General Steel (GSI) to Delay 10-K Filing; Issues Prelim. FY12 Results

General Steel Holdings, Inc. (NYSE: GSI), a leading non-state-owned steel producer in China, filed with the U.S. Securities and Exchange Commission a Form 12b-25 pertaining to its Annual Report on Form 10-K for the year ended December 31, 2012. The Company today also announced certain preliminary financial results for the fiscal year ended December 31, 2012. The Company expects to file the Annual Report on Form 10-K for the year ended December 31, 2012, along with the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, with the SEC on or before June 21, 2013. "We are pleased with the progress made with our auditor, continuing the momentum of our recently completed 2011 audit and soon returning General Steel to a regular financial reporting schedule," said Henry Yu, Chairman and Chief Executive Officer of General Steel. "Our preliminary results for 2012, though constrained by a challenging year, still provide us with encouraging signs that we believe will enable us to regain a strong position and improve profitability." General Steel expects to report 2012 total sales in the range of $2.6 billion to $2.9 billion and sales volume in the range of 5.2 million to 5.6 million metric tons. Gross margin is expected to be in the range of 1.0% to 1.2%, compared to negative 2.5% in the prior year. As of December 31, 2012, the Company had cash, cash equivalents, and restricted cash of approximately $370 million. These financial results are preliminary and unaudited. Final, audited results will be included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. John Chen, Chief Financial Officer of General Steel, added, "We are glad to see the company getting back to regular financial reporting. Overall, 2012 was a painful year for the entire industry, as China's major steel producers on average saw a 98% year-over-year decline in profitability, according to industry statistics. Despite such difficult environment, we believe General Steel performed comparatively better in 2012, as we were able to return to positive gross margin for the full year. Our improved gross margin reflects our focus on cost efficiency, and we aim to continue building on that momentum."

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