BEIJING, July 25, 2013 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, today announced that the New York Stock Exchange (the "NYSE") has notified the Company that it has fallen below the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days.
Under the NYSE rules, the Company has a cure period of six months from receipt of the notice to cure the deficiency by regaining compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Subject to compliance with the NYSE's other continued listing requirements and subject to ongoing oversight, the Company's common stock will continue to be listed and trade on the NYSE during the six-month cure period. The Company has notified the NYSE following its receipt of the notice to indicate its intent to cure this deficiency. The Company intends to actively monitor the closing bid price of its common stock during the cure period, and will evaluate available options to resolve this deficiency and regain compliance with the NYSE rules. The Company's business operations and SEC reporting requirements are not affected by the receipt of the NYSE notification."We remain focused on bringing the Company current in its reporting obligations and on improving fundamentals," said John Chen, Chief Financial Officer of General Steel, "We are encouraged by the improving results achieved in the fourth quarter of 2012, and we continue to make subsequent progress in our business processes. We have already completed the filing of our financial reports for 2011 and 2012, and we anticipate reporting our first quarter 2013 financial results and hosting a live conference call with investors as soon as practical in August. We are committed to regaining compliance with the NYSE listing standards and look forward to updating shareholders about our business strategy and operating plans soon." About General Steel Holdings, Inc. General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under management. For more information, please visit www.gshi-steel.com. To be added to the General Steel email list to receive Company news, please send your request to email@example.com.
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