General Steel To Restate Certain Items In Accounting Treatment Related To Collaboration With Shaanxi Iron And Steel Group, Co. Ltd.

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."

About General Steel Holdings, Inc.

General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its companies serve various industries and produce a variety of steel products including rebar, high-speed wire and spiral-weld pipe. General Steel Holdings, Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality. For more information, please visit www.gshi-steel.com.

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