BEIJING, Oct. 4, 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 regained compliance with
minimum share price criteria required by the New York Stock
Exchange ("NYSE") for continued listing of the Company's
shares.
As previously disclosed, the Company received a notice from the
NYSE on March 30, 2012 that its
common shares closed with an average bid price below $1.00 for 30 consecutive trading days, the
threshold requirement for continued listing of the Company's shares
on the NYSE. The Company was granted a cure period of six months in
order to regain compliance with the requirement for continued
listing set forth in section 802.01C of the NYSE's Listed Company
Manual.
On October 2, 2012, the Company
received confirmation from the NYSE that it had regained compliance
with continued listing standards under section 802.01C after its
average closing share price for the 30 trading days ended
September 30, 2012 and its closing
price on September 30, 2012 exceeded
$1.00.
The Company continues to work toward regaining compliance with
the NYSE listing standard under Section 802.01E related to the
filing of its Annual Report on Form 10-K for the year ended
December 31, 2011 ("Annual Report").
The Company is working diligently with its independent registered
public accountant, PricewaterhouseCoopers Zhong Tian CPAs Limited
Company ("PwC") to complete the audit for the Annual Report and
file the Annual Report 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 Annual Report on Form 10-K, filed with
the Securities and Exchange Commission. 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: +86-10-5879-7346
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.