General Steel Announces Results of Its 2010 Annual General Meeting of Shareholders

BEIJING, June 22 /PRNewswire-Asia-FirstCall/ -- General Steel Holdings, Inc. (the "Company") (NYSE: GSI), one of China's leading, non-state-owned producers of steel products and aggregators of domestic steel companies, today announced the official results of its 2010 Annual General Meeting, held on June 21, 2010 at 10:00 a.m. local time in Beijing, China. The following proposals were approved by the Company's shareholders:

    1. All of the nominees to the board of directors were elected to serve
       until the 2011 Annual General Meeting of Shareholders;

    2. Frazer Frost, LLP was ratified as the Company's independent auditor for
       the fiscal year ending December 31, 2010; and

    3. Amendment No. 1 to the Company's 2008 Equity Incentive Plan was
       approved to increase the number of shares of common stock reserved for
       issuance thereunder by 1,000,000 to 2,000,000 shares.

About General Steel Holdings, Inc.

General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 6.3 million metric tons of aggregate production capacity, its companies serve various industries and produce a variety of steel products including rebar, hot-rolled carbon and silicon sheet, 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 http://www.gshi-steel.com .

Information Regarding Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash and (e) other risks, including those disclosed in the Company's Form 10-K, filed with the SEC. Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.

    For investor and media inquiries, please contact:

    In China:

     Jing Ou-Yang
     General Steel Holdings, Inc.
     Tel:   +86-10-5879-7346
     Email: [email protected]

     Justin Knapp
     Ogilvy Financial, Beijing
     Tel:   +86-10-8520-6556
     Email: [email protected]

    In the United States:

     Jessica Barist Cohen
     Ogilvy Financial, New York
     Tel:   +1-646-460-9989
     Email: [email protected]

SOURCE General Steel Holdings, Inc.