CHANGSHU, China, Feb. 20, 2014 /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 that Changshu
Huaye Steel Strip Co., Ltd., a subsidiary of Sutor, has entered
into two international sales agency agreements with two sales
agencies located in the Middle
East market (covering Jordan and Iraq) and South American market (targeting
Chile and Bolivia) to supply a total of 15,000 metric
tons of coated steel coils annually. According to the agreements,
the contracts are valued between approximately $10 million and $12 million subject to the
products to be ordered.
Mr. Zhuo Wang, CEO of Sutor
commented, "Both clients have been our loyal customers for more
than three years. They have increased their purchase volume lately,
which demonstrates our strong brand recognition and company
reputation in these markets. For the last several years, our
products have been exported to more than 30 countries and
international sales usually enjoy higher gross margins than
domestic ones. We will continue to strengthen our global presence
by providing high-quality and diverse product offerings as well as
expanding our distribution engagements with overseas sales
agencies."
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:
Investor Relations
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: investor_relations@sutorcn.com
SOURCE Sutor Technology Group Limited