OREANDA-NEWS. September 12, 2013. General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, announced financial results for the second quarter ended June 30, 2013.

The Company will file its Form 10-Q for the quarter ended June 30, 2013 with the Securities and Exchange Commission after market closes on Friday, August 30, 2013.

"During the second quarter, the average selling price of rebar decreased over 5% sequentially to near the year's lowest level, and as a result, despite a higher shipping volume, our total sales and profit margins declined, causing widened net losses," said Henry Yu, Chairman and Chief Executive Officer of General Steel. "However, this August, we were encouraged to witness an improvement in the pricing trend of steel in China, and since we have significantly improved our efficiency and cost structure, we feel very positive about our ability to enhance profitability in the second half of 2013."

"In addition, the filing of our quarterly results for the second quarter of 2013 marks the final milestone in our persistent efforts to regaining full compliance with the SEC's reporting requirements. Given our regained filing status, we are once again able to restart our share repurchase program. Personally, and on behalf of the Company, we are confident about our long-term prospects, and are committed to enhance shareholders' value and wealth."

Second Quarter 2013 Financial Information

Sales decreased by 16.3% year-over-year to USD 653.7 million, from USD 780.7 million in the second quarter of 2012.

Sales volume increased by 3.4% year-over-year to approximately 1.4 million metric tons, compared with 1.3 million metric tons in the second quarter of 2012.

Gross loss was USD (35.5) million, or negative (5.4%) of revenue, compared with a gross profit of USD 28.0 million, or 3.6% of revenue in the second quarter of 2012.

Operating loss was USD (42.2) million, compared with an operating income of USD 7.9 million in the second quarter of 2012.

Net loss attributable to the Company was USD (39.8) million, or USD (0.72) per diluted share, compared with a net loss of USD 26.4) million, or \\$(0.48) per diluted share in the second quarter of 2012.

Operating cash net outflow was USD (65.3) million, compared with a net inflow of USD 67.4 million in the second quarter of 2012.

As of June 30, 2013, the Company had cash and restricted cash of USD 448.5 million.