CHANGSHU, China, March 4, 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 a supply contract with SAMSUNG Group to supply a total of 6,500 metric tons of aluminum-zinc alloy coated steel (also known as Galvalume). The contract is valued at approximately $5.2 million. According to the contract, the goods will be shipped to Samsung's operating base in Brazil and the delivery is expected to begin in mid April 2014.
Mr. Zhuo Wang, CEO of Sutor, commented, "I am pleased to report that we achieved high product quality within such a short period of time for our Galvalume products. We started commercial production of Galvalume steel during the fourth quarter of fiscal 2013 and produced less than 200 tons of the products in fiscal 2013. We increased our production to approximately 6,000 tons in the second quarter of fiscal 2014. The contract with Samsung proves our ability to supply to the leading consumer products companies in the world and demonstrates our brand recognition, product quality and our ability to quickly commercialize new products."
"We have a portfolio of products with flexible specifications and value added supplementary services targeting the consumer products markets. For example, our anti-fingerprints, anti-bacteria, and heat insulation lines of products allow us to gain access to a wide range of customers in a variety of sectors. With the new 500,000 metric tons cold-rolling production line expected to start commercial operation in May, we believe we would be in a better position to capitalize the economic transition in China," Mr. Wang added.
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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SOURCE Sutor Technology Group Limited