CHANGSHU, China, March 24, 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, announced that on March 19, 2015 its subsidiary, Ningbo Zhehua
Heavy Steel Pipe Manufacturing Co., Ltd ("Ningbo Zhehua"), entered
into a new contract to supply approximately 3,000 metric tons of
large-diameter submerged-arc straight seam welded pipes for a
dredging project of Saudi Arabia National Oil Company. Ningbo
Zhehua has received a payment deposit and expects to complete
product delivery in the middle of April
2015.
Lifang Chen, Chairwoman and CEO
of Sutor commented, "The products to be supplied under this contact
are all high-valued welded pipes that meet American Petroleum
Institute (the "API") standards. We are proud of Ningbo Zhehua's
advanced technologies, which enables us to supply steel pipes for
national projects both in China
and aboard. Relying on outstanding products and services, we export
steel pipes to overseas markets such as the Far East, European
Union, Southeast Asia and
Africa. We believe Ningbo Zhehua's
receipt of European Union Pressure Equipment Directive and
Construction Products Regulation certificates last year confirms
the high quality of its products. To us, superior products and
services are core values on which we can expand markets and build
brand recognition, thereby laying a firm foundation for future
grow."
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.
Forward-Looking Statements
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:
Investor
Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
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SOURCE Sutor Steel Technology Co., Ltd.