CHANGSHU, China, Dec. 12, 2013 /PRNewswire-FirstCall/ --
Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq:
SUTR), a leading China-based
manufacturer and distributor of high-end 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") won three contracts to
supply approximately 4,000 metric tons of spiral seam steel pipes
to three water transportation pipeline projects in Zhejiang Province. The contracts are valued at
approximately $3 million. Deliveries
of Company products are expected to begin in January 2014.
Lifang Chen, Chairwoman and CEO
of Sutor commented, "As a result of Ningbo Zhehua's efforts to
strengthen its capability of providing customized products and
services for end customers, the company is able to gain access to
more municipal projects related to water supply, waste water
treatment and recycling of treated water. The recent series of bid
wins of water transportation related projects demonstrated our
success in product upgrading and in the company's efforts to
address heightened concerns on environmental issues in China."
"As environmental protection has become a top priority for the
new Chinese leadership, we expect China's green industry will take a prominent
position in the years to come. Accordingly, Sutor's operating
subsidiaries, covering fine finished steel and steel pipe
businesses, are undergoing a transformation in order to take
advantage of the fast growing green industry. In addition to
providing products for water-related projects, Sutor is striving to
expand its market share in the air filtration and purification
industry by supplying qualified fine finished steel products to
relevant equipment manufacturers. We believe the versatility of our
products and our commitment to meet market demands will enable us
to significantly increase our competitiveness in the long term,"
Ms. Chen continued.
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and distributors of
high-end fine finished steel products 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. 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, 2013, 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:
Jason Wang, Director of
IR
Sutor Technology Group Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
SOURCE Sutor Technology Group Limited