BEIJING, Oct. 15 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. ("General Steel") , one of China's leading non-state owned steel products producer, announced today that it has retained HC International to design and execute its investor relations campaign.
"As an emerging and rapidly growing steel provider, our company has established a solid production platform," said Mr. Henry Yu, CEO of General Steel Holdings, Inc. "We look forward to collaborating with HC International, Inc. to raise our visibility in both the investment community and with the financial media as we embark on the next phase of our growth strategy."
China is the largest producer and consumer of domestic steel and it is estimated nearly 500 million tons will be consumed during 2007. The domestic steel industry is highly fragmented with an estimated 1100 companies while the Central Government is driving industry consolidation through forced mergers and heightened operating restrictions.
General Steel is currently capitalizing on these industry trends. Through acquisitions, joint venture partnerships, and organic growth, General Steel plans to grow its annual production exponentially from 3 million tons.
"General Steel is a leading non-state owned steel provider in China with a strong management team and is positioned to take advantage of a large and growing market," said Matthew Hayden, President of HC International. "General Steel's management has significant industry experience and relationships and provides an ideal conduit for U.S. investors to participate in the long-term secular growth of China's infrastructure, energy and heavy equipment sectors. Management maintains a significant ownership in the enterprise, thus aligning its interests with that of the shareholders to create long-term value."
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. General Steel 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. General Steel 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 General Steel'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. General Steel 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:
