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General Steel Appoints Friedman LLP As Its Independent Auditor

BEIJING, Dec. 19, 2012 /PRNewswire/  – 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 its Audit Committee of the Board of Directors has appointed Friedman LLP ("Friedman") as the Company's independent registered public accounting firm. Friedman is replacing PricewaterhouseCoopers Zhong Tian CPAs Limited Company ("PwC").  The appointment of Friedman is effective immediately.

The change in auditors was not due to any disagreement between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

The Company intends on remaining listed on the New York Stock Exchange ("NYSE"), which requires it meet the filing extension date for the Annual Report set by NYSE, although the Company is subject to ongoing assessment by NYSE. Therefore, the Audit Committee, after consultation with Friedman, determined that Friedman provides the best chance of completing the Annual Report audit by the extension date.

"We have been proactively updating the U.S. Securities and Exchange Commission ("SEC") and the NYSE on the current status of the Company's filings, as well as with our plans to change auditors," said Mr. Henry Yu, Chairman and Chief Executive Officer of General Steel.  "We look forward to moving past this filing delay and returning to a regular reporting schedule."

Friedman will begin its audit of General Steel's Annual Report, as well as complete its review of the Quarterly Reports on Form 10-Q for the quarters ended June 30, 2011 and September 30, 2011. Following the completion of these filings, General Steel will work with Friedman to file its 2012 Quarterly Reports on Form 10-Q with the SEC as soon as possible.

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