January 8, 2010 (FinancialWire) — Sutor Technology Group Ltd. (NASDAQ: SUTR), a private manufacturer of finished steel products used by steel fabricators and other applications, said it has signed four purchase agreements with four steel distributors located in Middle and Eastern China for 31,800 metric tons and an aggregate contract amount of around $25 million based on current market prices, if fully performed.

The terms of the contract are for one year beginning on January 1, 2010.

Sutor typically schedules order production after receiving a 30% down payment for each order. Final delivery will take place only after receiving the remaining 70% of the total order amount, according to the company.

Under the contracts, Sutor will supply a total of 28,800 metric tons of hot-dip galvanized steel coils and 3,000 metric tons of pre-painted galvanized steel coils to Hubei Foreign Economic Relations and Trade Investment & Management Co., Ltd. and three other steel distributors.

The four distributors are existing customers of Sutor and have purchased and distributed the “Huaye” brand of fine finished steel products since early 2008. China-based Sutor utilizes a variety of processes and technological methodologies to convert steel manufactured by third parties into fine finished steel products, including hot-dipped galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products.

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