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.
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.
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Sutor Technology Group Limited
SOURCE Sutor Technology Group Limited