BEIJING, Oct. 15, 2012 /PRNewswire/ -- General
Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE:
GSI), one of China's leading
non-state-owned producers of steel products and aggregators of
domestic steel companies, today announced that it has received a
four-month extension for continued listing and trading of the
Company's stock on the New York Stock Exchange (the "NYSE").
As previously disclosed, the Company is not in compliance with
Section 802.01E of the NYSE's Listed Company Manual ("Section
802.01E") based on its delay in filing its Annual Report on Form
10-K for the year ended December 31,
2011 (the "Annual Report") on or before its April 16, 2012 (the "Filing Due Date"). Section
802.01E allows the Company six months from the Filing Due Date to
cure such deficiency. At its discretion, the Exchange may allow a
company's securities to be traded for up to an additional six-month
trading period depending on the company's specific
circumstances.
On October 9, 2012, the Company
submitted a request to the NYSE to extend its cure period for an
additional four months. On October 12,
2012, the NYSE approved such request and granted the Company
an additional four-month trading period to February 15, 2013, subject to ongoing
reassessment, to complete and file its Annual Report with the
Securities and Exchange Commission (the "SEC"). General Steel
expects to file the Annual Report on or prior to February 15, 2013.
"We are delighted that the NYSE has granted us further extension
for our filings and we continue to work closely with auditors to
complete this process," said Mr. Henry
Yu, General Steel Chairman and Chief Executive Officer. "Our
business remains healthy and we have continued to progress our
operational goals. In 2012, we have implemented new manufacturing
efficiencies, initiated construction plans to expand and upgrade
our rebar production line, improved our coke sourcing capabilities
and strengthened our relationships with state-owned enterprises.
These initiatives help to fortify our business and are designed to
reduce our manufacturing and transportation costs, expand our
presence in Western China and
improve our margins."
On August 30, 2012, General Steel
announced that it had filed its amended annual reports on Form
10-K/A for the year ended December 31,
2010 and amended quarterly reports on Form 10-Q/A for the
quarters ended June 30, 2010,
September 30, 2010 and March 31, 2011 with the SEC.
The Company continues to work diligently with its independent
registered public accountant, PricewaterhouseCoopers Zhong Tian
CPAs Limited Company to complete the audit for its 2011 Annual
Report on Form 10-K for the year ended December 31, 2011 as well as to complete the
filings on Forms 10-Q for the three month periods ended
June 30 and September 30, 2011. Following the completion of
these filings, General Steel will file its outstanding 2012
quarterly reports with the SEC on Form 10-Q as soon as
possible.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (NYSE: GSI), headquartered in
Beijing, China, operates a diverse
portfolio of Chinese steel companies. With 7 million metric tons of
crude steel production capacity under management, its companies
serve various industries and produce a variety of steel products
including rebar, high-speed wire and spiral-weld pipe. General
Steel Holdings, Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous
Region and Tianjin municipality.
For more information, please visit www.gshi-steel.com.
To be added to the General Steel email list to receive Company
news, please send your request to generalsteel@tpg-ir.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, and include: (a) those risks and uncertainties related
to general economic conditions in China, including regulatory factors that may
affect such economic conditions; (b) whether the Company is able to
manage its planned growth efficiently and operate profitable
operations, including whether its management will be able to
identify, hire, train, retain, motivate and manage required
personnel or that management will be able to successfully manage
and exploit existing and potential market opportunities; (c)
whether the Company is able to generate sufficient revenues or
obtain financing to sustain and grow its operations; (d) whether
the Company is able to successfully fulfill our primary
requirements for cash; and (e) other risks, including those
disclosed in the Company's Form 10-K, filed with the SEC.
Forward-looking statements contained herein speak only as of
the date of this release. The Company does not undertake any
obligation to update or revise publicly any forward-looking
statements, whether to reflect new information, future events or
otherwise.
Contact Us
In China:
Jenny Wang
General Steel Holdings, Inc.
Tel: +86-10-5775-7691
Email: jenny.wang@gshi-steel.com
In the US:
Joyce Sung
General Steel Holdings, Inc.
Tel: (347) 534-1435
Email: joyce.sung@gshi-steel.com
The Piacente Group, Inc.
Investor Relations
Brandi Floberg or Lee Roth
Tel: (212) 481-2050
Email: generalsteel@tpg-ir.com
SOURCE General Steel Holdings, Inc.