BEIJING, Jan. 15, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that the New York Stock
Exchange (the "NYSE") notified the Company by a letter dated as of
January 9, 2015, that it is not in
compliance with the continued listing standards set forth in
Section 802.01B of the NYSE's Listed Company Manual ("Section
802.01B"). Specifically, the Company is below NYSE minimum
requirements for average market capitalization over a 30
trading-day period of greater than $50
million and reported stockholders' equity of greater than
$50 million.
In accordance with NYSE procedures, the Company has 45 days from
the date of receipt of the NYSE's notice to submit a business plan
to the NYSE demonstrating its ability to achieve compliance with
the continued listing standards of Section 802.01B within 18 months
of the date of receipt of the NYSE's Notice. The Company
intends to provide the NYSE with the required response to the
NYSE's notice within 10 business days of its receipt, and submit a
business plan subsequently, stating its intent to cure this
deficiency. In the event the NYSE approves the Company's
plan, the Company's common stock will continue to be listed and
traded on the NYSE during this 18-month cure period, subject to
NYSE's discretion, under the symbol "GSI", but will continue to be
assigned a ".BC" indicator.
The Company's business operations and United States Securities
and Exchange Commission reporting requirements are not affected by
the receipt of the NYSE's notice. The Company intends to
actively monitor the closing price of its common stock during the
cure period and will evaluate available options to resolve this
deficiency and regain compliance with the applicable NYSE
regulations.
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
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SOURCE General Steel Holdings, Inc.