CHANGSHU, China, Aug. 21, 2012 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading China-based non-state owned manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced that it has entered into a supply agreement for 12,000 metric tons of spiral seam steel pipes with Middle East Dredging Company ("MEDCO"), a company established in Qatar and specialized in capital dredging works, through a complementary fleet of dredging vessels, reclamation and other equipment. MEDCO intends to use the steel pipes for an oil transportation project in Qatar.
Under the agreement, the total contractual amount is approximately $10 million. Sutor expects to start delivering the steel pipes in September and complete the delivery by December 15, 2012.
Ms. Lifang Chen, Chairwoman and CEO of Sutor, commented, "Sutor is proud to partner with MEDCO, a leading dredging and reclamation contractor which has been involved in a number of prestigious projects in the Middle East. With this supply agreement, we believe Sutor's presence and reputation in the region have been enhanced and strengthened. In the highly competitive global steel industry, we believe that our focus on providing customers with outstanding service and superior products has made Sutor a supplier of choice for a growing list of customers in more than 30 countries."
About Sutor Technology Group Limited
Sutor is a leading China-based non-state-owned manufacturer and distributor 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. These products are used for household appliances, solar water heaters, automobiles, information technology, construction, and other applications. Currently Sutor has three major operating subsidiaries located in two provinces with 12 production lines capable of processing approximately 2 million metric tons of steel products annually. To learn more about the company, please visit http://www.sutorcn.com/en/index.php.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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 actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. 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. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to new and existing products, any projections of sales, earnings, revenue, margins or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements regarding future economic conditions or performance, uncertainties related to conducting business in China and the current global economic crisis on our business and on our customers' business, and any of the factors and risks mentioned in the "Risk Factors" sections of our Annual Report on Form 10-K for the year ended June 30, 2011 and subsequent SEC filings. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
SOURCE Sutor Technology Group Limited