CHANGSHU, China, July 17, 2015 /PRNewswire/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: TOR), one of the leading China-based manufacturers and service providers for fine finished steel products used by a variety of downstream applications, today announced that Company adjusted its organizational structure recently to provide customers with diversified services and consolidate the Company's business transformation achievements.
To provide diversified services and realize "asset-light" operation, the Company built a new organizational structure. This new structure can help us integrate our internal and external resources in order to achieve our goal of becoming "one of the best service platforms in the industrial ecological chain". The principle of such new organizational structure is "simple and effective flat management". Under the new structure, there are three major parallel divisions compromising business, technical and operational divisions. Business division is composed of supply chain development department, logistic department, international e-business department, product innovation department and IE (integrate, industrial and internet education) department. Technical division is composed of factory services department and IT department. Operational division is composed of financing services department, public relations services department, customer services department and investment development services department.
Ms. Lifang Chen, Chairwoman and CEO of Sutor commented, "We are glad to see that, through all of our employees' efforts, the Company completed the business transformation from a fine finished steel manufacturer into a fine finished steel supply chain service provider. To better fulfill our responsibilities of providing comprehensive one-stop services in processing, logistics, e-commerce and R&D to our end customers, we adjusted the organizational structure."
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 provides 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 Technology Group Limited