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General Steel Receives NYSE Notification Regarding Delay In Filing Of Annual Report On Form 10-K

Stocks in this article: GSI

BEIJING, April 20, 2012 /PRNewswire-Asia-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 it has received a letter from the New York Stock Exchange ("NYSE"), informing the Company that, as a result of its failure to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2011 with the U.S. Securities and Exchange Commission (the "SEC"), the Company is not currently in compliance with the continued listing requirements under Section 802.01E of the NYSE-Listed Company Manual. The notification from the NYSE, which was received on April 17, 2012, has no immediate impact on the listing or trading of General Steel's common stock on the NYSE. 

As stipulated under Section 802.01E, General Steel shares will continue to trade on the NYSE for a six-month period beginning April 16, 2012, the deadline for the Company to file its annual report on Form 10-K following the extension granted under SEC Rule 12b-25. During this six-month period, the NYSE will closely monitor General Steel's filing status and related public disclosure through contact with the Company and other means. If the Company is unable to file its annual report within this six-month period, the NYSE may grant, at its discretion, a further extension to the trading period of up to six months, depending on the specific circumstances.

As previously disclosed, the Company's inability to timely file its annual report on Form 10-K is due to the fact that it has been reassessing the accounting treatment for the period from June 2009 to December 2010 with regard to its collaboration with Shaanxi Iron and Steel Group, Co. Ltd. ("Shaanxi Steel") on the construction of equipment by Shaanxi Steel.  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.

As part of this process, the Company submitted documentation related to the aforementioned matter to the Office of Chief Accountant ("OCA") of the SEC, with a request that the OCA provide their view on the Company's accounting treatment for this matter. 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 to ensure that they have a thorough understanding of the matter and have been provided all information needed to make a recommendation on the proper accounting treatment for the matter. 

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