China Armco Metals Inc, a distributor of imported metal ore and metal recycler with a new state of the art scrap metal recycling facility in China, announced that Armco (Lianyungang) Renewable Metals Inc, its wholly owned subsidiary, has signed a sales agreement with Jiangsu Lihuai Lron & Steel, Co Ltd.
According to the agreement, China Armco's subsidiary will supply on average 5,000 tonnes each month, totaling 60,000 tonne, of various scrap steel to the client in 2013.
The Company's important customer, Jiangsu Lihuai Lron & Steel Co Ltd, listed on China Shenzhen Stock Exchange is a subsidiary of Jiangsu Shagang Co Ltd which is the largest privately owned steel company in China. China Armco has developed a long term and strategic cooperation relationship with the customer. The client will use a letter of credit payment method to facilitate the trade financing in our business operation.
Mr Kexuan Yao chairman and CEO of China Armco said that "We continue to strengthen our business relationship with this important client in 2013 by entering into the annual supply agreement; which we intend to pursue long term orders from other large clients to achieve steady growth in 2013. Receiving this large order from one of the largest steel companies in China is a great start for the promising year of 2013, and we are looking forward to working with all of our customers and achieving a productive year."
Source - China Armco Metals