UPDATE: Sutor Tech Awarded $10M Spiral Seam Pipes Contract by Middle East Dredging Co; Shares Now Up 1%, Hit Yr Lows Earlier

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Sutor Technology Group Limited ( SUTR ) is now up 1.2% at $0.83, having earlier hit a year low of $0.80 and a day high 89 cents after the company announced it has entered into a supply agreement for 12,000 metric tons of spiral seam steel pipes with Middle East Dredging Company. MEDCO intends to use the steel pipes for an oil transportation project in Qatar.

Under the agreement, the total contractual amount is approximately $10 million. Sutor expects to start delivering the steel pipes in September and complete the delivery by December 15, 2012.

Shares have fallen 12% in the last 12 months.




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Referenced Stocks: SUTR

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