CHANGSHU, China, March 23, 2011 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading provider of fine finished steel products used by steel fabricators and other applications in a variety of industries, today announced that its in-house developed "Nano-antibacterial PPGI steel plate" was awarded the second prize for "Science and Technology Progress" at the Suzhou Science and Innovation Conference held in Suzhou on March 9, 2011.
Commenting on the award, Ms. Lifang Chen, Chairwoman and CEO of Sutor stated, "Following the High-tech Enterprise certification we received last October, the award further demonstrates the company's successful efforts to become a leading innovation-focused enterprise in the Chinese fine finished steel industry. We believe our company is well positioned and the ongoing restructuring and consolidation of the middle segment of the Chinese steel industry will directly benefit high-end steel segment and hence our business."
Ms. Chen continued, "Sutor is a fine steel product and service provider engaged in integrated R&D, production, logistics and after-sale services and in the downstream segment of the steel industry. We believe our introduction of new value-added products, combined with the continuously expanded sales network, will contribute to meeting the demand of on-going industrial upgrading and urbanization processes occurring both domestically and internationally."
About Sutor Technology Group LimitedSutor (Nasdaq: SUTR) is a leading China-based manufacturers and distributors of 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. These products are used for household appliances, solar waters heaters, automobiles, IT, construction, etc. 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. Such statements include, among others, those concerning the restructuring and consolidation of the Chinese steel industry and its expected impact on our business, 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, 2010, 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. SOURCE Sutor Technology Group Limited
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