GSI Up PM. this is only news I see.
General Steel Holdings' Longmen Joint Venture Receives Tax Rate Reduction from National Development Reform CommissionLast update: 11/12/2007 9:00:00 AMBEIJING, Nov 12, 2007 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- General Steel Holdings, Inc. ("General Steel") (GSI), one of China's leading non-state owned steel products producer; announced today that its Longmen Joint Venture received notification from the National Development Reform Commission (NDRC) that it qualifies for the national "Go West" special tax treatment for companies significantly contributing to the economic development of the Western Region. The "Go West" tax treatment lowers the effective corporate tax rate from 33 percent to 15 percent. This change is effective July first and will be reflected in the Company's reported third quarter financial results. "The Central government has placed development of the Western Region as a key priority for national economic growth. One of the reasons we chose to partner with the Longmen Group was its geographic location as a bridgehead point for development into the Western Region. Receiving this "Go West" qualification from the NDRC reinforces our strategy to be a dominant player in this market and capitalize on the expanding growth opportunities here" stated Mr. Henry Yu, CEO and Chairman of General Steel Holdings, Inc. 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. The Company 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. Statements which will be made 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. 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 the Company'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. 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.
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