"While we focus on implementing our strategic operating efficiency initiatives, we continue upholding the highest standards of internal controls and accounting policies," said John Chen, Chief Financial Officer of General Steel.
"In August, we successfully completed restatement of 2009, 2010 and first quarter 2011 financial results. We view the completion of these restatements as an important step forward for our Company. We are now focused on completing the audit process and SEC filings for our outstanding financial statements. We look forward to completing this process and returning to a regular financial reporting schedule as soon as possible," stated Mr. Chen.
Recent Operational Highlights
- Completed the first stage of a series of benchmarking programs, which have resulted in efficiency improvements and cost reduction at Longmen JV.
- Initiated construction on a state-of-the-art, 900,000 metric ton seismic-grade rebar production line at Longmen JV. The production line incorporates cutting-edge technology that is expected to reduce rebar production costs substantially. The added capacity will also improve margins and enable the Company to better address demand for seismic-grade rebar in Western China.
- Currently Longmen JV is sourcing coke from a 5 million metric ton coke plant adjacent to Longmen JV, which was built by Shaanxi Coal and Chemical Industry Group Co., Ltd., one of the parties in the unified management agreement. General Steel expects the construction of a conveyor belt that will feed the coke directly to its Longmen JV to be completed in October and further reduce transportation costs.
Update on FilingsOn August 30, 2012, General Steel completed filing its amended annual report on Form 10-K/A for the year ended December 31, 2010 and amended quarterly reports on Form 10-Q/A for the quarters ended June 30, 2010, September 30, 2010 and March 31, 2011 with the U.S. Securities and Exchange Commission ("SEC"). With these restatements complete, the Company is working diligently with its independent registered public accountant, PricewaterhouseCoopers Zhong Tian CPAs Limited Company ("PwC") on the audit process for its outstanding financial statements for 2011. Currently, the Company is finalizing its quarterly report on Form 10-Q for the period ended June 30, 2011, while simultaneously working on the quarterly report on Form 10-Q for the period ended September 30, 2011 and its Annual Report on Form 10-K for the year ended December 31, 2011. These reports are expected to be released in a sequential order. Following the completion of these filings, General Steel will file its quarterly reports with the SEC on Form 10-Q for the periods ended March 31 and June 30, 2012 as soon as possible.
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