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8-K - GENERAL STEEL HOLDINGS INC | v206176_8k.htm |
Exhibit
99.1
General
Steel Announces Share Repurchase Program
BEIJING,
December 21, 2010 — 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 the
Company’s board of directors has approved a share repurchase
program.
Under the
terms of the approved program, General Steel may repurchase up to an
aggregate of 1,000,000 shares of the Company’s common stock. The repurchases may
be made from time to time in the open market or in privately negotiated
transactions in accordance with applicable federal securities laws. The program
does not have an expiration date and the timing of the repurchases and the exact
number of shares of common stock to be purchased will be determined by the management of
the Company, in their discretion, and will depend upon market conditions and
other factors. General Steel plans to fund repurchases made under this program
from its available cash balance.
"Demand
for our steel products remains strong as China continues to invest substantially
in developing the infrastructure of its Western rural areas,” said General
Steel’s Chairman and Chief Executive Officer Henry Yu. “We believe our board’s
approval of this new share repurchase program reflects confidence in the future
growth potential of our business. The current market price permits an attractive
opportunity for the Company to re-invest a portion of its capital balance in the
Company’s own stock and indicates our commitment in increasing shareholder
value.”
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 metric tons of
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
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. Actual results could differ materially from those projected in the
forward-looking statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set forth in the
Company’s filings under the Securities Act of 1933 and the Securities Exchange
Act of 1934 under “Risk Factors” and elsewhere, and include: (a) those risks and
uncertainties related to general economic conditions in China, including
regulatory factors that may affect such economic conditions; (b) whether the
Company is able to manage its planned growth efficiently and operate profitable
operations, including whether its management will be able to identify, hire,
train, retain, motivate and manage required personnel or that management will be
able to successfully manage and exploit existing and potential market
opportunities; (c) whether the Company is able to generate sufficient revenues
or obtain financing to sustain and grow its operations; (d) whether the Company
is able to successfully fulfill our primary requirements for cash and (e) other
risks, including those disclosed in the Company’s Form 10-K, filed with the
SEC. 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.
Exhibit
99.1
For
investor and media inquiries, please contact:
In
China:
Ms. Jenny
Wang
General
Steel Holdings, Inc.
Tel:
+86-10-5879-7340
Email:
jenny.wang@gshi-steel.com
Mr.
Justin Knapp
Ogilvy
Financial, Beijing
Tel:
+86-10-8520-6556
Email:
gsi@ogilvy.com
In
the United States:
Ms.
Jessica Barist Cohen
Ogilvy
Financial, New York
Tel:
+1-646-460-9989
Email:
gsi@ogilvy.com