SOURCE: Stock Market Alerts

March 23, 2010 09:35 ET

Breaking News Alert: China Armco Metals - March 23, 2010

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Stock Market Alerts LLC.

MIAMI, FL--(Marketwire - March 23, 2010) -  Stock Market Alert's performance stock list includes: China Armco Metals, Inc. (OTCBB: CNAM), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), CNX Gas Corporation (NYSE: CXG) and AK Steel (NYSE: AKS).

This morning, China Armco Metals, Inc. (OTCBB: CNAM) announced that Armco & Metawise, Ltd. the Company's wholly owned subsidiary, has entered into a contract to purchase 749,000 metric tons of Brazilian manganese ore fines over the next 16 months which could result in sales of up to $180 million over the contract period based on current market prices for manganese ore of this type.

Over 90% of magnesium ore demand is for the production of iron-manganese alloys used in the steel industry. It is also used in the production of non-ferrous alloys with aluminum, magnesium, copper, nickel and zinc. In the production of steel, the presence of the manganese is essential for sulfur control, and, in special steels, for the control of carbon and phosphorus. Manganese ore has been in high demand recently, as the Chinese steel industry has continued to rebound in 2010 with industry forecasts calling for continued growth. 

Commenting on the contract, Mr. Kexuan Yao, CEO and Chairman of China Armco Metals, Inc., stated, "Securing this contract is a significant step forward for our company's metals distribution operation as we move through 2010. With the ability to sell this product into China under favorable terms we have significantly strengthened our overall supply capabilities. Upon successful delivery over the term of the contract, we are in a position to significantly boost our top and bottom line performance for the remainder of 2010 and well into 2011. We look forward to building on our relationships with this and other international suppliers in the coming months as we continue to see a strong environment for industrial metals in China."

The company previously reported that Armet Renewable Resource Company had signed a contract to supply a major Chinese steel producer with up to 230,000 tons of scrap steel in 2010. The contract calls for the delivery of up to 23,000 metric tons of scrap steel per month for 10 months beginning in March of 2010. That press release stated that based on the current spot price of scrap steel, this supply contract is valued at over $100 million.

The stock closed yesterday at $8.25 cents a share.

For an in-depth profile of China Armco Metals, visit  http://www.wallstreetenews.com/view-company-profiles.php?profile=CNAM_080909.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) up 1.6% on 14 million shares traded.

FCX is a leading international mining company with headquarters in Phoenix, Arizona.

CNX Gas Corporation (NYSE: CXG) up 22.8% on 8.1 million shares traded.

CNX Gas Corporation is a leading Appalachian gas producer.

AK Steel (NYSE: AKS) up 2.1% on 7 million shares traded.

AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets.

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