BEIJING,
March 11, 2015 /PRNewswire/ -- General Steel Holdings,
Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading
non-state-owned steel producer in China, unveiled further plans for its
logistics business through a new joint venture with strategic
partners to mutually establish a new petroleum storage facility
in South China's largest petro-chemical production base,
Maoming City, Guangdong
Province, China.
The new petroleum storage facility will make use of General
Steel's land assets located in close proximity to Bo He Port of Maoming City, which enjoys a
natural geographic advantage for petroleum storage and logistics.
Recently, the Chinese government declared its intention to nearly
double the nation's oil reserves from 50 days to 90 days by
2020.
This new plan is part of the Company's commitment to expand
beyond the steel industry into alternative businesses. General
Steel will own a share of the new entity and will receive a
recurring stream of profits in accordance with the joint venture's
profit-sharing agreement. Management reached this decision with a
goal to maximize the utilization of the Company's land assets and
enhance shareholder value.
Henry Yu, Chairman and Chief
Executive Officer of General Steel commented, "We are
pleased to announce new plans to
deploy our valuable land assets in Maoming
through the pending new joint venture with two large
strategic partners. While a significant amount of
work remains, we have been in active negotiations on the
joint venture's key structural framework and expect the
new logistics business to generate future positive financial
contributions to General Steel."
About General Steel
General Steel Holdings, Inc. is a leading
non-state-owned steel maker headquartered in Beijing, China. With seven million
metric tons of crude steel production capacity under
management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces
a variety of steel products including rebar and high-speed
wire.
In addition to its steel business, the Company also designs,
manufactures, and integrates radio frequency identification
("RFID") systems. The Company's RFID technology provides real-time
data on supplies, inventory, and goods, thereby greatly enhancing
its customers' administration and planning processes, as well as,
asset tracking and supply chain management.
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 investor.relations@gshi-steel.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, 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.