NEW YORK, April 30, 2015 /PRNewswire/ – China is the largest market in the world for scrap metal used in the production of steel. China produced 823 million metric tons of steel in 2014 and expects to produce 814 million metric tons in 2015. Recycling steel requires 60% less energy, reduces air pollution by 86% and water pollution by 76% as compared to the traditional iron ore to steel processing methods, according to China Association of Metal Scrap Utilization ("CAMU"). In addition, recycling metal is believed to be less costly than mining iron ore and manipulating it through the production process to form 'new' steel.
Armco Metals Holdings Inc. (NYSEMKT: AMCO) is a leader in the trading and distribution of metal ore to the metal refining industry in China. It engages in the sales and distribution of metal and non-ferrous metal ore for China's growing steel manufacturing industry. It also recycles scrap metals used by steel mills in the production of recycled steel. By producing high value of non-ferrous scraps from the raw materials of scraps acquired at lower cost, the company's recycling business generated net revenues of approximately $105 million in 2014, increased by 62% compared to 2013.
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