Sutor Technology Group Limited 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 announced its unaudited financial results for the first quarter of fiscal year 2012 ended September 30 2011.

Fiscal first quarter results highlights:

(In USD million except EPS)

Ms Lifang Chen CEO and Chairwoman of Sutor said "We are pleased with our first quarter results as we achieved outstanding results despite unstable political and economic situations overseas and slowdown in economic growth in China during the past quarter. Once again our integrated production processes and diversified product portfolio enabled us to maintain stable growth when certain sectors of the Chinese economy were experiencing a difficult time. We are particularly pleased with the fact that our quarterly international sales were historically high. We believe that we are positioned to capitalize on our intensified marketing efforts when the global economy eventually recovers."

Ms Chen continued "We believe we have in place an achievable plan for near-term and mid-term growth. We will constantly evaluate rewards and risks to maintain sustainable growth. The construction progress of our new cold-roll production line of 500,000 metric tons designed annual capacity is on track. We have completed the construction of the workshop building and plan to start commercial operations in July 2012. We have been repurchasing our shares since the announcement of the program in September. We take very seriously our responsibilities as a US public company. We will continue to take measures to improve our corporate governance and evaluate all options to maximize shareholder value."