CHANGSHU, China, Jan. 21, 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 it has completed construction of the new 500,000 metric tons (MT) cold-rolling production line and moved to the phase of trial production at Jiangsu Cold Rolled Technology Co., Ltd, a subsidiary of Sutor.
Lifang Chen, Chairwoman and CEO of Sutor commented, "During the trial production, we will carefully monitor the status of the new production line to ensure that the facility will achieve the designed performance when the commercial production begins. We expect that the new cold-rolling line will provide us with a wider range of product specifications and better product flatness and surface treatment than our existing cold-rolling production line. With the new line in commercial operation, we will have 750,000 MT of cold-rolling capacity to match our 700,000 MT of hot-dip galvanization capacity. We are optimistic that the new capacity will improve our operating efficiency, expand our product offerings and hence strengthen our competitiveness in the high-end product market. "
The timing of the commercial operation of the new production line is subject to the performance of trial production. The Company intends to update the market once the commercial operation commences.
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.
For more information, please contact:
Jason Wang, Director of IR
Sutor Technology Group Limited
SOURCE Sutor Technology Group Limited