BEIJING, China, Aug. 15 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. ("General Steel"), (OTC Bulletin Board: GSHO), China’s first publicly traded steel company in the US, announced today that due to complexities of the consolidation of its June joint venture with the Shaanxi Long Men Iron and Steel Group, Co., Ltd. ("Long Men Steel Group") it will file its 10-Q form for the second quarter ending June 30, 2007, with the SEC on August 20, 2007.
Second Quarter 2007 Achievements
-- Signed 60% Joint Venture agreement with Long Men Steel Group
-- Finalized 80% ownership position in a Joint Venture agreement with
Baotou Iron & Steel Group
-- Purchased 30% remaining outstanding shares of Tianjin subsidiary
-- Increased aggregate production capacity from 400,000 tons to 3 million
tons
"We are very pleased with our second quarter preliminary financial results", stated Henry Yu, General Steel Holdings, Inc. Chairman and CEO. "Primarily because of the complexities of our new Long Men Joint Venture which started in June, our auditors and accountants needed a few extra days to review all the figures. These figures include only a month of operation for the Long Men Joint Venture, but investors will clearly see the strong earning potential it represents. We look forward to the third quarter in which we will have the Long Men Joint Venture for the full three months as well as the new Baotou Steel Pipe Joint Venture. We are very excited about the potential for our company."
Earnings Conference Call
Management will host a conference call at 9:00 a.m. Eastern Time on August 20, 2007, to discuss results of the second quarter ending June 30, 2007, and to provide a greater insight into the company’s two new joint ventures and its expanded operations. Joining Henry Yu, General Steel Holdings Chairman and CEO, on the call will be John Chen, the company’s Chief Financial Officer, and Ross Warner, a Director with the company. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1-800-860-2442. The pass code for the call is "General Steel."
This conference call will be broadcast live over the Internet and can be accessed by all interested parties through the following URL http://www.videonewswire.com/event.asp?id=41866 . To listen to the live webcast, go to the URL at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on General Steel Holdings’ website http://www.gshi-steel.com .
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. Our companies serve various industries and produce a variety of steel products: reinforced bars (rebar), hot-rolled carbon and silicone sheets, and spiral-weld pipes. Our aggregate production capacity of steel products is 3 million tons, of which the majority is rebar. We have operations in Shaanxi province (central China), Inner Mongolia province (northwest China) and Tianjin municipality (northeast China). For more information, visit http://www.gshi-steel.com .
Information Regarding Forward-Looking Statements
The Company intends to finalize its form 10-Q filing for the three month period ending June 30, 2007, on August 20, 2007. Information in this press release may be subject to change in the accounting review. 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. 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. 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
Email: ross@gshi-steel.com
Skype: ross.warner.generalsteel
