CHANGSHU, China, March 24, 2014 /PRNewswire/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the leading China-based manufacturers and service providers for fine finished steel products used by a variety of downstream applications, announced that on March 19, 2015 its subsidiary, Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd ("Ningbo Zhehua"), entered into a new contract to supply approximately 3,000 metric tons of large-diameter submerged-arc straight seam welded pipes for a dredging project of Saudi Arabia National Oil Company. Ningbo Zhehua has received a payment deposit and expects to complete product delivery in the middle of April 2015.
Lifang Chen, Chairwoman and CEO of Sutor commented, "The products to be supplied under this contact are all high-valued welded pipes that meet American Petroleum Institute (the "API") standards. We are proud of Ningbo Zhehua's advanced technologies, which enables us to supply steel pipes for national projects both in China and aboard. Relying on outstanding products and services, we export steel pipes to overseas markets such as the Far East, European Union, Southeast Asia and Africa. We believe Ningbo Zhehua's receipt of European Union Pressure Equipment Directive and Construction Products Regulation certificates last year confirms the high quality of its products. To us, superior products and services are core values on which we can expand markets and build brand recognition, thereby laying a firm foundation for future grow."
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and service providers for high-end fine finished steel products and welded steel pipes 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. The Company also provide fee-based steel processing services to customers, including industrial peers. 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, 2014, 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
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SOURCE Sutor Steel Technology Co., Ltd.