Company Website: http://www.longhaisteelinc.com/
Company Information: Investor Presentation Package 2011
Compay is Fully Filing: OTCQB on OTCMarkets
1-1-12: Steven J Ross hired as Director and Executive VP
On August 1, 2011, Longhai entered into a lease agreement with Xingtai Longhai Steel Group Co. Ltd. (the "Landlord"), a related party, pursuant to which Longhai leased approximately 90,500 square meters of manufacturing space and all wire making equipment contained in the space (the "Lease"). Longhai commenced the Lease on August 1, 2011 and started operating the new production line (the "New Line") on August 22, 2011. The New Line has the capacity to produce alloy steel, cold forging steel and welding rod. It is expected to increase Xingtai Longhai's annual capacity and profit by approximately 60%
Share Structure: (as of Nov. 4, 2011)
Float 750,993. Per the Company and TA.
Interwest Transfer Company, Inc.
1981 Murray Holladay Road, Suite 100
Salt Lake City, UT 84117
Financial Information per last 10Q (Q3: 9-30-11):
Net Worth: $51M
Shareholders Equity: $51M = $5.07/share
Last Q Revenues: $119M
Last Q Net Income: $979K = .10/share
Through its Chinese operating company, Longhai manufactures steel wire products in diameters from 6.5 to 10 millimeters on two wire production lines that have a total annual capacity of about 900,000 metric tons.
Longhai's output is sold to several distributors who transport the wire to nearby wire processing companies that make a variety of products including screws, nails, and wire mesh used to reinforce concrete and for fencing.
Longhai manufactures on demand. Sales prices are set at the market price for wire on a daily basis. Customers usually prepay with their orders, then the final prices are adjusted to the market price on the day of pickup by the customer. This allows Longhai to maintain low inventory of both wire and raw materials and minimizes its exposure to commodity price volatility. To increase sales and be price competitive, Longhai occasionally offers discounted wholesale prices.
Sales efforts are directed toward developing and sustaining long-term relationships with customers who are able to purchase in large quantities. In 2010, Longhai's top five distributors accounted for about 40% of our sales.
Longhai's production facilities, located in Xingtai, Hebei province, cover 107,000 square meters. The plant includes a single steel furnace with its coarse and intermediate rolling mills that then feeds two precise wire rolling and drawing lines that create the finished products. This design yields high quality, high volume, and competitive manufacturing costs per ton.
Mr. Chaojun Wang
Chairman and CEO
Mr. Wang has served as our Chairman and Chief Executive Officer since March 2010, has served as the Chief Executive Officer of our Chinese operating company since its inception in 2008, and has served as Chairman of the Longhai Steel Group, our former parent company, since 1999. Mr. Wang is a member of the local parliament. He holds a Bachelor's degree in Enterprise Management from the Shijiazhuang Railway College. Born in 1955, he is 55 years old.
Mr. Heyin Lv
Chief Financial Officer
Mr. Lv joined Xingtai Longhai Steel Group Co., Ltd., the Company's then parent company in April 2008. He was later appointed as the Chief Financial Officer of Xingtai Longhai Wire Rod Co., Ltd., the Company's operating subsidiary, and served from August 2008 to July 2011. He was responsible for financial reporting, financial planning and analysis, budgeting and treasury management. From 2007 to March 2008, Mr. Lv was an auditor with Xingtai Zhengda Audit Firm. In 2006, Mr. Lv was the Financial Director of Hebei Xingda Group, responsible for financial reporting and treasury management. From 2001 to 2005, Mr. Lv served as the Financial Manager for Xingtai Century Auto Trading Co., Ltd., responsible for financial reporting and financing. Mr. Lv graduated from Xingtai Accounting and Trade School and earned a bachelor's degree in Accounting. He is a Certified Public Accountant in China.
| Date : || 05/21/2013 @ 1:01AM |
| Source : || OTC Markets |
| Stock : || Longhai Steel, Inc. (PL) (LGHS) |
| Quote : || 0.1 0.0 (0.00%) @ 5:32AM |
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Tue, May 21, 2013 12:00 - Longhai Steel, Inc. (LGHS: OTC Link) - Venue Change - The symbol, LGHS, no longer trades on OTC Link/FINRA BB. As of Tue, May 21, 2013, LGHS trades on OTC Link. You may find a complete list of venue changes at otcmarkets.com.