September 15, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Lihua International, Inc. (NASDAQ: LIWA) a Chinese manufacturer of refined copper products and various types of wire, said that it has shipped 2,000 metric tons of its new copper anode product to a domestic copper and metal conglomerate.

Lihua said that, since launching the new product in July, the company has ramped up production on its second smelter to full capacity, and remains on track to meeting its goal of shipping 8,000 to 10,000 tons of copper anode during 2010.

The company reaffirmed its full year 2010 financial guidance based on its recent capacity expansion and what it terms, “positive market trends” in which demand continues to outpace supply and end market uses for Lihua products remains strong.

Lihua said it expects to increase its gross profit by 46-53% over 2009, to $52.9 to $55.7 million, and grow its non-GAAP net income by 48-57% to $38.1 million to $40.3 million.

As of June 30, 2010, Lihua reported $87 million in cash and cash equivalents, or $2.99 per share, and $2.2 million, or $0.08 per share, in short-term debt, based on 29.3 million diluted shares outstanding.

In the fourth quarter of 2010, the company plans to begin construction on a new copper recycling facility adjacent to its current facility. Lihua said it expects to complete construction of this new facility in the second half of 2011, increasing refined copper capacity to 100,000 tons per year.

China-based Lihua, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a manufacturer of copper replacement products for China's copper wire and copper replacement product market.

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