SAN MATEO, Calif., April 27, 2015 (GLOBE NEWSWIRE) -- Armco Metals Holdings, Inc. ("Armco Metals Holdings") (NYSE MKT:AMCO), a distributor of imported metal ores and a steel recycler in China, today announced that its subsidiaries will possibly benefit from the recent export tariff changes by China government, which export tariffs of 94 commodities closely related with the iron and steel industry will be adjusted starting from May 2015, according to the announcement from the Ministry of Finance of China on April 23, 2015. Iron and steel granules and powders, tungsten, and molybdenum will be exempt from export tariffs, and wrought aluminum products will have a zero tax rate. Export tariffs on 90 commodities in the list will be eliminated and the other four commodities will receive a tax reduction. Export tariffs before the adjustment range up to 25% depending upon the commodity.
During 2014, in response to the excess production capacity in the industry and constantly declining price of iron ore, we significantly reduced our import-based trading business by 57% as compared to 2013, and increased our trading business of exporting metal products. We believe that the elimination and reduction on the export tariff for the commodities may provide us with additional opportunities to grow our trading business.
The iron and steel industry in China are confronted with excess production capacity for several years and squeeze on bank lending, the elimination and reduction on the export tariff for the commodities would relieve the stress on the whole industry undoubtedly and ease the shortage of our working capital in especial besides the trading opportunities bring about. We would take advantage of the favorable policies and work for a turn to better.
ABOUT ARMCO METALS HOLDINGS, INC.
Armco Metals Holdings, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout China and is in the recycling business in China. Armco Metals' customers include some of the fastest growing steel producing mills and foundries throughout China. Raw materials are acquired from a global group of suppliers located in various countries, including, but not limited to, Brazil, India, Indonesia, Ukraine and the United States. Armco Metals' product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore, steel billet and recycled scrap metals. For more information about Armco Metals, please visit http://www.armcometals.com.
SAFE HARBOR STATEMENT
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Armco Metals Holdings, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") are forward-looking and involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding our revenues and production related to our scrap metal recycling operations, pricing and demand for our product lines and the extent of government imposed energy and monetary policy restrictions and resulting blackouts and associated impact on our trading and recycling operations.
We caution that investors should not place undue reliance on any forward-looking statements herein. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. This press release is qualified in its entirety by the following, including, but not limited to, any expectations with respect to the Company's revenues and operations, institution of governmental regulations relating to our businesses and the international economic climate, and the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2013, and our subsequent filing with the Securities and Exchange Commission.
CONTACT: Armco Metals Holdings, Inc.
US Investor Relations Contact
Christina Xiong
Office: 650.212.7620
Email: ir@armcometals.com
Website: www.armcometals.com
China
Ripple Zhang
Office: 86-21-62375286
Email: ripple.zhang@armcometals.com
Website: www.armcometals.com
