Sutor Technology Group Wins Contract to Supply SAMSUNG with Coated Steel
03/04/2014 - Sutor Technology Group Limited announced that its subsidiary, Changshu Huaye Steel Strip Co., Ltd., has entered into a supply contract with SAMSUNG Group to supply a total of 6,500 metric tons of aluminum-zinc alloy coated steel (also known as Galvalume).
The contract is valued at approximately US$5.2 million. According to the contract, the goods will be shipped to Samsung's operating base in Brazil and the delivery is expected to begin in mid-April 2014.
Mr. Zhuo Wang, CEO of Sutor, commented, "I am pleased to report that we achieved high product quality within such a short period of time for our Galvalume products. We started commercial production of Galvalume steel during the fourth quarter of fiscal 2013 and produced less than 200 tons of the products in fiscal 2013. We increased our production to approximately 6,000 tons in the second quarter of fiscal 2014. The contract with Samsung proves our ability to supply to the leading consumer products companies in the world and demonstrates our brand recognition, product quality and our ability to quickly commercialize new products."
"We have a portfolio of products with flexible specifications and value added supplementary services targeting the consumer products markets. For example, our anti-fingerprints, anti-bacteria, and heat insulation lines of products allow us to gain access to a wide range of customers in a variety of sectors. With the new 500,000 metric tons cold-rolling production line expected to start commercial operation in May, we believe we would be in a better position to capitalize the economic transition in China," Mr. Wang added.
Sutor is a leading China-based manufacturer and distributor of high-end fine finished steel products 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.
Mr. Zhuo Wang, CEO of Sutor, commented, "I am pleased to report that we achieved high product quality within such a short period of time for our Galvalume products. We started commercial production of Galvalume steel during the fourth quarter of fiscal 2013 and produced less than 200 tons of the products in fiscal 2013. We increased our production to approximately 6,000 tons in the second quarter of fiscal 2014. The contract with Samsung proves our ability to supply to the leading consumer products companies in the world and demonstrates our brand recognition, product quality and our ability to quickly commercialize new products."
"We have a portfolio of products with flexible specifications and value added supplementary services targeting the consumer products markets. For example, our anti-fingerprints, anti-bacteria, and heat insulation lines of products allow us to gain access to a wide range of customers in a variety of sectors. With the new 500,000 metric tons cold-rolling production line expected to start commercial operation in May, we believe we would be in a better position to capitalize the economic transition in China," Mr. Wang added.
Sutor is a leading China-based manufacturer and distributor of high-end fine finished steel products 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.
