Sutor Technology Group Signs Supply Contract with Bayi Iron & Steel

CHANGSHU, China, June 29, 2011 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company", "Sutor") (Nasdaq: SUTR), a leading China-based private manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd., a subsidiary of Sutor, has signed a contract to supply steel pipes to BAOSTEEL Xinjiang Bayi Iron & Steel Company Limited (Bayi Iron & Steel). Bayi Iron & Steel is a subsidiary of BAOSTEEL, one of the largest steel companies in the world.

Commenting on the contract, Ms. Lifang Chen, CEO and Chairwoman of Sutor, stated "We are pleased to expand our customer base through this new contract win which demonstrates the quality and market position of Sutor. With Chinese economy continuing to grow and inflation likely being under control, we are pleased with our current operations and anticipate a successful fourth fiscal quarter."

About Sutor Technology Group Limited

Sutor (Nasdaq: SUTR) is a leading private China-based manufacturer and distributor 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, our expected financial performance in the fourth fiscal quarter, liquidity and strategic and operational plans, our future growth and operating results, our expectations regarding the market for our products, our expectations regarding the inflation, Chinese Economy and 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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