CHANGSHU, China, Dec. 22, 2014 /PRNewswire/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the leading China-based manufacturers and service providers for fine finished steel products used by a variety of downstream applications, today announced its subsidiary, Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd ("Ningbo Zhehua"), recently entered into a new contract to process and deliver 5,000 metric tons of spiral seam and straight seam welded steel pipes. These products will be used as deep-sea main bridge piping of Pingtan Bridge that is a cross-sea bridge locates in Pingtan County in Fujian Province. The deliveries under this contract are to be made from December of 2014 to January of 2015.
Lifang Chen, Chairwoman and CEO of Sutor commented, "To us, the commission of processing the deep-sea Pingtan Bridge pipes is confirmation of our customers' confidence in the anti-corrosion property and high strength of our products and in our logistics capability. Our vertical integration has allowed us to benefit from economies of scale and thus keep production cost low. Ningbo Zhehua's advanced technologies and convenient geographical proximity to Ningbo Port, we expect our pipe processing service to be an attractive option for customers that demand high-quality finished products without concerning themselves with logistics of shipping the products."
"This new processing contract of Ningbo Zhehua is cumulation of our recent efforts to transform our business by offering steel processing services for customers, in addition steel manufacturing. We believe that our strategic expansion into the steel processing services area can make Sutor one of the best integrated service providers of fine finished steel manufacturing, processing and related logistics." Ms. Chen concluded.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and 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 provide 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.
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:
Sutor Technology Group Limited
Email: [email protected]
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SOURCE Sutor Steel Technology Co., Ltd.