China Armco Metals, Inc. (NYSE Amex:CNAM) reported that the company plans to use a $15 million line of credit secured from ING Bank N.V. late in the fourth quarter of 2009 to continue the expansion of its metal ore distribution business in 2010.
The press release is quoted as saying:
The Company’s product lines include ferrous and non-ferrous ore; iron ore, chrome ore, nickel ore, copper ore, manganese ore and steel billet. Beginning in the first quarter 2010, the Company expects to begin operations in its steel recycling and scrap metal supply. The recycling facility is expected to be capable of recycling one million metric tons of scrap metal per year which will position the Company as one of the top 10 largest recyclers of scrap metal in China. ARMCO estimates the recycled metal market as 70 million metric tons.
