CHANGSHU, China, March 4, 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 a supply contract with SAMSUNG Group to supply a total of
6,500 metric tons of aluminum-zinc alloy coated steel (also known
as Galvalume). The contract is valued at approximately $5.2 million. According to the contract, the
goods will be shipped to Samsung's operating base in Brazil and the delivery is expected to begin
in mid April 2014.
Mr. Zhuo Wang, CEO of Sutor,
commented, "I am pleased to report that we achieved high product
quality within such a short period of time for our Galvalume
products. We started commercial production of Galvalume steel
during the fourth quarter of fiscal 2013 and produced less than 200
tons of the products in fiscal 2013. We increased our production to
approximately 6,000 tons in the second quarter of fiscal 2014. The
contract with Samsung proves our ability to supply to the leading
consumer products companies in the world and demonstrates our brand
recognition, product quality and our ability to quickly
commercialize new products."
"We have a portfolio of products with flexible specifications
and value added supplementary services targeting the consumer
products markets. For example, our anti-fingerprints,
anti-bacteria, and heat insulation lines of products allow us to
gain access to a wide range of customers in a variety of sectors.
With the new 500,000 metric tons cold-rolling production line
expected to start commercial operation in May, we believe we would
be in a better position to capitalize the economic transition in
China," Mr. Wang added.
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