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.
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
SOURCE Sutor Technology Group Limited