Sutor Technology signs contracts for $40 million

Posted In: Materials

By The Associated Press

Wednesday, March 10, 2010


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Chinese pipe and steel-products maker Sutor Technology Group Ltd. said Wednesday it signed four contracts worth about $40 million at current prices.

The contracts for 52,000 metric tons of processed steel products run for one year beginning this month. The products will be priced at time of shipment.

The contracts are with solar water heater manufacturer Shandong Sangle and three Chinese steel distributors.

Sutor's shares rose 7 cents, or 2.3 percent, to $3.03 in afternoon trading.

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