The Company has already begun preparing the amendments to its 2009 and 2010 financial statements contained in its 2010 Annual Report on Form 10-K/A and quarterly reports on Form 10-Q/A for the quarters ended June 30, 2010, September 30, 2010 and March 31, 2011. Upon completion of the amended filings, the Company will begin preparing its quarterly reports on Form 10-Q for the periods ended June 30, 2011, September 30, 2011 and March 31, 2012, and its Annual Report on Form 10-K for the year ended December 31, 2011."Over the last several months, while working through these accounting items, we have also made great progress against our key strategic initiatives and are poised for long-term growth and success," said Mr. Henry Yu, Chief Executive Officer of General Steel. "We have bolstered our nationwide distribution network and strengthened our direct sales capabilities through strategic framework agreements with three large state-owned enterprises in Shaanxi Province. The markets we serve are expected to experience rapid growth in the coming years, supported by a substantial government investment in infrastructure, housing and power-related projects in China's western region. Our strong reputation among both public and private sector customers, coupled with the geographic advantage of Longmen JV located in Western China, position General Steel well to benefit from the continued advancement of this dynamic market."
General Steel To Restate Certain Items In Accounting Treatment Related To Collaboration With Shaanxi Iron And Steel Group, Co. Ltd.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.