Sutor Technology Group Intends to Reorganize Resources and Explore New Business Direction
Nov 24, 2015, 08:00 ET
CHANGSHU, China, Nov. 24, 2015 /PRNewswire/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: TOR), one of the leading China-based manufacturers and customized service providers for fine finished steel products used by a variety of downstream applications, announced that the management is considering to review the Company's current steel business and intends to sell its low-valued steel manufacturing business in order to reorganize its business portfolio. The Company plans to seek cooperation partners in new areas such as bulk commodity e-commerce, logistics and industrial technical services.
Ms. Lifang Chen, Chairwoman and CEO of Sutor commented, "In the past year, we gradually transit from the traditional business model of steel manufacture and selling. In the process of our transition, we provided customers with diversified industrial technologies and online-to-offline services. With the adjustment of steel market and Chinese economy, overcapacity and product homogeneity is become normal while the steel service industry has a great space to develop. The management believes that reorganizing available resources, selling low-valued steel manufacturing business will accelerate our transition into providing value-added services and help to improve our profitability. Currently, we are seeking to and negotiating with potential cooperation partners in new business areas such as bulk commodity e-commerce, logistics and industrial technical services."
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and customized 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.
Forward-Looking Statements
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.
For more information, please contact:
Investor Relations
Sutor Technology Group Limited
Tel: +86-512-5268-0988
Email: [email protected]
SOURCE Sutor Steel Technology Co., Ltd.