CHANGSHU, China, Nov. 24, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: TOR), one of the
leading China-based manufacturers
and customized service providers for fine finished steel products
used by a variety of downstream applications, announced that the
management is considering to review the Company's current steel
business and intends to sell its low-valued steel manufacturing
business in order to reorganize its business portfolio. The Company
plans to seek cooperation partners in new areas such as bulk
commodity e-commerce, logistics and industrial technical
services.
Ms. Lifang Chen, Chairwoman and
CEO of Sutor commented, "In the past year, we gradually transit
from the traditional business model of steel manufacture and
selling. In the process of our transition, we provided customers
with diversified industrial technologies and online-to-offline
services. With the adjustment of steel market and Chinese economy,
overcapacity and product homogeneity is become normal while the
steel service industry has a great space to develop. The management
believes that reorganizing available resources, selling low-valued
steel manufacturing business will accelerate our transition into
providing value-added services and help to improve our
profitability. Currently, we are seeking to and negotiating with
potential cooperation partners in new business areas such as bulk
commodity e-commerce, logistics and industrial technical
services."
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and customized
service providers for 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. The Company also provides fee-based
steel processing services to customers, including industrial peers.
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, 2014, 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:
Investor
Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
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SOURCE Sutor Steel Technology Co., Ltd.