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General Steel Holdings Files Shelf Registration Statement

Posted on: Thursday, 15 January 2009, 12:29 CST

BEIJING, Jan. 15 /PRNewswire-Asia-FirstCall/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced that it has filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the "SEC"), on January 15, 2009. The shelf registration will permit General Steel, from time to time, to sell up to US$60 million of securities to or through underwriters, directly to investors or through agents.

"General Steel was founded with a two-fold strategy in mind: to aggressively merge, create joint-ventures and acquire state-owned enterprises and private steel companies with outstanding potential in China, and to increase profitability of acquired assets with the infusion of applied western management practices, advanced production technologies and capital resources," said Mr. Henry Yu, General Steel's chairman and chief executive officer. "We have executed on our plan and are proud of the controlling interest we share in four subsidiaries today. While we have no immediate plans to raise capital, we are taking the necessary steps to position ourselves to take advantage of healthier market conditions in the future and to continue delivering on our mission of becoming one of the largest and most profitable non-government- owned steel companies in China."

The shelf registration statement allows the Company to sell securities in one or more offerings. In each instance in which the General Steel issues securities, the Company will provide a prospectus supplement containing more specific information about the particular offering. This press release does not constitute an offer to sell securities in any jurisdiction where the Company's offer or sale is not permitted.

About General Steel Holdings, Inc.

General Steel Holdings, Inc., headquartered in Beijing, operates a diverse portfolio of Chinese steel companies. With 4.8 metric million tons aggregate production capacity, its companies serve various industries and produce a variety of steel products including rebar, hot-rolled carbon and silicon sheet, high-speed wire and spiral-weld pipe. General Steel Holdings, Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality. For more information, please visit to http://www.gshi-steel.com .

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.

SOURCE General Steel Holdings, Inc.

Source: PR Newswire

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