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General Steel Holdings, Inc. Successfully Completes Test Production Period at Its Joint Venture Site in Inner Mongolia, China

Posted on: Monday, 18 June 2007, 09:02 CDT

BEIJING, June 18 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. (BULLETIN BOARD: GSHO) , China's first U.S. publicly traded steel company, announced today it has successfully completed the test production period at its recently established Baotou Steel - General Steel Special Steel Joint Venture Co., Ltd. in Inner Mongolia, China. Capacity for the first phase of production is 100,000 annual metric tons. Two more phases are planned with a final production capacity of 600,000 annual metric tons.

Baotou Steel - General Steel Special Steel Joint Venture Co., Ltd. is a joint venture between General Steel Holdings, Inc. and Baotou Iron and Steel Group, Ltd., a leading Chinese state-owned enterprise steel company.

"We are very pleased to have successfully completed the test production period. The smooth progress through this period is a testimony to the strong level of cooperation and determination that exists among both parties in this joint venture. Successfully completing this period is a small, but important milestone in reaching our goal to become China's largest non-government owned steel company" stated Henry Yu, CEO and Chairman of General Steel Holdings, Inc.

About General Steel Holdings, Inc.

General Steel Holdings, Inc. through its subsidiary, Tianjin Daqiuzhuang Metal Sheet Co., Ltd., is a leading manufacturer of high quality hot-rolled steel sheets used in the construction of small agricultural vehicles. Since 1988, it has expanded its operations to ten production lines capable of processing 400,000 tons of 0.7-2.0 mm hot-rolled carbon steel sheets per year. It sells its products through a nation-wide distribution network of 35 distributors and 3 regional sales offices. With 2006 sales exceeding $139 million, it is the largest producer in its product category in China. For more information, visit 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.

For more information, please contact: Ross Warner General Steel Holdings, Inc. Tel: +86-10-5879-7346 (Beijing) Email: ross@gshi-steel.com Skype: ross.warner.generalsteel

General Steel Holdings, Inc.

CONTACT: Ross Warner of General Steel Holdings, Inc., +86-10-5879-7346,or ross@gshi-steel.com, or Skype, ross.warner.generalsteel

Source: PRNewswire

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