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UPDATE: Sutor Tech Awarded $10Mln Spiral Seam Pipes Contract by Middle East Dredging Co; Shares Plunge to New Year Low, Down 11%

By: MT Newswires
Posted: 8/22/2012 11:28:00 AM
Referenced Stocks: SUTR

Sutor Technology Group Limited ( SUTR ) plunged to a new year low of $0.65, currently down 10.7% at $0.75, marking a second day of new year lows after the company yesterday 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 20% in the last 12 months.