one of China’s leadingnon-state-owned producers of steel products and aggregators of domestic steelcompanies， today announced that it will test run two newly constructed 1，280cubic meter blast furnaces， two 120 metric ton converters and one 400 squaremeter sintering machine at its Longmen Joint Venture. General Steel will havethe opportunity to sell and collect revenue from the crude steel produced durinGThe test run of the new equipment.
At their designed efficiency leveLS， the new equipment has the potential toincrease production capacity for the Company by three million metric tons ofcrude steel per year.
“We’re pleased to bring the new state-of-the-art equipment online， as itmarks a milestone for us in terms of the EXpansion of our production capacity，”stated General Steel Chairman and CEO Henry Yu. “We have successfullytransitioned to new state-of-the-art equipment which meets governmental industrystandards. The new equipment will reduce our coSTS and improve ourprofitability， and the increased production capacity will place us in anadvantageous position as we strive to meet the increasing demand for our steelproducts in China’s Western regions.”
The construction of the new equipment was funded by the Shaanxi Iron andSteel Group (“Shaanxi Group”). General Steel IS currenTLy in negotiations witHShaanxi Group to enter into a lease agreement whereby General Steel will leasethe new equipment. During this test run period， General Steel will be able touse the equipment to produce and deliver products to its customers. It isanticipated that this test run period will continue until a lease agreementbetween Shaanxi Group and General Steel is finalized.
About General Steel Holdings， Inc.
General Steel Holdings， Inc.， (NYSE: GSI)， headquartered in Beijing， China，operates a diverse portfolio of Chinese steel companies. With 6.3 million metrictons of aggregate production capacity， its companies serve various industriesand produce a variety of steel products including rebar， high-speed wire andspiral-weld pipe. General Steel Holdings， Inc. has steel operations in Shaanxiand Guangdong provinces， Inner Mongolia Autonomous Region and Tianjinmunicipality. For more information， please visit www.gshi-steel.com.
Information Regarding Forward-Looking Statements
This press release may contain certain forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995. Thesestatements are based on management''s current expectations or beliefs aboutfuture events and financial， political and social trends and assumptions it hasmade based on information currently available to it. The Company cannot assurethat any expectations， forecasts or assumptions made by management in preparingthese forward-looking statements will prove accurate， or that any projectionswill be realized. Actual results could differ materially from those projected inthe forward-looking statements as a result of inaccurate assumptions or a numberof risks and uncertainties. These risks and uncertainties are set forth in theCompany''s filings under the Securities Act of 1933 and the Securities ExchangeAct of 1934 under "Risk Factors" and elsewhere， and include: (a) those risks anduncertainties related to general economic conditions in China， includingregulatory factors that may affect such economic conditions; (b) whether theCompany is able to manage its planned growth efficiently and operate profitableoperations， including whether its management will be able to identify， hire，train， retain， motivate and manage required personnel or that management will beable to successfully manage and exploit existing and potential marketopportunities; (c) whether the Company is able to generate sufficient revenuesor obtain financing to sustain and grow its operations; (d) whether the Companyis able to successfully fulfill our primary requirements for cash; and (e) otherrisks， 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 thisrelease. The Company does not undertake any obligation to update or revisepublicly any forward-looking statements， whether to reflect new information，future events or otherwise.
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