CHANGSHU, China, April 25, 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 and welded steel pipes used by a variety of downstream applications, today announced its subsidiary Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd. ("Ningbo") won two contracts to supply approximately 4,700 metric tons of spiral seam steel pipes for two water transmission pipeline projects in Fujian Province. The contracts are valued at approximately $4.0 million. Deliveries are expected to begin in May 2013.
Lifang Chen, Chairwoman and CEO of Sutor commented: "I am delighted that following an $8.6 million bid we won earlier this month, Ningbo won two new bids to supply steel pipes for water supply projects. The latest wins demonstrate our success in targeting water transmission projects in Eastern China where "Zhehua" brand is highly recognized. Our state-of-the-art production lines and our expertise in manufacturing and supplying high quality spiral steel pipes to prestigious project contractors make Sutor the supplier of choice for our customers who demand stringent standards for product and services."
Ms. Chen concluded, "As a result of China's rapid economic growth in the past decade, water contamination and shortage has become an urgent issue in China. In an effort to secure pure drinking water supply while furthering industrialization and urbanization processes, the Chinese government has been providing incentives to public utility companies to upgrade and expand their water supply and water recycling systems across China. We believe that this system upgrade will be a significant revenue generator for our pipe business for several years."
About Sutor Technology Group Limited
Sutor is one of the leading China-based manufacturers and distributors of 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. 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. 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, 2012, 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
Lena Cati, IR Representative
Sutor Technology Group Limited
The Equity Group
Tel: 212 836-9611
SOURCE Sutor Technology Group Limited