This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

General Steel Provides Operational Update And Comments On The Status Of Its Filings On Forms 10-Q And 10-K

General Steel remains committed to increasing shareholder value. In addition to the Company's prior share repurchase program, which authorized the purchase of up to 2 million shares of its common stock in 2010 and 2011, General Steel's Board of Directors approved a new share repurchase program on March 27, 2012.  Under the terms of the newly authorized repurchase program, General Steel may repurchase up to an aggregate of 2 million shares of its common stock in the open market or in privately negotiated transactions in accordance with applicable federal securities laws, without an expiration date. Together with the previous share repurchase program, the Company may now repurchase up to a total of 4 million shares of its common stock.

In addition, the Company provided an update on the status of its delayed filing of quarterly reports on Form 10-Q for the periods ended June 30, 2011 and September 30, 2011 and its upcoming annual report on Form 10-K for the year ended December 31, 2011. In 2011, PricewaterhouseCoopers Zhong Tian CPAs Limited Company ("PwC") was engaged by the Company as the Company's independent registered public accountant to conduct the audit of the Company's consolidated financial statements for the year ended December 31, 2011.  The Company has delayed its filings because it has been reassessing the accounting treatment with regard to its collaboration with Shaanxi Steel on the construction of equipment by Shaanxi Steel for the period from June 2009 to December 2010. Due to these delays, the Company also announced that it has filed a Notification of Late Filing on Form 12b-25 with respect to its annual report on Form 10-K for the year ended December 31, 2011.

As part of this process, the Company submitted documentation related to the aforementioned item to the Office of Chief Accountant ("OCA") of the U.S. Securities & Exchange Commission ("SEC"), with a request that the OCA provide their view on the Company's accounting treatment for this item. Following receipt of the OCA's view on this matter, the Company will file its quarterly reports on Form 10-Q and its Annual Report on Form 10-K as soon as practicable. The Company has had ongoing discussions with the members of its Audit Committee to ensure they are well-informed on the progress related to these delayed filings.  To date, the Company has gone through several rounds of discussion with the staff at OCA.            

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs