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September 07, 2008


General Steel forecast doubling of Q3 revenues over Q2

It is reported that Chinese General Steel Holdings Inc forecast that its third quarter revenue would more than double as compared to second quarter due the booming Chinese economy.

The maker of hot rolled carbon and silicon steel sheets forecast its revenue between USD 300 million and USD 340 million and net income of USD 7 million to USD 7.5 million.

General Steel Holdings Inc forecast includes a full three month contribution period from its JV with Shaanxi Long Men Iron & Steel Group and Baotou Iron and Steel Group Co. General Steel entered into the venture agreements with the two firms to produce various infrastructures related steel products.

General Steel which debuted on the American Stock Exchange earlier this month still sees full year revenue at USD 751 million and net income of USD16.4 million.