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General Steel facing NYSE delisting on slumping stock

Keywords: Tags  General Steel Holdings, New York Stock Exchange, NYSE, steel mill, NYSE compliance, share price, Jo Isenberg-O'Loughlin

NEW YORK — Beijing-based General Steel Holdings Inc., a major nonstate-owned producer of rebar, high-speed wire and spiral-weld pipe, said it has been notified by the New York Stock Exchange (NYSE) that the company has failed to meet the exchange’s continued listing standard.

General Steel’s stock closed at 92 cents per share July 25, the day of the announcement, below the NYSE requirement of a minimum average closing price of $1 per share over 30 consecutive trading days.

General Steel, which has an annual crude steel capacity of 7 million tonnes, has advised the NYSE of its intent to regain compliance. It has six months to correct the deficiency, during which its common stock will continue to be listed and traded on the NYSE, subject to ongoing oversight and compliance with other listing requirements.

"We remain focused on bringing the company current in its reporting obligations and on improving fundamentals," John Chen, General Steel’s chief financial officer, said. "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."

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