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General Steel to purchase 60-pct stake in Baotai Steel

Posted on: Wed, 18 Nov 2009 09:52:00 EST

Symbols: GSI

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BEIJING, Nov 18, 2009 (Xinhua via COMTEX) --
GSI | Quote | Chart | News | PowerRating -- General Steel Holdings Inc.
(GSI.NYSE), a Beijing-based private steel maker, has signed a letter
of intent to purchase a 60-percent stake in another Chinese private
steel maker Tangshan Baotai Steel Group.

The acquisition takes place amid growing enthusiasm for
restructuring in Chinese steel industry under huge pressure of
overcapacity.

An industrial insider predicts that China's steel
industry would see another round of restructuring when the government
unveils directory proposal on restructuring of steel enterprises,
probably within the year.

Yu Zuosheng, president of General Steel, said the
company's production capacity would increase from 6.3 million tonnes
to 7.8 million, if the purchase is successful.

In China's steel industry, those conducting restructuring
are mainly state-owned enterprises.

The General Steel deal is worth noting, because the
company is a private steel maker and uses international funds in the
purchase.

For full details on General Steel Holdings Inc (GSI) GSI. General Steel Holdings Inc (GSI) has Short Term PowerRatings at TradingMarkets. Details on General Steel Holdings Inc (GSI) Short Term PowerRatings is available at This Link.

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