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.
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, 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
Tel:
+86-512-5268-0988
Email:
investor_relations@sutorcn.com
SOURCE Sutor Technology Group Limited