BEIJING, April 9, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-controlled steel producer in China, today announced its majority-owned
joint venture, Tianjin General Shengyuan IoT Technology Co., Ltd.
("General Shengyuan IoT") launched a new UHF RFID tag for iron and
steel, and a cloud-based Internet-of-Things platform for steel
logistics and bulk commodity management.
General Shengyuan IoT's UHF RFID tag is fully compatible with
the Electronic Product Code (EPC) tag data standard, which coupled
with its cloud-based Internet-of-Things platform, enable steel
mills to quickly and effectively enhance the efficiency and
accuracy of logistic planning and management. The cloud-based
platform integrates the UHF RFID tag with sensors, satellite
communication, data collection devices, wireless vehicle terminals
and handsets to aggregate real-time data transmissions and provide
long-distance tracking and management of bulk commodities. The
platform also integrates with Effective Management Systems (EMS)
and Enterprise Resource Planning (ERP) systems for real-time
inventory management. The Company has initiated internal procedures
for patents application of the iron and steel UHF RFID tag and
Internet-of-Things platform.
Henry Yu, Chairman and Chief
Executive Officer of General Steel commented, "We appreciate the
high-efficiency efforts of General Shengyuan IoT, which
quickly launched its first major product less than two months after
its inception in February. This new product combines the expert
team's RFID technology and General Steel's vertical expertise to
tap China's huge market potential
for steel logistics management. We are pleased with our progress in
business transformation, and remain confident that the joint
venture will drive greater synergies and efficiency enhancements
soon."
Michael Au, Chief Executive
Officer of General Shengyuan IoT added, "Our unique combination of
UHF RFID tag and cloud-based platform is ideal for customers with
heavy demands for inventory management and asset tracking. Our
solution is built on our deepest understanding of the unmet needs
for steel logistics, and as a result, we have received exceedingly
positive feedback and acceptance from customers' initial trials.
Furthermore, our system's ability to provide long-distance asset
tracking and real-time inventory will enable steel manufacturers to
receive additional bank financing through collateralized in-transit
assets and thereby improve working capital and financial
flexibility. With this exciting new product that addresses not only
China's large and untapped steel
logistics management market but also the country's huge market
potential for bulk commodity logistics management, we are very
optimistic about our prospects."
About General Steel Holdings, Inc.
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.
For more information about General Steel, 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
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.