CHANGSHU, China, Dec. 22, 2014 /PRNewswire/ -- Sutor
Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR),
one of the leading China-based
manufacturers and service providers for fine finished steel
products used by a variety of downstream applications, today
announced its subsidiary, Ningbo Zhehua Heavy Steel Pipe
Manufacturing Co., Ltd ("Ningbo Zhehua"), recently entered into a
new contract to process and deliver 5,000 metric tons of spiral
seam and straight seam welded steel pipes. These products will be
used as deep-sea main bridge piping of Pingtan Bridge that is a
cross-sea bridge locates in Pingtan County in Fujian Province. The deliveries under this
contract are to be made from December of 2014 to January of
2015.
Lifang Chen, Chairwoman and CEO
of Sutor commented, "To us, the commission of processing the
deep-sea Pingtan Bridge pipes is confirmation of our customers'
confidence in the anti-corrosion property and high strength of our
products and in our logistics capability. Our vertical integration
has allowed us to benefit from economies of scale and thus keep
production cost low. Ningbo Zhehua's advanced technologies and
convenient geographical proximity to Ningbo Port, we expect our
pipe processing service to be an attractive option for customers
that demand high-quality finished products without concerning
themselves with logistics of shipping the products."
"This new processing contract of Ningbo Zhehua is cumulation of
our recent efforts to transform our business by offering steel
processing services for customers, in addition steel manufacturing.
We believe that our strategic expansion into the steel processing
services area can make Sutor one of the best integrated service
providers of fine finished steel manufacturing, processing and
related logistics." Ms. Chen concluded.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and service
providers for high-end fine finished steel products and welded
steel pipes used by a variety of downstream applications. The
Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. The Company also provide fee-based
steel processing services to customers, including industrial
peers. To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause our actual
results to differ materially from those anticipated, expressed or
implied in the forward-looking statements. These risks and
uncertainties include, but not limited to, the factors mentioned in
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended June 30, 2014, and
other risks mentioned in our other reports filed with the
Securities Exchange Commission ("SEC"). Copies of filings
made with the SEC are available through the SEC's electronic data
gathering analysis retrieval system (EDGAR) at
http://www.sec.gov. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. The Company assumes no obligation and does not
intend to update any forward-looking statements, except as required
by law.
For more information, please contact:
Investor Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
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SOURCE Sutor Steel Technology Co., Ltd.