BEIJING, June 10, 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 it aims to
accelerate its business transformation by establishing two
investment entities and expanding its business scope to include
other non-steel industries.
With the full support and approval of its Board of Directors,
the Company is establishing two new investment entities that will
serve as platforms for its expansion into industries that offer
high-growth and high-margin, such as commodity e-commerce, asset
leasing and financing, and clean technologies.
"While we remain confident in our steel business, we are excited
about entering into other non-steel industries," said Henry Yu, Chairman and Chief Executive Officer
of General Steel, "With the proven ability of our in-house talents,
we have a unique opportunity to expand our business scope – one
which we believe offers mitigated risks and high return potential.
We will leverage our formidable corporate development team and
sizable human capital to expand into non-steel industries that
offer high growth potential, as well as higher profit margins. We
have already identified and begun negotiations with a number of
investment targets, and with our team's previous history of
successfully selecting, acquiring, and integrating businesses, I
feel optimistic with our accelerated business transformation. We
look forward to providing more updates on these developments and
anticipate unlocking considerable value for our shareholders."
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 United States 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
General Steel Holdings, Inc.
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.