Sutor Tech Group (NASDAQ:SUTR)

CHANGSHU, China, November 29, 2011 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (Nasdaq: SUTR) (the "Company" or "Sutor"), 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, today provided an update on its previously announced $5 million share repurchase program.

As of November 25, 2011, the Company has repurchased 409,922 shares of common stock at an average price of $1.16 per share for a total share repurchase to date of approximately $0.48 million. The Company expects to continue to repurchase shares according to the share repurchase program.

"The repurchase of shares reflects our confidence in the long-term prospects of Sutor. We believe that the Company is financially strong and has good liquidity. While undertaking a major capacity expansion project which is expected to commence operations next year, we also maintain an on-going stock repurchase program to demonstrate our commitment to our shareholders," said Ms. Lifang Chen, CEO and Chairwoman of Sutor.

CHANGSHU, China, August 30, 2011 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company", "Sutor") (Nasdaq: SUTR), 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, today announced that its Board of Directors has authorized the repurchase of up to $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.

"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," said Ms. Lifang Chen, CEO and Chairwoman of Sutor.