China Armco sales jump, loss widens

Aug 16, 2011 | 01:46 PM | Michael Marley

Tags  ferrous scrap, China Armco Metals, iron ore, Kexuan Yao, Chinese yard, scrap processing, Michael Marley

PHILADELPHIA — China Armco Metals Inc.’s second-quarter sales surged on a sharp rise in the scrap tonnage processed at its new Chinese yard, but it wasn’t enough to stem the flow of red ink.

"We made significant progress in our metal recycling business," chairman and chief executive officer Kexuan Yao said, noting that quarterly output at the new yard almost doubled to 36,322 tonnes from 18,535 tonnes in the first three months of the year.....

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