China Direct Industries, Inc. ("China Direct Industries") (NASDAQ: CDII), a U.S. owned holding company operating in China in two core business segments, pure magnesium production and distribution of basic materials, announced today that its subsidiary, CDI Beijing International Trading Co., Ltd., has received a contract from Beijing Chong Construction Co., Ltd. for the delivery of various types of reinforcing steel bars having the potential to generate over $30 million in revenue over the next 12 months. Delivery dates will be determined by parties over the term of the contract.
Beijing Chong Construction Co., Ltd. is a comprehensive construction enterprise located in Beijing with over $47 million in total assets. The company is primarily engaged in construction projects involving office and residential construction, historic building renovation, and municipal public projects and Industrial construction in the Beijing region.
Commenting on the contract, Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated, "We are excited to have received an additional significant contract for our basic materials segment with a prominent construction company in Beijing. We look forward to building on this momentum in the coming quarters as we continue to aggressively market in this area as we look to expand our basic materials segment."