BEIJING, Oct. 9, 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 has regained
compliance with the continued listing standard of the New York
Stock Exchange (the "NYSE") relating to minimum market
capitalization of its common stock.
In a letter dated October 6, 2014,
the NYSE notified the Company that it has remained in compliance
with the NYSE's minimum market capitalization requirement over the
past three quarters, and as a result, the Company is no longer on
the NYSE's "Watch List". Correspondingly, the below
compliance (".BC") indicator will no longer be transmitted, and the
Company will no longer be noted as being below continued listing
standards on the NYSE's website.
Henry Yu, Chairman and Chief
Executive Officer of General Steel commented, "I am pleased that
General Steel has regained full compliance with the NYSE's listing
requirements. We will keep focus on our business and continue with
our aim to deliver long-term value to 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, as
amended, and the Securities Exchange Act of 1934, as amended, 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.