, but only from a depressed level. Financing and credit are still tight. Companies remain highly risk aversive. Steel market conditions will remain difficult for the time being”.
Activity in the steel using sectors is expected to register a further decline in 2013 due to the continuation of difficult operating conditions in the EU, particularly in construction and automotive. A mild rebound is on the cards for 2014, in line with the expected economic recovery in the EU.
As far as the EU steel market is concerned, the late 2012 rise in bookings confirms the likelihood of a “technical restocking” scenario in Q1-2013. However, the market will continue to lack any positive demand impulses from end-users until the final quarter of the year. Imports are seen remaining at a reduced level, but will not drop any further. Apparent steel consumption will fall again slightly in 2013, before improving in 2014.
Gordon Moffat: “The EU steel market in 2013 looks set to remain fragile. There is continued risk of supply and demand distortions. The stronger Euro could attract more imports, even though real steel consumption is to remain subdued”.
For the full report, click on the link:
galway : First Quarter 2013 , 20.Mai
galway : natürlich heute zahlen q 1
und am 20. Mai ist der Conference call
galway : Zahlen Q 1
May 15, 2013 18:00 ET
China Armco Metals Announces First Quarter 2013 Financial Results
SAN MATEO, CA--(Marketwired - May 15, 2013) - China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler, today announced its financial results for the first quarter of 2013.
First quarter 2013 Results
Q1 2013 Q1 2012 CHANGE
Revenue $14.3 million $49.3 million -71%
Gross Profit $0.64 million $1.46 million -56%
Net Income (Loss) ($1.09 million) ($1.66 million) n/a
EPS (Fully Diluted) ($0. 05) ($0.10) n/a
First Quarter of 2013 Financial Results
For the quarter ended March 31, 2013, net revenue decreased to $14.3 million compared to $49.3 million for the same period of 2012. The decline in sales in the quarter resulted from the significant decrease of $35.9 million, or 87%, in our trading business sales which the Company proactively reacted to the metal ore market change and slowed down our trading activities to manage risks. China Armco sold 32,286 tons various metal ores at an average price of $166 per ton through its trading business compared to sales of a total of 324,849 tons various ores at an average price of $127 per ton in the first quarter of 2012. China Armco's metal recycling business contributed $9.0 million in sales during the first three months of 2013, increased 12% compared to $8.0 million in sales in same period of 2012.
Gross profit for the first quarter of 2013 decreased 56% to $0.64 million, compared to $1.46 million in the first quarter of 2012 mainly due to the decline in trading business. Gross profits for the trading and metal recycling business were $0.002 million and $0.63 million respectively. Gross margin for the trading business declined to 0.3% and recycling businesses increased to 7%, compared to 3% for trading business and 2% for recycling business in the first quarter of 2012 respectively.
Operating expenses remained at approximately $1.7 million for the first quarter of 2013 compared to same period of 2012. As a percentage of sales, operating expenses were 11.8% and 3.4% in the first quarter of 2013 and 2012, respectively, the increase primarily due to the significant decrease in our trading business sales and a one-time leasing fee adjustment in the first quarter of 2013.
Operating loss for the first quarter of 2013 was $1.05 million compared to an operating loss of $0.23 million in the first quarter of 2012.
Net loss for the first quarter of 2013 was $1.09 million, or $0.05 loss per diluted share, compared to net loss $1.66 million or $0.10 per share for the same period last year. The weighted average diluted shares outstanding increased from 16.7 million in the first quarter of 2012 to 23.3 million in the first quarter of 2013, due to equity issuance for capital raise, payment and compensation and converted debt after the end of first quarter of 2012 .
Mr. Kexuan Yao, Chairman and CEO of China Armco stated, "Although the China steel industry had a turnaround from losses to profits for the first quarter, the total profit posted a downward trend with record-high output over the first three months of 2013 suggesting that the sector remained weak due to fiercer competition amid industrial overcapacity. Our trading business was adversely affected by the market resulting in sharp declines on net revenues and gross margins during the quarter. However, our revenue and gross margin in our recycling business continued to grow steady; the quantities of scrap metals processed and sold from our recycling facility in the first quarter continued to increase compared to the first quarter of 2012. We believe our solid and sound foundation in the industry, our strong relationship with our customers and suppliers around the world, and the strategy we have developed will enable us to overcome various challenges and fully leverage our operating model to generate incremental revenue and profitability, especially, recently in the second quarter we have started to increase our production of recycled nonferrous metal scraps which is expected to further improve our recycling business profitability."
As of March 31, 2013, the Company had $1.33 million in cash and cash equivalents, compared to $1.37 million at the end of 2012. Working capital was $1.4 million and a current ratio of 1.03:1 on March 31, 2013 compared to $0.3 million and 1.01:1 on December 31, 2012. Total accounts receivable decreased $7.6 million to $8.1 million at the end of the first quarter of 2013 compared to $15.7 million at the year end of 2012 primarily due to the payment we received in the first quarter for our scrap metal sales made during 2012. Inventories increased $5.4 million at March 31, 2013 from December 31, 2012, primarily due to the inventories of $3.57 million of Chrome ore and the increase of scrap metal inventories for increased production. We have signed sales contracts and received deposits for the sales order of the Chrome ore inventories which are expected to be delivered in the second quarter. As of March 31, 2013, shareholders' equity was $42 million, essentially flat from December 31, 2012.
The Company had a $3.3 million net cash inflow from operations in the first quarter of 2013 compared to a net cash outflow of $26.1 million in the same period last year. During the first quarter of 2013, China Armco successfully sold (delivered) or locked sales contracts (to be delivered) for all of our metal ores inventories and scrap metals recycled in the quarter to control market risks and speed up capital turnover. The Company has bank facilities, which provide for cash borrowings or the issuance of commercial letters of credit required in its metal ore trading business, aggregating $57 million. Approximately $37 million was available under these facilities at March 31, 2013.
Our trading business decreased to approximately $5.4 million in net revenues during the first quarter of 2013 compared to $41.3 million in the same period in 2012. In the first quarter of 2013, to manage market risks, we significantly decreased new purchase of metal ore and locked sales orders for our ore inventories of $3.57 million to be delivered in second quarter. We continued to firm our business relationship with worldwide suppliers and stabilize our supply capacity. We believe our effort to build our supply capacity will benefit us in the long term and strengthen our market position in the industry in the PRC. Moreover, we continued to develop our new "Commodity Financing" model and expect to make some major progress in this year which we have obtained support from several large banks.
During the first quarter of 2013, despite the Chinese New Year holiday and the weak demand and market, both production and revenues for our recycling business continued to increase compared to the same period of last year. The scrap metals recycled at our recycling facility increased by 75% to 43,795 MT compared to 25,071 MT in the same period of last year. Our scrap metal business sold approximately 23,001 MT of scrap metals, generating approximately $9.0 million of revenue. By comparison, for the first quarter of 2012, our scrap metal business sold approximately 16,753 MT of scrap metals, generating approximately $8.0 million of revenue. The gross profit margin for our recycling business also increased significantly to 7% for the first quarter in 2013 compared to 2% for same period of 2012 due to the improvement of our recycling business operation. Through the past two years' operation, we have achieved many accomplishments in fundamental aspects of our recycling business, such as optimizing production process, improving cost control and management, developing and streamlining supply chain, establishment of long term strategic partnership with key clients, obtaining various qualifications and licenses, and building our brand in the industry. In addition, as an effort to improve our operation and profitability of the recycling business, we strived to obtain a series of qualifications from the Chinese government. Recently in the second quarter of 2013 we have increased our production of recycled nonferrous metal scraps which is expected to further improve our recycling business profitability. We expect to continue to expend resources to build and firm our customer/business partner bases and supply chain for our recycling business, and recent developments include negotiations on businesses cooperation with large state-owned China steel mills and overseas suppliers.
The Company will conduct a conference call at 5:00 p.m. ET on Monday, May 20, 2013. To attend the call, please use the dial-in information below. When prompted, ask for the "China Armco Metals call" and/or be prepared to provide the conference ID.
Date: Monday, May 20, 2013
Time: 5:00 p.m. Eastern Time, US
Conference Line Dial-In (U.S.): 1-877-407-9210
International Dial-In: 1-201-689-8049
Conference ID# 414423: 2013 1st Quarter Financial Results Call
Webcast link: http://www.investorcalendar.com/IC/CEPage.asp?ID=170982
galway : CEO Discusses Q1 2013
China Armco Metals, Inc. (CNAM) Q1 2013 Earnings Call May 20, 2013 5:00 PM ET
Good afternoon ladies and gentlemen. Thank you for standing by. Welcome to the China Armco Metals first quarter 2013 earnings conference call. (Operator Instructions) This conference is being recorded today May 28, 2013. I’d like to turn the conference over to Philip Rosen of The Language Factor. Please go ahead Mr. Rosen.
Thank you and welcome everyone to today’s conference call for China Armco Metals. This call will cover China Armco’s financial and operating results for the first quarter of 2013. The earnings press release accompanying this conference call went to the wire on May 15, 2013. On our call today, Mr. Kexuan Yao, Chairman and CEO, Mr. Fengtao Wen, Chief Financial Officer, Mr. [Li Zongwin], General Accountant, Ms. Zhang, assistant to the chairman and Philip Rosen who will be assisting with translations.
Before we get started I am going to quickly read a disclaimer about forward looking statements. This conference call may contain in addition to historical information forward looking statements within the meaning of the Federal Securities laws regarding China Armco Metals Inc. Forward looking statements include statements about plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements that are different than historical fact. These forward looking statements are based on current management expectations and are subject to risks and uncertainties that may result in expectations not being realized and may cause actual outcomes to differ materially from expectations reflected in these forward looking statements. Potential risks and uncertainties include change in demand for the company’s services, the impact of competition and government regulation and other risks contained in the statements filed from time to time with the SEC. All such forward looking statements, whether written or oral, made on behalf of the company are expressly qualified by these cautionary statements and such forward looking statements are subject to risks and uncertainties and we caution you not to place any undue reliance on these.
During the call today, the company will discuss non-GAAP financial measures. These specifically related to a non-cash charge for the change in the value of warrants. As such, the calculations which address operating income, net income, or earnings per share which do not include this charge are non-GAAP in nature and used solely to help investors have visibility into the financial metrics which are reflective of the operations. They should not be relied on for making informed decisions and, as again, we’d like to point you to the SEC filings and subsequent notes.
During today’s call we will provide more color on our first quarter 2013 including a review of our financial performance. I will wrap up with a discussion of our outlook and the roadmap for our 2013 growth strategy. As a reminder and for those of you that are new shareholders, China Armco Metals is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC, and is in the recycling business with the launch of our metal recycling production facility at the end of the second quarter in 2010.
galway : long-term sales contract
SAN MATEO, Calif., May 22, 2013 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and a metal recycler with a state-of-the-art scrap metal recycling facility in China, today announced that Armco (Lianyungang) Renewable Metals, Inc., the Company's wholly owned subsidiary, has signed a long-term sales contract with CNBM International Corporation, a subsidiary of a Hongkong Stock Exchange listed (HKEx, stock code 3323) and state-owned Chinese building material company, China National Building Materials Group Corporation. According to the contract, Armco (Lianyungang) 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 (subject to 20% up-or-down adjustment) of scrap metals of various types and waste plastics to CNBM International every month from May 15, 2013 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.
"We are pleased to establish the business cooperation with CNBM International Corporation. This 3-years contract is a very important part of our efforts to build a pre-selling model for recycled scrap metals, which is expected to provide us with a relatively consistent and stable sales performance. In addition, with a higher output at our recycling facility, we expect to see an improved profit margin as a result of the lowered idle capacity cost. We are hoping to explore more business cooperation opportunities with CNBM International in the future. We believe that, with our brand building initiates, we will be able to continue to expand our client base," commented Mr. Kexuan Yao, Chairman and CEO of China Armco.
ABOUT CHINA ARMCO METALS, INC.
China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout China and is in the recycling business in China. China Armco's 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. China Armco's 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. For more information about China Armco, please visit http://www.armcometals.com.
SAFE HARBOR STATEMENT
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") are forward-looking and involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our revenues and production related to our scrap metal recycling operations, pricing and demand for our product lines and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
We caution that investors should not place undue reliance on any forward-looking statements herein. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. This press release is qualified in its entirety by the following, including, but not limited to, any expectations with respect to the Company's revenues and operations, institution of governmental regulations relating to our businesses and the international economic climate, and the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2012, and our Quarterly Filings on Form 10-Q for the periods ended March 31, 2013.
galway : hohes Interesse
gestern wurden 888 000 Shares gehandelt - Das haben wir ewig nicht mehr erlebt.
galway : received AAA grade in credit rating
SAN MATEO, Calif., May 29, 2013 /PRNewswire/ -- China Armco Metals, Inc. (NYSE MKT: CNAM) ("China Armco" or the "Company"), a distributor of imported metal ore and a metal recycler with a state-of-the-art scrap metal recycling facility in China, today announced that Armco (Lianyungang) Renewable Metals, Inc., the Company's wholly owned subsidiary, was rated as AAA grade in credit rating by China Association of Metal Scrap Utilization.
The AAA rating was awarded and announced during the 6th International Symposium on China Metal Recycling. The Symposium was hosted by China Iron and Steel Association and China Association of Metal Scrap Utilization in Chongqing, a city in southwest China, from May 19, 2013 to May 22, 2013. The credit rating was initiated by the Chinese Ministry of Commerce and the Chinese State-owned Assets Supervision and Administration Commission, organized by the China Association of Metal Scrap Utilization, and conducted by an independent rating agency. The credit rating was rated based on various factors, including the Company's basic product quality, operation management capabilities, and social credit. The AAA rating is the highest level in the credit rating system. Mr. Weigang Zhao , director of China Armco and executive vice general manager of Armco (Lianyungang) Renewable Metals, Inc., was also elected as director of the Symposium. Companies and industry associations from worldwide, including China, U.S., Korea, and Japan attended the event and discussed the issues pertaining to Chinese metal recycling developments and policies.
"We are very pleased to receive the AAA rating from the China Association of Metal Scrap Utilization during the Symposium. This recognition is very important to us while we are building our brand in the industry and market which will help us to improve and strengthen our supply chain, customer base and bank credit facilities," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "During the Symposium, based on messages from the officers from China steel industry associations, the industry expects to receive more policy support from the Chinese government with government emphasis on energy saving and environmental protection. We believe that with the support of Chinese government industry guidance and policy support, our recycling business has substantial potential and tremendous opportunity to grow in the long term."
galway : news
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of China Armco Metals, Inc.
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of China Armco Metals, Inc. ("China Armco" or the "Company") (NYSE MKT: CNAM) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for a second amendment to the 2009 Stock Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on May 21, 2013, the Board of Directors recommends that China Armco's shareholders vote to approve an amendment to the Amended and Restated 2009 Stock Incentive Plan to increase the shares of China Armco common stock available for issuance thereunder by 3,000,000 shares. The issuance of the additional shares could have a substantial dilutive effect on the shares of China Armco common stock.
Request more information now by clicking here: www.faruqilaw.com/CNAM. There is no cost or obligation to you.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in China Armco and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/CNAM or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
Attorney Advertising. (C) 2013 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.
galway : XFRA X7C: AUSSETZUNG/suspension
Namensänderung folgt auf : Armco Metals