SARASOTA, Fla., Sept. 13, 2010 (GLOBE NEWSWIRE) -- Resource Exchange of America Corporation (OTCBB:RXAC), a Florida-based recycling company, comments on a recent industry report, which indicates a positive trend for the scrap metal business.
The report from California-based Global Industry Analysts (GIA) shows that while the scrap steel industry was hammered by the global economic meltdown in 2008 and 2009, scrap steel consumption is forecasted to bounce back to 631.5 million metric tons by 2015. This is partly due to improving automobile sales and a recovery of the building industry, but also to continued demand from Brazil, India and China (http://www.breakbulk.com/steel-metals/scrap-outlook-points-steel-recovery).
Dana Pekas, CEO of Resource Exchange of America Corporation (OTCBB:RXAC), states that, "Although we could feel in our day-to-day business that demand for scrap metal has been rising lately, it is positive news that this report corroborates this.
"That the report indicates that China and India continue to be a factor of growth is just an added bonus. We are presently building out our capabilities to better meet the demands of the Asian markets, so this report accentuates the validity of our long-term strategy," Mr. Pekas concludes.
About Resource Exchange of America Corporation
Resource Exchange of America Corporation is working to become a recycling powerhouse by rolling up companies within asset recovery, processing and brokering of ferrous and nonferrous scrap metal. With its access to deep-water ports, the company will be able to sell the scrap metal to clients domestically as well as abroad. Resource Exchange of America Corporation will bring together the best companies within the recycling industry and elevate them to excellence, drawing on the strengths of the individual companies while combining forces to achieve synergies and be able to tackle the biggest jobs.
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