DONGBANG TOWN, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company", "Sutor") (Nasdaq: SUTR), a leading private manufacturer of fine finished steel products used by steel fabricators and other applications, today announced that it will hold its 3rd Annual Southern China Distributor Conference at Sutor's headquarters in Changshu, Jiangsu province from January 15-17, 2010.
More than 100 distributors from Pearl River Delta Region, regarded as the most developed and industrialized region in China, and other provinces including Guangxi, Hunan, Fujian, Hainan are expected to participate in the event. The conference consists of three sections including new product introductions, interaction & contracts signing and facilities visits.
During the event, Lifang Chen, Chairwoman & CEO of Sutor and other senior officers will share the Company's development outlook, Research & Development (R&D) outline and new product characteristics. At the end of the conference, participants can visit Sutor's automated production lines and national level research and development center where new products and patents are launched.
"China's increasing level of industrialization combined with a limited number of high-end steel suppliers in Southern China provides Sutor with a strategic opportunity to expand market share, improve Huaye's brand recognition and enter new product markets like energy-saving and environmentally-friendly industries. With annual capacity of 400,000 metric tons, our new hot-dip galvanized production lines are an indication of our effort to meet this growing demand," commented Lifang Chen, Chairman and CEO of Sutor.
"Approximately 40% of fine steel products in the south of China are dependent on imports but we believe our production facilities in Changshu and Ningbo provide a geographic advantage that helps us access the Southern Chinese market cost efficiently. We continue to develop new distributors and upscale end customers, making Sutor confident that our strategy of providing a high quality value chain with market-driven R&D, world-class production facilities, a nationwide sales network and a highly efficient logistics delivery system will allow us to supply the increasing demand for fine steel products in the region.
"Currently, approximately 30% of our revenue is derived from Southern China, but we will strive to increase our market share in the region through new product introductions, a diversified product portfolio and multiple follow-up services as the Chinese economy remains robust," Ms Chen added.
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 China. Sutor utilizes a variety of processes and technological methodologies to convert steel manufactured by third parties into fine finished steel products, including hot-dipped 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 .
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 and strategic and operational plans, our future operating results, our expectations regarding the market for our steel finishing fabrication products and our ability to improve our market share, 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 June 30, 2009, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or 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: 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