BEIJING, Nov. 17, 2015 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, announced today that Catalon Chemical Corp. ("Catalon"), the Company's recently-acquired cleantech subsidiary, has signed a procurement contract for De-NOx SCR honeycomb catalysts valued at approximately $13.7 million with Tengri Group Tsaidam Nuur Energy Corporation ("Nuur Energy"), an integrated energy solution provider and power plant developer in Mongolia.
Nuur Energy intends to purchase at least 3,900 cubic meters of De-NOx SCR honeycomb catalysts from Catalon in 2016 and 2017, for a total estimated value of at least $13.7 million. Nuur Energy will deploy Catalon's De-NOx SCR honeycomb catalysts in its planned 3-Phases 2,400 MW power plant project, which once completed will provide 60% of Mongolia's total power need. The first phase of the power plant, with 600 MW capacity, is scheduled to connect to the grid by the end of 2016.
Ms. Yunshan Li, Chief Executive Officer of General Steel commented, "We are thrilled that Tengri Group Tsaidam Nuur Energy Corporation has selected Catalon's De-NOx honeycomb catalysts and intends to deploy them at one of Asia's largest and highest-profile power plants. With a such high-profile win, Catalon continues to gain greater market traction, and we are even more excited about its business pipeline."
"We are also very pleased that our integration with Catalon has been outstandingly smooth, which further validates our transformation roadmap, and we will focus on accelerating Catalon's business and leveraging its market position to springboard into other high-growth, high-profitability cleantech businesses. We believe that our transformation strikes the right balance of coping to today's challenging steel market environment while building for the future in cleantech."
About General Steel
General Steel Holdings, Inc. is a leading non-state-owned steel maker headquartered in Beijing, China. With seven million metric tons of crude steel production capacity under management, the Company produces a variety of steel products including rebar and high-speed wire. Through its majority equity interest in Catalon, the Company also develops and manufactures De-NOx honeycomb catalysts and industrial ceramics.
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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, including those disclosed in the Company's most recent Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission. 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.
General Steel Holdings, Inc.
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SOURCE General Steel Holdings, Inc.