China Armco to open scrap metal recycling facility

China Armco Metals Inc., a distributor of imported metal ore, plans to launch a new scrap metal recycling facility in China. Armet Renewable Resources Co. Ltd, received a $13 million 3-year Line of Credit from the Bank of China. The terms of the credit line allow for approximately $2.9 million to be used for working capital for the operation of its metal recycling operations with the balance to be used for fixed asset purchases associated with its recycling project. The management anticipates it will commence operations at its 1 million ton recycling facility in the fourth quarter of 2009. Kexuan Yao, chairman, CEO of China Armco, commented, 揥ith this additional capital we plan to become one of the largest providers of scrap metal to the steel industry in China. We look forward to the planned commencement of operations in the fourth quarter and to the completion of our roadmap to reach two million metric tons of annual capacity in the future.?bk=SaveAir Jordan 2017 Casual Shoes