Sutor Technology Group Limited 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 announced that its Board of Directors has authorized the repurchase of up to USD 5 million of its outstanding common stock through August 31 2012.

The Company is authorized to repurchase, in accordance with applicable federal securities laws, in the open market and/or in privately negotiated transactions the Company's common stock as deemed appropriate by management. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. The Company plans to fund the stock repurchase program from its available cash balance.

Ms Lifang Chen CEO and Chairwoman of Sutor said "The repurchasing of shares reflects our confidence in the long-term prospects for Sutor and underscores our continuous commitment to maximize value for our shareholders. Considering our progress toward improved profitability, growing product acceptance, anticipated capacity expansion and expected future growth, we believe that Sutor stock is undervalued and repurchasing shares at the current price is an efficient use of our capital."