CHANGSHU, China, April 22, 2015 /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 it completed its upgrading of 200,000 metric tons pre-painted galvanized (the "PPGI") production line at Changshu Huaye Steel Strip Co., Ltd, a subsidiary of Sutor, and the subsidiary is ready to resume PPGI production immediately.
Lifang Chen, Chairwoman and CEO of Sutor commented, "We undertook the upgrading of the PPGI production line voluntarily. We upgraded the line to improve production efficiency and coating utilization, thereby resulting in energy-saving and cost-cutting. The replacement of two-roller coating technique by three-roller coating technique will make the surface of our new PPGI products more smooth and their painted color brighter. We believe that these new upgraded PPGI products will be more widely used in downstream industries such as new energy, high-end household appliances, IT, and building materials."
"In recent years, Sutor has been focusing on research efforts on market segmentation of our products. Through technology and equipment upgrading, the Company aims to add value to its products in the long run. Relying on our own technical and R&D teams, we provide customized products and services to target customers. We believe product improvement and innovation are our core competitiveness and recipe to become one of the best service providers in fine finished steel supply chain," Ms. Chen concluded.
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.