CHANGSHU, China, Aug. 30 /Xinhua-PRNewswire-FirstCall/ -- Sutor Technology Group Ltd. ("SUTOR") (OTC Bulletin Board: SUOT), today announced that a new Zinc & Aluminum Galvanization project, with an annual capacity of 400,000 metric tons, formally began construction on 20th August 2007.
The Zinc & Aluminum Galvanization project is a remarkable example of a high level facility, and has already earned a great reputation in the fine steel-processing field. Compared to normal production lines, the new zinc & galvanization production project can process both cold rolled steel coils and hot rolled coils. It is designed to manage an annual capacity of 400,000 metric tons.
This new project plans to be put into production around February 2008. It is equipped with the most advanced instruments and components, which are all under the control of an automatic control system. It is forecasted that the new project will obviously enlarge the variety of products at the Company’s disposal and expand the production capacity of Sutor, thus stabilizing the business and conduction integration.
"Congratulations! The successful launch of the new Zinc & Galvanization Project is an important stage for Sutor to realize its business and conduction integration goals and internationalization strategy. We will step into a new higher stage when this project becomes operational," said Mr. Chen Lifang, Chairman of SUTOR.
About Sutor Technology
Sutor Technology Group Limited manufactures and sells steel finishing fabrication products through its wholly owned subsidiary Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Coldrolled Technology Co., Ltd. Its products are typically used in the construction industry, widely applied in manufacturing of electrical household appliance parts and outer casings, electronics, in infrastructure and large industrial equipment. Sutor has developed an extensive worldwide sales network which allows it to effectively market products to customers.
Forward Looking Statements
This release contains certain "forward-looking statements" relating to the business of Sutor and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, and concentration in a single customer, raw material costs, market acceptance, future capital requirements, and competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Sutor is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
