BEIJING, Oct. 23 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. ("General Steel") (AMEX: GSI), one of China's leading non-state owned steel products producer; today announced preliminary third quarter financial results.
Management expects to report third quarter revenues between $300 million and $340 million, representing an increase of approximately 539% to 624% from the third quarter of 2006. Additionally, management expects the corresponding net income to be between $7 million and $7.5 million, representing an increase of approximately 3793% to 4071% from the third quarter of 2006.
A conference call to supplement the upcoming earnings release will take place prior to November 15 and specific details will be forthcoming.
"We are very pleased with the Company's execution and financial results for the third quarter, which included a full 3 month contribution period from both the Long Men and Baotou Joint Ventures, and reflects our 100 percent ownership in Tianjin Daqiuzhuang. Additionally, we successfully integrated the Long Men management team into our organization which has been a seamless transition," said Mr. Henry Yu, CEO and Chairman of General Steel Holdings, Inc. "These results provide confidence in our ability to meet our previously stated revenue and net income guidance for 2007 of $751 million and $16.4 million respectively."
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. 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.
