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.
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