BEIJING, June 16, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-controlled steel producer in China, today announced that its majority-owned
joint venture, Tianjin General Shengyuan IoT Technology Co., Ltd.
("General Shengyuan IoT"), has signed a Letter of Intent ("LOI")
with Tewoo Group Co., Ltd. ("Tewoo Group"), a Fortune Global 500
company, to deploy RFID-based intelligent steel logistics
management at Tewoo Group's seven steel logistic centers in Wuxi
City, Jiangsu Province.
Under the terms of the LOI, General Shengyuan IoT will upgrade
Tewoo Group's logistic management system and integrate RFID
technology, video monitoring, wire and wireless communications, and
other information technologies for steel logistics management. It
is anticipated that upon the completion of the initial phase for
these seven logistic centers, the collaboration may expand to
include all of Tewoo Group's more than 100 logistic centers
throughout China. Tewoo Group's ultimate goal is to create a
unified platform for steel logistics management that allows
real-time visibility throughout its nation-wide centers, enabling
efficient, accurate, and automated inventory tracking, intelligent
stocking, and electronic signing and notification.
Henry Yu, Chairman and Chief
Executive Officer of General Steel commented, "We are extremely
excited with the prospect of commercializing RFID solutions and
internet-of-things platforms into China's large steel sector. This cooperation
with one of the industry's premier steel logistic companies
demonstrates continued progress in our RFID venture.
Leveraging on our deep vertical expertise, we are confident that
our RFID solutions will provide our customers with greater
visibility and efficiency in their steel logistics and assets
management, making possible the collateralization of in-transit
steel assets and thereby greatly enhancing working capital and
financial flexibility for the entire steel industry."
Michael Au, Chief Executive
Officer of General Shengyuan IoT added, "We are glad to sign this
LOI with Tewoo Group, highlighting the success of our trial UHF
RFID tags at Tewoo Group's logistic centers. We are highly
optimistic with the prospects of our unique combination of a UHF
RFID tag and a cloud-based platform, and we believe the
commercialization of our RFID-based solutions in steel logistic
centers will be a catalyst for expansion into other industries'
bulk commodity logistics management. We plan to complete the
project's system upgrade in the third quarter of 2015, and to
subsequently generate recurring revenue streams from RFID tag sales
and technical support."
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 its 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.