China Armco net loss surges as shipments dive

Nov 16, 2011 | 02:23 PM | Michael Marley

Tags  ferrous scrap, iron ore, China Armco Metals, Michael Marley

PHILADELPHIA — A steep decline in ferrous scrap and iron ore shipments led China Armco Metals Inc. to more than double its net loss during the third quarter as revenue slid 13.8 percent.

The company posted a net loss of nearly $1.1 million on sales of $16.1 million for the three months ended Sept. 30.

San Mateo, Calif.-based China Armco, which operates scrapyards in China and trades scrap and iron, said it sold 16,592 tonnes of scrap metal in the third quarter, down 65.2 percent from 47,662 tonnes in the second quarter of this year.....

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