BEIJING, Jan. 8, 2014 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that its principal
manufacturing facility, Shaanxi Longmen Iron and Steel Co., Ltd.
("Longmen Joint Venture"), has been included in the List of
Enterprises Fulfilling the Iron and Steel Industry Specification
(the "List") released by the Ministry of Industry and Information
Technology of the People's Republic of
China (the "MIIT"). Longmen Joint Venture is the only
enterprise in China's Shaanxi province included in the List.
The List comprises 158 qualified steel makers, including the
initial 45 members first published by the MIIT in April 2013 and an additional 113 newly-qualified
members released in January 2014. The
List includes a highly-selected group of large and medium steel
manufacturers that have met or exceeded stricter national
requirements and standards on product quality, environmental
protection, energy consumption, workmanship and equipment,
production scale, as well as work safety and social responsibility.
The MIIT will collaborate with China's other governmental agencies to provide
support to the List's members and to speed up the steel industry's
restructuring and consolidation. Steel makers omitted from the List
will most likely face higher electricity costs, more restrictive
administrative measures, and adverse effects of forceful
regulations intent on reducing the nation's overcapacity.
"We are honored as the only qualified steelmaker in Shaanxi province that was included in the
List," said Henry Yu, Chairman and
Chief Executive Officer of General Steel. "We believe the List
demonstrates the government's determination to control overcapacity
and lead China's steel industry
into sustainable healthy growth. Our sole selection in the province
not only ensures our leadership position in the region's steel
production, but also brightens our short and long term outlook, as
many of the unqualified steel makers will likely be forced to
consolidate with stronger suitors or shut down. As the supply and
demand of the Chinese steel industry becomes more balanced in the
near future, we anticipate stronger steel producers, like General
Steel, will expand profit margins as well as gain market share.
"
"We will continue our dedication to producing high-quality steel
products to fulfill the growing demand in our home market in
Western China. We will work
closely with both the central and local governments in their market
rationalizing efforts, and given our local advantages, we are
confident with our strategy and expect to significantly benefit
from the improving industry fundamentals," Mr. Yu concluded.
About General Steel
General Steel, 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 most recent Annual Report on 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.