omniture

Sutor Technology Group Limited Announces That Its New Production Line Starts Operating From October 1, 2008

2008-10-09 13:46 1713


DONGBANG TOWN, China, Oct. 9 /Xinhua-PRNewswire-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading provider of steel finishing fabrication products in China, today announced the commencement of operations of its new 400,000 metric ton Hot-Dipped Galvanized ("HDG") steel production line.

The new HDG steel production line is capable of galvanizing both hot-rolled and cold-rolled steel with both zinc and aluminum, which will significantly expand our production capacity of HDG steel. Production capacity will increase from current 200,000 metric tons per year to 600,000 metric tons per year, a two-hundred percent increase.

In addition to the significant increase in production capacity, the addition of the new production line is also expected to diversify the Company's product portfolio and further vertical integration, which will increase our profit margin.

Ms Lifang Chen, Chairlady and CEO of Sutor, said: "The operation of the new production line will make Sutor more influential in the Chinese steel finishing and fabrication industry, and will help us further penetrate the domestic and global niche market for HDG steel products. Sutor's strategic plan to introduce high value-added steel products is being realized in a step-by-step fashion."

About Sutor Technology Group Limited

Sutor (Nasdaq: SUTR) is one of the leading private manufacturers of steel finishing fabrication products in China. Sutor utilizes a variety of processes and technological methodologies to convert steel manufactured by third parties into steel finishing fabrication products, including hot-dipped galvanized steel, pre-painted galvanized steel, acid-pickled steel, and cold-rolled steel. To learn more about the Company, please visit http://www.sutorcn.com .

Forward-Looking Statements

This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected increase in profit margin, our future operating results, our expectations regarding the market for our HDG Steel products, our expectations regarding the continued growth of 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, 2008, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or 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:

Mr. Jason Wang

Tel: +86-512-5268-0988

Source: Sutor Technology Group Limited 
Related Stocks:
NASDAQ:SUTR
Keywords: Machinery
collection