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July 20, 2008


Ms Lifang Chen appointed as new CEO of Sutor

Sutor Technology Group Limited has announced that Mr Liuhua Guo had resigned from his position as CEO effective May 12th 2008 and appoints Ms Lifang Chen current chairperson of the board of directors; as the new CEO. Ms Chen will also retain her current position as the chairperson of Sutor.

During his tenure as CEO, Mr Liuhua Guo made tremendous contributions towards the enhancement and consummation of Sutor's strategic goal of vertically integrating Sutor's operation and manufacturing system. He was responsible for the management and oversight of several important construction and engineering projects for the company.

Ms Lifang Chen is the founder of Sutor. Through her years at Sutor, Ms Chen has displayed remarkable management ability and provided the strategic planning necessary to continue to expand Sutor's revenues. She has accumulated deep industry knowledge as well as experiences in her tenure as chairperson of Sutor.

Ms Chen said that ''Thank you very much for the appreciation of board of directors and the appointment for me to be the next CEO of Sutor. I feel very grateful for the wonderful job that our former CEO has done, and at the same time I fully understand the responsibilities and obligations which are coming along with this position. I promise to do my best to bring Sutor to another high speed growing phase, and together with Sutor's professional, intelligent, and efficient management team, I am full of confidence to reach this goal."

Mr Liuhua Guo said that ''Thanks to the efforts of all the employees of Sutor, and the leadership of the whole management group as well, the Company has witnessed booming development. I presented my resignation because of personal reasons; however I will still devote myself into the development of Sutor at my technical position. Ms Lifang Chen is the founder of Sutor and a very talented entrepreneur. She is well experienced in the high end steel industry. Under her leadership, Sutor is absolutely having a bright future.''