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And boy would that defeat their (GSI's) vision ;)
"Our vision is to become one of the largest and most profitable non-government owned steel companies in China."
No Buy Out...
Unless it was the government...
And they would just take it...
lol
GLTA
???????????????
GLTA
General Steel States Its Policy Not to Comment on Unusual Market Activity
BEIJING, Sept. 10, 2012 /PRNewswire/ -- 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 in view of the unusual market activity in the Company's stock, the New York Stock Exchange ("the NYSE") has contacted the Company in accordance with its usual practice. The Company informed the NYSE that its policy is not to comment on unusual market activity.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its companies serve various industries and produce a variety of steel products including rebar, 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.
To be added to the General Steel email list to receive Company news, please send your request to generalsteel@tpg-ir.com.
Contact Us
In China:
Jenny Wang
General Steel Holdings, Inc.
Tel: +86-10-5775-7691
Email: jenny.wang@gshi-steel.com
In the US:
The Piacente Group, Inc.
Investor Relations
Brandi Floberg or Lee Roth
Tel: (212) 481-2050
Email: generalsteel@tpg-ir.com
I don't know about that. I Think it's more - get filed and get current - which is a HUGE step in the right direction.
I did run across this though....
General Steel Holdings, Inc. (NYSE: GSI) 25.2% HIGHER; moving higher above $1 level as sentiment for miners and metals continues.
General Steel States Its Policy Not to Comment on Unusual Market Activity
Date :09/10/2012 @ 1:36PM
Buyout?
Same. I expected a pull back from the initial move but maybe they are prepping to get the rest of the filings filed sooner then we think?
I hope it holds tomorrow...
GLTA
Yes, congrats on the move. I saw the move to .80 when they re-filed their earnings last week. I thought that was all she'd do- an then it hits 1.40 today, lol- probably some short covering helping the move also. Most of these China small caps have been left for dead along the side of the road...and yet some are very much alive.
Greetings. New to the forum but a GSI shareholder for awhile now. Recent action interesting and still looks a bit unsure whether the uptrend will continue in the short term or we are in for a respite and a further buying opportunity. Seems to be a real disparity in bid-ask volume, seems there is a surplus of buyers and it seems that it is being held back somehow from further short term upside. I am still learning on the price action here, but does anyone else see this as well?
Good to see you...
GLTA
good luck from NC
I'm A Flipper...
Been in and out since the days of 5/share...
Made some nice $$$ from GSI...
Lost some too...
Been on other boards for GSI for years...
I to can feel the pain of some of you people that have held for a long time...
Lets see if we can get you out with some profit...
GLTA
I don't mind sharing my prices-
I have absolutely no pride. LOL
It would be the quantity of each that makes a difference and that I tend to keep quiet on.
GSI
2.93, 2.34, 1.57, and .64
(My 2010 to 2012 sets)
I have owned GSI back and forth for many years...and long before those dates as well.
And you?
That's All Right...
What is your buy ins...
If you don't mind...
GLTA
Because I watch simple ma's and getting back into proper order for an uptrend... (which is a fancy way of saying I'm stuck in the darn thing and waiting for it to flip around ;)
I like: The 5,9,14 and 20 moving back above the fifty day and lining up to take the 200 day:
LT goal 5,9,14,20,50,200 perfect order for a strong trend
Been a long time since we took that 200, right?
But I don't like spread bollies and being on the outside of the bollie: I would be very happy if GSI came back down, got those bollies to pull together, tested the five day and held that sma.
Too much, too quick is great for the trade - but it's delaying a secure move forward, imho.
GSI will need to chill at some point.
Im Thinking To Much To Fast...
Hope Im wrong...
But .80s would not be a bad thing by your chart...
GLTA
Can It Hold 1...
GLTA
She Should Of Never Came Down...
Only think left is 2012 to re-instate...
GLTA
I would, however, like to know WHY she had such a move.
Wouldn't you?
Very Nice...
GLTA
Oh I soooo liked that. :)
And you?
Did You Like That...
GLTA
re:usually the meaning "as soon as possible" is in Chinese language worse than just silence :)
LOL. OH, don't I know it!
If only they understood the concept of 'do it right the first time.' ;) They could have saved a bunch of time.
General Steel Completes Restatement of 2009, 2010 and First Quarter 2011 Financial Results
http://www.streetinsider.com/Press+Releases/General+Steel+Completes+Restatement+of+2009%2C+2010+and+First+Quarter+2011+Financial+Results/7694578.html
BEIJING, Aug. 30, 2012 /PRNewswire-Asia-FirstCall/ -- 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 it has filed amended annual reports on Form 10-K/A for the year ended December 31, 2010 and amended quarterly reports on Form 10-Q/A for the quarters ended June 30, 2010, September 30, 2010 and March 31, 2011 with the U.S. Securities and Exchange Commission ("SEC").
With these restatements complete, the Company is focused on the audit process on its outstanding financial statements and expects to file its quarterly reports on Form 10-Q for the periods ended June 30, 2011, September 30, 2011, March 31 and June 30, 2012, as well as its Annual Report on Form 10-K for the year ended December 31, 2011 with SEC as soon as possible.
"We view the completion of these amended filings as an important step forward for our Company and are grateful for the tremendous effort put forth by our finance team, our auditors and the OCA staff over the last year that has enabled us to reach this stage in the process," said John Chen, Chief Financial Officer of General Steel. "We continue to move ahead and look forward to completing our outstanding filings."
Henry Yu, Chief Executive Officer of General Steel added, "While our finance team has been intently focused on resolving these accounting issues, we have made great progress toward strengthening our operational capabilities to support the Company's long-term growth. Our business and strategy remain on track, and we are poised to benefit from the ongoing investment in the development of China's Greenfield Western region. We have a solid reputation throughout the industry, partnerships with leading government-owned entities and a meaningful geographic advantage. We look forward to leveraging these strengths to advance our business and help build shareholder value."
As previously disclosed, these amended filings follow a reassessment of the accounting treatment for certain reimbursements received from June 2009 to March 2011 with regard to General Steel's collaboration with Shaanxi Iron and Steel Group, Co. Ltd. ("Shaanxi Steel") on the construction of manufacturing equipment by Shaanxi Steel at the Longmen Joint Venture facility. Following discussions with its current and former auditors and guidelines from the Office of the Chief Accountant of the SEC, the Company concluded that, except for the reimbursement for site preparation costs, the amount of reimbursement previously recorded as income should be deferred and recognized as a component of the property that was sub-leased during construction, to be amortized to income over the remaining term of the 40-year sub-lease. This deferral had no impact on the Company's previously reported revenue or cash balances.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its companies serve various industries and produce a variety of steel products including rebar, 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.
Update: The original Plan: From Jun 8, 2012
http://investorshub.advfn.com/boards/post_reply.aspx?message_id=76459881
Quote:
--------------------------------------------------------------------------------
The Company will restate its 2009 and 2010 financial statements in an amended Annual Report on Form 10-K/A for the year ended December 31, 2010 (Filed 8/30/12)and amended quarterly reports on Form 10-Q/A for the quarters ended June 30, 2010 (filed 8/29/12) September 30, 2010 (filed 8/29/12) and March 31, 2011 (filed 8/30/12).
Following the restatements,
(currently waiting on:)
the Company will file its outstanding 2011 quarterly reports on Form 10-Q for the periods ended June 30, 2011, September 30, 2011 and March 31, 2012, as well as its Annual Report on Form 10-K for the year ended December 31, 2011.
(and after that: that will mean June 30,2012 and Sept 30,2012 needed for this year)
The Company expects to file these documents with the U.S. Securities and Exchange Commission ("SEC") as soon as practicable and regain compliance with the continued listing standards of the New York Stock Exchange.
Form 10-Q/A GENERAL STEEL HOLDINGS For: Mar 31
http://www.sec.gov/Archives/edgar/data/1239188/000114420412048796/v322626_10qa.htm
Form 10-K/A GENERAL STEEL HOLDINGS For Fiscal Year Ended December 31, 2010
http://www.sec.gov/Archives/edgar/data/1239188/000114420412048794/v322531_10ka.htm
The original Plan: From Jun 8, 2012
http://investorshub.advfn.com/boards/post_reply.aspx?message_id=76459881
Form 10-Q/A GENERAL STEEL HOLDINGS For: Sep 30
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8448922
Form 10-Q/A GENERAL STEEL HOLDINGS For: Jun 30
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8448904
8K on the presentation at Jefferies 2012 Global Industrial and A&D Conference in New York on August 9, 2012
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8411022
It's a nice presentation, plus it's proof they are 'still alive'. I was honestly beginning to wonder.
It might help if they would actually file earnings some day!
General Steel Subsidiary Hengda Steel Signs Materials Sourcing and Production Agreement with State-Owned Enterprises
BEIJING, July 18, 2012
http://ih.advfn.com/p.php?pid=nmona&article=53505309&symbol=GSI
BEIJING, July 18, 2012 /PRNewswire-Asia-FirstCall/ -- 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 its 99%-owned subsidiary, Maoming Hengda Steel Co., Ltd. ("Maoming Hengda"), recently signed an agreement with Tianjin Products & Energy Resources Development Co., Ltd. ("Tianwu"), and Tianjin Linktone Co., Ltd. ("Linktone"), under which Maoming Hengda will purchase steel billet from Linktone and sell rebar manufactured from this steel billet to Tianwu at a fixed markup of RMB 200 per metric ton (approximately USD $31.85).
General Steel estimates that the rebar will be produced with conversion efficiency of approximately 95%, and any scrap steel generated in the manufacturing process is expected to become the property of Maoming Hengda for recycling or other applications.
"This agreement with Tianwu and Linktone represents another important step in our efforts to enhance our raw materials' sourcing efficiency and improve our gross margin performance, while further expanding our relationships with prominent state-owned enterprises," said General Steel Chairman and Chief Executive Officer, Mr. Henry Yu. "It enables us to establish a fixed markup for the rebar sold to Tianwu, which secures a stable gross margin under the agreement. We are discussing additional collaboration opportunities on both raw materials procurement and steel processing with Tianwu and Linktone and are excited about the long-term potential of this relationship."
Interesting that they halted GSI over that: from 6/8/12
June 8, 2012
13:01 EDT GSI theflyonthewall.com: General Steel trading resumes
12:50 EDT GSI theflyonthewall.com: General Steel to restate FY09, FY10 financial results
12:35 EDT GSI theflyonthewall.com: General Steel trading halted, pending news
General Steel to Restate Certain Items in Accounting Treatment Related to Collaboration with Shaanxi Iron and Steel Group, Co. Ltd.
http://finance.yahoo.com/news/general-steel-restate-certain-items-164500380.html
Company to Restate 2009 and 2010 Financial Results; No Material Impact on Sales Revenue; No Impact on Cash Balances
Company Expects to File All Outstanding Financial Statements with the SEC and Regain Compliance with NYSE Listing Requirements
Press Release: General Steel Holdings, Inc. – Fri, Jun 8, 2012 12:45 PM EDT.. .
BEIJING, June 8, 2012 /PRNewswre-Asia-FirstCall/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (GSI), one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced that it will restate the accounting treatment for certain reimbursements received related to its collaboration with Shaanxi Iron and Steel Group, Co. Ltd. ("Shaanxi Steel") on the construction of equipment by Shaanxi Steel during the period from June 2009 to March 2011.
The Company will restate its 2009 and 2010 financial statements in an amended Annual Report on Form 10-K/A for the year ended December 31, 2010 and amended quarterly reports on Form 10-Q/A for the quarters ended June 30, 2010, September 30, 2010 and March 31, 2011. Following the restatements, the Company will file its outstanding 2011 quarterly reports on Form 10-Q for the periods ended June 30, 2011, September 30, 2011 and March 31, 2012, as well as its Annual Report on Form 10-K for the year ended December 31, 2011. The Company expects to file these documents with the U.S. Securities and Exchange Commission ("SEC") as soon as practicable and regain compliance with the continued listing standards of the New York Stock Exchange.
"I am grateful for the tremendous effort put forth by our finance team since the second quarter of 2011, and our collective diligence and proactive consultation with the Office of the Chief Accountant of the SEC, which have enabled us to reach this outcome. With this solution in-hand, we are prepared to move forward to complete the outstanding filings as soon as possible," said John Chen, Chief Financial Officer of General Steel. "While the delays caused by these restatements were unfortunate, we believe the process was ultimately beneficial and will enable us to continue to adhere to the highest standards of accounting policies and internal controls. Our business remains strong and we look forward to reporting our results and continuing to build shareholder value."
As previously disclosed, the Company has been reassessing the accounting treatment with regard to its collaboration with Shaanxi Steel on the construction of equipment by Shaanxi Steel from June 2009 to March 2011. During this period, General Steel worked with Shaanxi Steel to build new state-of-the-art equipment at the site of General Steel's principal subsidiary, Shaanxi Longmen Iron and Steel Co., Ltd. ("Longmen JV"). As a result, the Company's Longmen JV incurred certain costs of construction as well as economic losses on suspended production of certain small furnaces and other equipment to accommodate the construction of the new equipment, on behalf of Shaanxi Steel. To compensate the Company, in the fourth quarter of 2010, Shaanxi Steel reimbursed Longmen JV RMB 108 million related to the value of assets dismantled, various site preparation costs incurred by Longmen JV and rent under a 40-year property sub-lease that was entered into by the parties in June 2009 (the "Longmen Sub-lease"), and RMB 183 million for the reduced production efficiency caused by the construction. These reimbursements were reported as other income and a reduction of cost of goods sold in the fourth quarter of 2010. In addition, in 2010 and 2011, Shaanxi Steel reimbursed Longmen JV RMB 89 million each year for trial production costs related to the two new blast furnaces, two new converters and one new sintering machine constructed and owned by Shaanxi Steel, which were recorded as reductions to cost of goods sold in the fourth quarter of 2010 and in the first quarter of 2011. All of these reimbursements were settled by offsetting other payables due from Longmen JV to Shaanxi Steel.
The Company believed that the original accounting treatment for the reimbursement was in accordance with U.S. GAAP, based upon its understanding of the economic substance and the nature of reimbursement and its interpretation of U.S. GAAP. This accounting treatment was included in the Company's 2010 financial statements, which were audited by its former independent registered public accounting firm. Specifically, the reimbursement to Longmen JV of the costs incurred was recognized and treated as income as the reimbursements were received, based on an oral agreement reached with Shaanxi Steel at the onset of the construction in June 2009. Subsequently, the parties entered into a written agreement in December 2010, which was effectively the implementation of the prior oral agreement and the confirmation that such costs would be reimbursed subject to an independent audit firm's verification. The reimbursements were legally and contractually unrelated to any future agreements between the parties, which may have changed the accounting treatment.
However, in connection with the preparation of its quarterly report on Form 10-Q for the quarter ended June 30, 2011, the Company revisited the appropriate treatment for these items. Given the complexity, and the unique structure of the transaction and the challenge with respect to finding the appropriate accounting guidance, either by direct application or analogy in relation to various aspects of the transaction, both the Company's current and former auditors agreed that a review by the Office of the Chief Accountant ("OCA") of the SEC with respect to the appropriate accounting treatment for the compensation would be helpful.
On October 18, 2011, the Company requested guidance from the OCA. On April 20, 2012, after several rounds of written and oral communications, the OCA provided the Company with its guidance with respect to the accounting treatment. Following receipt of the guidance from the OCA, the Company concluded that it is appropriate to restate its previous accounting for these transactions and has forwarded to OCA a letter describing the final decisions regarding treatment of these items.
As a result of this process, the Company centered the accounting treatment on the Longmen Sub-lease, under which Longmen JV sub-leased the land to Shaanxi Steel on which the new furnaces were constructed. Under this approach, the reimbursement for the net book value of the fixed assets that were demolished and for the inefficiency costs caused by the construction and loss incurred in the beginning stages of the system production are considered a part of the sub-lease. Applying the leasing guidance, these reimbursements are effectively additional rent under the sub-lease and are incorporated into the accounting treatment for the sub-lease and amortized to income over the remaining sub-lease term. In other words, the Company has concluded that, except for the reimbursement for site preparation costs, for which the income statement treatment will remain unchanged, the amount of reimbursement and previously recorded income should be deferred and recognized as a component of the property that was sub-leased during the construction, to be amortized to income over the remaining terms of the 40-year sub-lease.
In summary, the effects on the financial statements of these restatements, subject to audit, will be as follows:
1.Reimbursements for the net book value of dismantled assets of RMB 70.1 million and inefficiency costs of RMB 183 million, which were recorded as reductions to costs of goods sold in the fourth quarter of 2010, will instead be deferred and amortized to income over the remaining term of the 40-year sub-lease.
2.Rent under the sub-lease for the period from inception of the land sub-lease to the fourth quarter of 2010, which was all recognized as rental income in the fourth quarter of 2010, will be recognized in the appropriate periods to which the rent relates, starting from June 2009.
3.Reimbursements for trial production costs of RMB 89 million and RMB 89 million, which were recognized as reductions to costs of goods sold in the fourth quarter of 2010 and the first quarter of 2011, respectively, will instead be deferred and amortized to income over the remaining term of the 40-year sub-lease. At various stages during this trial production phase, although Longmen JV was still testing the newly constructed assets, certain of the assets, mainly the sintering machine, converters and blast furnaces, came online and became available to produce saleable or usable output. Therefore, these assets would be considered ready for use when they started producing output. As Longmen JV was using these completed assets free of charge as they came online, this is considered an arrangement containing a lease and as such, lease expense based upon an estimate of fair value will be recognized for this free-use period prior to the Cooperation Agreement being signed in the second quarter of 2011. Deferred lease income will be credited and amortized over the period of the land sub-lease, consistent with the reimbursements for the inefficiencies.
4.For the above costs, receivables for the reimbursements were not recognized until the fourth quarter of 2010. Receivables for these costs and the site preparation cost of RMB 31.7 million, which were originally recorded as a reduction to costs of goods sold in the fourth quarter of 2010, will be restated such that they are recognized as the costs were incurred.
While the restatement of these reimbursements has the effect of deferring recognition as income of amounts previously recognized in 2010 and the first quarter of 2011, and reflecting the added benefit of continuous recognition of sub-lease income from the reimbursement received from Shaanxi Steel in the future, the Company does not expect these changes to impact its reported sales revenue or cash balances. Furthermore, the restatement has no impact on the results of the Company's manufacturing production, nor has the Company encountered any issues relating to the accounting treatment of historical revenue recognition. The Company's management is currently evaluating and assessing the implications of this matter on the effectiveness of internal control over financial reporting.
The Company has already begun preparing the amendments to its 2009 and 2010 financial statements contained in its 2010 Annual Report on Form 10-K/A and quarterly reports on Form 10-Q/A for the quarters ended June 30, 2010, September 30, 2010 and March 31, 2011. Upon completion of the amended filings, the Company will begin preparing its quarterly reports on Form 10-Q for the periods ended June 30, 2011, September 30, 2011 and March 31, 2012, and its Annual Report on Form 10-K for the year ended December 31, 2011.
"Over the last several months, while working through these accounting items, we have also made great progress against our key strategic initiatives and are poised for long-term growth and success," said Mr. Henry Yu, Chief Executive Officer of General Steel. "We have bolstered our nationwide distribution network and strengthened our direct sales capabilities through strategic framework agreements with three large state-owned enterprises in Shaanxi Province. The markets we serve are expected to experience rapid growth in the coming years, supported by a substantial government investment in infrastructure, housing and power-related projects in China's western region. Our strong reputation among both public and private sector customers, coupled with the geographic advantage of Longmen JV located in Western China, position General Steel well to benefit from the continued advancement of this dynamic market."
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its companies serve various industries and produce a variety of steel products including rebar, 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.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
5-Apr-2012
http://biz.yahoo.com/e/120405/gsi8-k.html
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 30, 2012, General Steel Holdings, Inc. (the "Company") was notified by the NYSE Regulations, Inc. that it is not in compliance with the continued listing standard set forth in the Listed Company Manual, Section 802.01C ("Section 802.01C") of the New York Stock Exchange, Inc. (the "NYSE").
Such noncompliance is solely based on the Company's average closing share price for the prior 30 trading-day period being below the required $1.00 as of March 29, 2012. On March 30, 2012, the Company had also issued a press release announcing, among other things, its expected receipt of such NYSE notification.
In accordance with NYSE procedures, the Company has six months from the receipt of the notice on March 30, 2012 to cure this deficiency. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period it has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that the Company has failed to cure the deficiency by the expiration of the six-month cure period, the NYSE will commence suspension and delisting procedures.
The Company has notified the NYSE that it intends to cure this deficiency. Its common stock remains listed on the NYSE under the symbol "GSI," but will be assigned a ".BC" indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE's continued listing standards.
and good for individual GSI souls…
I find it amusing how the F-4 restricted incentive awards shares issued March 26 became effective March 29 and then GSI issues the General Steel Provides Operational Update and Comments on the Status of its Filings on Forms 10-Q and 10-K - PR Newswire press release the next day on March 30th.
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001239188&type=4&dateb=&owner=only&count=20
O'well, nice for GSI to have their 30-day below $1 clock reset.
beautiful chart on friday, should break resistance easy imo
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