BEIJING, Nov. 11, 2013 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that it has commenced a
trial production run of a newly-constructed 1.2 million metric ton
("MMT") advanced continuous-rebar-rolling production line at its
principal manufacturing facility, Shaanxi Longmen Iron and Steel
Co., Ltd. ("Longmen Joint Venture"). The Company currently expects
this new production line to reach full operation by the end of
2013.
This new 1.2 MMT continuous-rolling production line expands on
the Company's successful launch of a 900,000 metric ton line in
July of 2013. Longmen Joint Venture now has a total
continuous-rolling capacity of 4.3 MMT, including 3.3 MMT of rebar
and 1.0 MMT of high-speed wire. When the two newly-constructed
continuous-rolling production lines located at the same facility in
which steel billet is produced reach their designed efficiency, the
Company expects to reduce overall production cost by approximately
RMB 150 million per year by
eliminating intermediate transportation, re-heating, and
outsourced-processing costs.
"The launch of another continuous-rolling production line should
further enhance our cost structure," said Henry Yu, Chairman and Chief Executive Officer
of General Steel. "We are pleased the first line already reached
its full capacity in early October and are confident the second
line will ramp to full capacity by the end of this year. We expect
the additional continuous-rolling capacity will contribute
outstanding savings in our unit production cost, and ultimately
deliver meaningful profitability improvements."
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. 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 U.S.:
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.