General Steel Shares Highlights from Piper Jaffray & ChinaVenture Investment Conference

March 20, 2009

BEIJING, March 20 /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 highlights from the Piper Jaffray & ChinaVenture
Investment Conference in Shanghai on Tuesday, March 17, 2009.

During a panel discussion titled, “Key infrastructure opportunities in
China and the reacceleration of economic growth,” Ms. Jing Ou-Yang, General
Steel’s investor relations manager said, “Our focus on producing high-quality,
construction-related steel makes us well positioned to benefit from
infrastructure investment in China. Especially in inland provinces, such as
Shaanxi and Sichuan, we are seeing stimulus measures beginning to take effect.
Our geographic proximity to this rising demand for construction steel,
integrated production facilities and new, efficient blast furnaces, give us a
unique ability to cater to stimulus and earthquake rebuilding projects and to
benefit from the central government’s continued emphasis on western

In October of 2008, the Company announced the completion of two new blast
furnaces at its Shaanxi Longmen Steel Co., Ltd. Joint Venture (“Longmen Joint
Venture”) site, which increased the Company’s production capacity and
efficiency. Ms. Ou-Yang noted that the furnaces coming online coincides with
rising demand for construction-related steel from the central government’s
increased spending on rural development in China. The two, new blast furnaces
require less energy, coke and manpower and have a pig-iron production capacity
of 2 million metric tons annually.

In the first quarter of 2009, recognized by the Sichuan provincial
government as a “Preferred Supplier” for reconstruction projects, the
Company’s Longmen Joint Venture signed contracts with the city of Mianyang in
Sichuan province to provide over 70,000 metric tons of rebar. In addition,
General Steel has announced its participation in additional projects in
Shaanxi province including:

    -- Xi'an's subway lines 1 and 4 extensions
    -- The Xi'an-Baotou railway
    -- The Shiyen-Gansu expressway

Ms. Ou-Yang concluded the discussion saying, “After the financial crisis
began, prices for raw materials and finished products dropped significantly,
with finished product prices falling faster than those of raw materials. Our
strategic decision to sell-off high-cost inventory as quickly as possible
allowed us to purchase lower-cost inventory and improve our margins throughout
the fourth quarter. In fact, by December, we were pleased to see gross margins
return to positive territory. We’re excited about the stimulus-related demand
we’ve seen thus far and are confident that China’s emphasis on western
development will propel our growth in the longer-term.”

At the conference, Ms. Ou-Yang also held one-on-one meetings with
investors to discuss the Company’s financial results and business strategy.

More information about the Piper Jaffray & ChinaVenture Investment
Conference can be found at:

About General Steel Holdings, Inc.

General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China,
operates a diverse portfolio of Chinese steel companies. With 6.3 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 .

    For further information, please contact:

    In China:
    General Steel Holdings, Inc.
     Jing Ou-Yang
     Tel:   +86-10-5879-7346
     Email: jing.ouyang@gshi-steel.com

    Ogilvy Financial, Beijing
     Justin Knapp
     Tel:   +86-10-8520-6556
     Email: justin.knapp@ogilvy.com

    In the United States:
    Ogilvy Financial, New York
     Jessica Barist Cohen
     Tel:   +1-646-460-9989
     Email: jessica.cohen@ogilvypr.com

SOURCE General Steel Holdings, Inc.

Source: newswire

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