BEIJING, April 14, 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 signed a supply agreement with Rio
Tinto Iron Ore Asia Pte. Ltd. ("Rio Tinto") for procurement of
imported iron ore in 2014, commencing from April 1, 2014.
Under this agreement, Rio Tinto will directly provide Longmen
Joint Venture at least 1.5 million metric tons of imported iron ore
at a favorable price based on the average monthly iron ore index
upon delivery.
"We are thrilled to sign our first direct supply agreement with
Rio Tinto," said Henry Yu, Chairman
and Chief Executive Officer of General Steel. "The ability to
directly procure from one of the world's largest supplier will
significantly lower our sourcing costs and ensure timely delivery
of the highest quality imported iron ore. We believe the large
guaranteed supply coupled with pre-determined favorable pricing
terms provides us with more operational flexibility and greater
cost advantages. Importantly, our commitment to the large purchase
volume demonstrates confidence in our leading position in
Western China and optimism of a
turnaround in our core marketplace and return to revenue growth in
2014."
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 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.