China Gerui up 10% After Initiating Exports to Turkey and India
China Gerui Advanced Materials Group (NASDAQ: CHOP) is trading higher on the session after the announcement it will start exporting steel products to Turkey and India. Company said the terms of sale to the new export customers are generally similar to its Chinese customers, which includes the requirement that an initial deposit is pre-paid by a customer when the customer contract is signed.
Mr. Mingwang Lu, Chairman and Chief Executive Officer said, "We are pleased to initiate exports to Turkey and India, as they represent emerging growth countries with high potential growth in one of our primary end-user applications, the telecommunications sector. The commencement of exporting activities serves as testimony to the quality and brand awareness of our products and serves as an important outlet for our recently-added enhanced production capabilities."
China Gerui is currently trading at $2.88, a gain of $0.28 or 10.60%.
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