China Armco Metals was formerly called Cox Distributing.
It is constructing a scrap metal recycling facility in the Banqiao Industrial Zone of Lianyungang Economic Development Zone in the Jiangsu province.
The planned metal recycling facility, will, on completion, seek to recycle automobiles, machinery, building materials, dismantled ships and various other scrap metals and will sell and distribute recycled scrap metal to the metal refinery industry utilizing an existing network of metal ore customers in China.
Recycling operations are expected to start in the fourth quarter of 2009.
Management estimates domestic steel production should continue to witness significant growth. The steel industry is an important basic industry of the national economy of China, and plays a vital role in the recent industrialization efforts of the country.
Market Watch reports the company believes recycling operations will become strong growth drivers worldwide.