BEIJING, April 3, 2013 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, filed with the U.S. Securities and
Exchange Commission (the "SEC") a Form 12b-25 pertaining to its
Annual Report on Form 10-K for the year ended December 31, 2012. The Company today also
announced certain preliminary financial results for the fiscal year
ended December 31, 2012.
The Company expects to file the Annual Report on Form 10-K for
the year ended December 31, 2012,
along with the Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2012, June 30, 2012 and September 30, 2012, with the SEC on or before
June 21, 2013.
"We are pleased with the progress made with our auditor,
continuing the momentum of our recently completed 2011 audit and
soon returning General Steel to a regular financial reporting
schedule," said Henry Yu, Chairman
and Chief Executive Officer of General Steel. "Our preliminary
results for 2012, though constrained by a challenging year, still
provide us with encouraging signs that we believe will enable us to
regain a strong position and improve profitability."
General Steel expects to report 2012 total sales in the range of
$2.6 billion to $2.9 billion and
sales volume in the range of 5.2 million to 5.6 million metric
tons. Gross margin is expected to be in the range of 1.0% to 1.2%,
compared to negative 2.5% in the prior year. As of December 31, 2012, the Company had cash, cash
equivalents, and restricted cash of approximately $370 million. These financial results are
preliminary and unaudited. Final, audited results will be included
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2012.
John Chen, Chief Financial
Officer of General Steel, added, "We are glad to see the company
getting back to regular financial reporting. Overall, 2012 was a
painful year for the entire industry, as China's major steel producers on average saw a
98% year-over-year decline in profitability, according to industry
statistics[1]. Despite such difficult environment, we believe
General Steel performed comparatively better in 2012, as we were
able to return to positive gross margin for the full year. Our
improved gross margin reflects our focus on cost efficiency, and we
aim to continue building on that momentum."
[1] Source: Press release distributed by Ministry of Industry
and Information Technology of the
People's Republic of China on February 8, 2013.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel
products including rebar, high-speed wire and spiral-weld pipe. The
Company has operations in China's
Shaanxi and Guangdong provinces, Inner Mongolia Autonomous
Region and Tianjin municipality
with seven million metric tons of crude steel production capacity
under management. For more information, please visit
www.gshi-steel.com.
To be added to the General Steel email list to receive Company
news, or to request a hard copy of the Company's Annual Report on
Form 10-K, please send your request to
generalsteel@asiabridgegroup.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. Although the Company
anticipates filing the 2012 Reports on or before June 21, 2013, much of the timing and completion
is dependent upon progress made by its audit partner and the
collaboration between the Company and the audit partner. 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
General Steel Holdings, Inc.
In China:
Jenny Wang
Tel: +86-10-5775-7691
Email: jenny.wang@gshi-steel.com
In the US:
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
SOURCE General Steel Holdings, Inc.