CHANGSHU, China, Oct. 16, 2013 /PRNewswire-FirstCall/ - Sutor Technology Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), a leading China-based non-state owned manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced the Jiangsu provincial government had renewed the High Tech Enterprise status of the Company's wholly-owned subsidiary, Changshu Huaye Steel Strip Co., Ltd.("Changshu Huaye").
As a result, Changshu Huaye is entitled to a preferred tax rate of 15% for the three years 2013 through 2015, compared with the normal 25% corporate tax rate. Changshu Huaye was designated as a High Tech Enterprise beginning in 2010.
Ms. Lifang Chen, Chairlady and CEO of Sutor, commented, "The approval of the renewed High Tech Enterprise status demonstrates the Chinese government's acknowledgment of Sutor's commitment to becoming a leader in China's high-end steel industry and its endeavor to adhere to its strategy of driving the Company's growth via technological innovation. We believe this strategy strengthens the Company's core competencies and differentiates it from its competitors. While our current main business is traditional manufacturing business, we will accelerate our growth through technological innovation, expanding capacity as well as new business initiatives. We seek long-term sustainable growth to meet growing customer needs."
About Sutor Technology Group LimitedSutor is one of the 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. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php Forward-Looking Statements