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General Steel Reiterates Intent To File 2012 Annual Report On Or Before June 21, 2013

BEIJING, May 6, 2013 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, today announced it remains confident to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2012, along with 2012 Quarterly Reports on Form 10-Q with the U.S. Securities and Exchange Commission (the "SEC") on or before June 21, 2013.

Consistent with General Steel's press release on April 3, 2013 and as disclosed in its Form 12b-25 filed on April 2, 2013, the Company's independent registered public accounting firm is currently reviewing General Steel's 2012 financial statements. The Company anticipates filing its 2012 Annual Report on Form 10-K, along with Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, with the SEC by June 21, 2013.

John Chen, Chief Financial Officer of General Steel, stated, "We have proactively communicated with the SEC and NYSE about our filing plans. I'm pleased with the notable progress in our auditors' ongoing review of General Steel's 2012 financial results, and we are on schedule with our planned filing date."

On May 2, 2013, the Company received a notification from the New York Stock Exchange ("NYSE"), indicating General Steel is currently not in compliance with the NYSE's continued listing requirements due to the delay in filing the Company's 2012 Annual Report by April 16, 2013. Under the NYSE Listed Company Manual and subject to the NYSE's on-going oversight or review, General Steel has a six-month period from April 16, 2013 to file its 2012 Annual Report on Form 10-K with the SEC in order to regain compliance with the NYSE's continued listing standards.

This notification has no immediate impact on the listing or trading of General Steel's common stock on the NYSE, and the Company does not anticipate this matter will materially affect its customer relationships, the underlying fundamentals and cash flows of the Company, or its business.

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