BEIJING, Sept. 6, 2012 /PRNewswire-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 Henry Yu, Chairman and Chief Executive Officer, will participate in the Asia-Pacific Economic Cooperation (APEC) Russia 2012 CEO Summit during the APEC 2012 Leaders Week in Vladivostok, Russia on September 7-8, 2012. Mr. Yu will attend the Summit with Wei Hua, Chairman of Shaanxi Coal & Chemical Industry Group Co. Ltd., the largest state-owned coal producer in Shaanxi Province and General Steel's partner in the Longmen Joint Venture Unified Management Agreement.
"I am proud to represent General Steel at this prestigious forum and pleased that Wei Hua has agreed to join me for the second consecutive year, reinforcing the strength of our companies' cooperation under the Unified Management Agreement," said Henry Yu, Chief Executive Officer of General Steel. "A key element of our growth strategy going forward is to optimize our cost structure, improve raw materials procurement and advance our business development initiatives through partnerships and strategic collaboration agreements with prominent state-owned enterprises. The APEC CEO Summit provides us with an opportunity to strengthen relationships with leaders of government entities and private Chinese enterprises, as well as a platform to build awareness of our companies and our industry among business and government executives on an international level."
The CEO Summit is an annual forum for CEOs of prominent companies in the Asia-Pacific region and an important component of APEC Russia 2012 Leaders Week. The theme of the 2012 summit is "Addressing Challenges. Expanding Possibilities." Attended by corporate executives, Heads of State and senior government officials from APEC member countries, the Summit provides an open forum for business leaders to share ideas and opinions, and identify solutions to current economic challenges through multilateral dialogue with government leaders. In addition to networking and business development opportunities, the Summit features panel discussions and interactive sessions on a variety of topics including economic integration, resource utilization, supply chain and infrastructure development.
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.
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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.
SOURCE General Steel Holdings, Inc.