General Steel Holdings, Inc. (GSI)

[eastunder]

General Steel Obtains New York Stock Exchange Listing Extension

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BEIJING, Oct. 15, 2012

BEIJING, Oct. 15, 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 it has received a four-month extension for continued listing and trading of the Company's stock on the New York Stock Exchange (the "NYSE").

As previously disclosed, the Company is not in compliance with Section 802.01E of the NYSE's Listed Company Manual ("Section 802.01E") based on its delay in filing its Annual Report on Form 10-K for the year ended December 31, 2011 (the "Annual Report") on or before its April 16, 2012 (the "Filing Due Date"). Section 802.01E allows the Company six months from the Filing Due Date to cure such deficiency. At its discretion, the Exchange may allow a company's securities to be traded for up to an additional six-month trading period depending on the company's specific circumstances.

On October 9, 2012, the Company submitted a request to the NYSE to extend its cure period for an additional four months. On October 12, 2012, the NYSE approved such request and granted the Company an additional four-month trading period to February 15, 2013, subject to ongoing reassessment, to complete and file its Annual Report with the Securities and Exchange Commission (the "SEC"). General Steel expects to file the Annual Report on or prior to February 15, 2013.

"We are delighted that the NYSE has granted us further extension for our filings and we continue to work closely with auditors to complete this process," said Mr. Henry Yu, General Steel Chairman and Chief Executive Officer. "Our business remains healthy and we have continued to progress our operational goals. In 2012, we have implemented new manufacturing efficiencies, initiated construction plans to expand and upgrade our rebar production line, improved our coke sourcing capabilities and strengthened our relationships with state-owned enterprises. These initiatives help to fortify our business and are designed to reduce our manufacturing and transportation costs, expand our presence in Western China and improve our margins."

On August 30, 2012, General Steel announced that it had filed its 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 SEC.

The Company continues to work diligently with its independent registered public accountant, PricewaterhouseCoopers Zhong Tian CPAs Limited Company to complete the audit for its 2011 Annual Report on Form 10-K for the year ended December 31, 2011 as well as to complete the filings on Forms 10-Q for the three month periods ended June 30 and September 30, 2011. Following the completion of these filings, General Steel will file its outstanding 2012 quarterly reports with the SEC on Form 10-Q as soon as possible.