General Steel Appoints Industry Veteran as Vice President of Strategy and Operations
BEIJING, April 24, 2013 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, today announced the appointment of Mr. Yanqi Liu, a senior executive with over 45 years of extensive experience in the steel industry, as the Company's Vice President of Strategy and Operations.
"I am very pleased to welcome Mr. Liu to General Steel," said Henry Yu, Chairman and Chief Executive Officer of General Steel Holdings, Inc. "Mr. Liu is a great addition to our executive management team, bringing a valuable combination of extensive operational experience, insightful market knowledge, broad industry network and deep relationships with customers and regulators in our key market in Western China. We expect great contributions from Mr. Liu not only in enhancing our strategy formulation and execution, but also in delivering long-term value to all of our stakeholders."
Prior to joining General Steel, Mr. Liu was a senior executive at two subsidiaries of Sinosteel Corporation, one of China's leading state-owned steel companies. Mr. Liu was also the Vice Chairman of Qinghai Xiwang Mining Development Co., Ltd. and General Manager of Shanxi Zhongyu Iron and Steel Co., Ltd. Prior to these positions, Mr. Liu held executive management positions spanning over 40 years at Jiuquan Iron & Steel (Group) Co., Ltd., one of the largest and most prestigious integrated steel companies with production capacity of 10 million metric tons in Northwestern China, covering production planning, operations management, and economic and market research implementation. Since 1996, Mr. Liu has served as Special Researcher to the State Council's Development Research Center. From 1961 to 1966, Mr. Liu studied Mining Engineering and Economics Organization at China University of Mining and Technology.
"I've enjoyed working closely with the team at General Steel," commented Mr. Liu. "As a leading non-state-owned integrated steel producer, General Steel has a unique geographic advantage in Western China which currently enjoys higher economic growth, more government support, and greater incentives on construction and infrastructure spending. I look forward to working tirelessly with the team to achieve its goals of efficiency optimization and profitability improvement while at the same time capturing the opportunities presented from General Steel's unique geographic advantage."
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under management. For more information, please visit www.gshi-steel.com.
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This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements 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. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash; and (e) other risks, including those disclosed in the Company's Form 10-K, filed with the SEC. 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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