Sutor Technology (SUTR) Announces Fourth Quarter Results

Sutor Technology Group Limited (Nasdaq: SUTR), one of the leading private manufacturers of fine finished steel products, announced its financial results for the fourth quarter and fiscal year ended June 30, 2009.

Sutor Technology Group reported revenue of $341.5M, an 18.3% decrease compared to $418.1M during the same period last year and the gross profit for the 2009 fiscal year was $32.8M, or 9.6% of sales, compared to gross profit of $44.9M, or 10.8% of revenue last year. The company is seeking new ways to build sustainable growth through expanded sales channels, strengthening research and development capabilities and maximizing production capacity utilization.