The terms of the contract are for one year beginning on
Under the contracts, Sutor will supply a total of 28,800 metric tons of
hot-dip galvanized steel coils (HDGI) and 3,000 metric tons of pre-painted
galvanized steel coils (PPGI) to Hubei Foreign Economic Relations and Trade
Investment & Management Co., Ltd. and three other steel distributors. The four
distributors are existing customers of Sutor and have purchased and
distributed the "Huaye" brand of fine finished steel products since early 2008.
"We are pleased to announce our recent contracts wins with long-term partners.
We believe large size orders with existing customers demonstrate our
commitment to high quality, technologically innovative products and superior
customer service," said
Ms. Chen added, "We will continue to extend Sutor's market share with our expanding national sales channels and market driven R&D and we continue to improve our 'Huaye' brand recognition domestically and overseas through partnering with a variety of steel distributors. We believe these measures will help grow our business, diversify our customer base and offset potential economic uncertainties.
"As the result of stimulus-related spending on high-end manufacturing industries and environmentally friendly products, we remain optimistic about our performance in calendar 2010 thanks to our proactive R&D initiatives which are in line with the Chinese government's encouragement to develop energy- saving materials."
About Sutor Technology Group Limited
Sutor (Nasdaq: SUTR) is one of the leading private manufacturers of fine
finished steel products used by steel fabricators and other applications in
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 revenues from the new
contracts, our expected financial performance in 2010 and future strategic and
operational plans, our future operating results, our expectations regarding
the market for our products, our expectations regarding the continued growth
of the steel market, as well as all assumptions, expectations, predictions,
intentions or beliefs about our relative strength and 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, including
developments in the world economy and in our industry, 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
For more information, please contact: Mr. Jason Wang Sutor Technology Group Limited Tel: +86-512-5268-0988 Web: http://www.sutorcn.com Mr. Brian M. Prenoveau, CFA ICR, Inc. Tel: +1-203-682-8200
SOURCE Sutor Technology Group Limited