BEIJING, Jan. 23 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. (“General Steel”), (the “Company”), (Amex: GSI), one of China’s leading non-state owned steel products producer; announced today that the Company will ring the opening bell to commence the day’s trading at the American Stock Exchange (AMEX) on Tuesday, January 29, 2008. On hand for the bell ringing will be Henry Yu, General Steel’s CEO and Chairman, John Chen, the Company’s CFO, and several members of the Board of Directors.
General Steel joins the long list of Amex-listed companies and dignitaries that have opened trading on the Amex in a tradition that dates back to 1921. Henry Yu, Chairman and CEO of General Steel stated, "It is an honor to be part of this long-standing tradition and I am pleased for all the employees and shareholders of General Steel to be able to ‘ring the opening bell’ today. We have built a sound organization with strong fundamentals and we see a bright future ahead for growth as we continue to pursue our consolidation strategy."
For the first nine months of 2007, Revenues increased over 420% to $504.2 million. Gross Profit increased 692% to $35.7 million with Gross Margins of 7.1% vs. 4.7% for the year ago period. Net Income was $10.4 million vs. $.52 million with EPS of $.33 vs. $.02.
The Company plans to provide fourth quarter and full year 2007 financial results in March 2008, further details which will be forthcoming.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, operates a diverse portfolio of Chinese steel companies. With 3 million tons aggregate production capacity, its companies serve various industries and produce a variety of steel products including reinforced bar (rebar), hot-rolled carbon and silicon sheet and spiral-weld pipe. The Company has steel operations in Shaanxi province (central China), Inner Mongolia autonomous region (northwest China) and Tianjin municipality (northeast China).
Information Regarding Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements which will be made 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. Such forward-looking statements may be affected by inaccurate assumptions or by known or unknown risks or uncertainties. Actual results may vary materially from those expressed or implied by the statements herein. For factors that could cause actual results to vary, perhaps materially, from these forward-looking statements, please refer to the Company's Form 10-K, filed with the Securities and Exchange Commission, and other subsequent filings. Forward-looking statements contained herein speak only as of the date of this release. 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.
For more information, please contact:
Ross Warner, General Steel Holdings, Inc.
Tel: +86-10-5879-7346 (Beijing)
Email: ross@gshi-steel.com or
Skype: ross.warner.generalsteel
Ted Haberfield, HC International, Inc.
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net
Web: hcinternational.net
