BEIJING, April 29, 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 it has regained
compliance with the continued listing standard of the New York
Stock Exchange (the "NYSE") relating to minimum pricing of its
common stock.
In a letter dated April 27, 2015,
the NYSE notified the Company that the closing price, as well
as average stock price of its
common stock for the 30 trading
days ended April 24, 2015,
which was the last day of the six-month cure period from receipt of
the previous non-compliance of the minimum share price notification
on October 24, 2014, was at or above
the NYSE's minimum pricing standard of $1.00. Accordingly, General Steel has
successfully regained compliance with the NYSE minimum pricing
standard.
The Company's common stock will continue to be listed and traded
on the NYSE, while the dissemination of the ".BC" indicator and
NYSE web site posting will continue as the Company is subject to
continued monitoring applicable to its previous non-compliance with
the $50 million average market
capitalization and stockholders' equity requirement.
Henry Yu, General Steel's
Chairman and Chief Executive Officer, said: "We are pleased to
regain compliance with NYSE's
minimum pricing standard, which we believe is a reflection of
investors' confidence in our transformation. We remain on track in
our business transformation, specifically in commercializing RFID
technologies and solutions, and expansion into the
Internet-of-Things and logistics sectors. We are confident that as
General Steel transforms from an integrated steel producer into a
multi-faceted, synergistic platform that will comprise not only
steel-related businesses but also high-growth, high-margin
non-steel businesses, our growth prospects and profitability will
improve."
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, 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.