Armco Metals Holdings, Inc. disclosed that its Armco Renewable Metals, Inc. subsidiary has entered into a steel scrap supply agreement with Mitsui & Co. Ltd., a wholly owned subsidiary of Mitsui & Co., Ltd.
Under the terms of the agreement, Armco will serve as Mitsui’s vendor for sourcing, processing and supplying scrap metals with various specifications and standards. Mistui has also agreed to advance payment for the joint purchase of raw materials and complete final purchase of the steel scrap upon completion of processing services. This purchasing business model for Armco is designed to better enforce its supply agreements with customers and lower business risk.
Published in the April 2014 Edition of American Recycler News