The value of micro cap stock for China Gerui Advanced Metals Group Ltd. (NASDAQ:CHOP) increased during trading on Tuesday, as the company benefited from an announcement that it will start exporting steel products to Turkey and India.
According to a release, the company has begun to export its high-end wide- and narrow-strip steel to customers located in Turkey and India, as this will help to meet the growing demand for the metal and help to expand production for China Gerui.
"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," said Mingwang Lu, chairman and chief executive officer. "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."
Benzinga reported that the sales will be modeled around those that occur within China and the customers could potentially increase their demand after several months.
The value of the company's stock rose $0.25 to $2.85 at 1:45 p.m. on June 26, an increase of 9.6 percent.
