Exhibit 99.1
General Steel Reports First Quarter 2014 Financial Results
Quarterly Sales Volume Improves 14.2% Sequentially
Quarterly Gross Margin Improves by 220 Basis Points Sequentially
Company to File Quarterly Report for the First Quarter 2014 after Market Closes May 15, 2014
BEIJING – May 15, 2014– General Steel Holdings, Inc. (“General Steel” or the “Company”) (NYSE: GSI), a leading non-state-controlled steel producer in China, today announced its financial results for the first quarter ended March 31, 2014. The Company will file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 with the United States Securities and Exchange Commission following market close on Thursday, May 15, 2014.
“The first quarter of 2014 was widely viewed as the ‘coldest winter’ for China's iron and steel industry since 2010, which caused a sharp drop in the market price,” said Henry Yu, Chairman and Chief Executive Officer of General Steel, “Despite the challenging industry dynamics, demand of our rebar products in Western China remained solid, as our sales volume grew by 14.2% sequentially during the quarter. At the same time, our fully-ramped continuous rolling capacity and enhanced operating efficiencies combined to improve gross margin by 220 basis points compared with the prior quarter.”
“We remain confident in our roadmap to regain healthier profits in the second half of 2014. We are seeing a leveling of the average selling price for rebar and a lower average cost for iron ore thus far in the second quarter. Additionally, this April, we signed our first direct supply agreement with Rio Tinto, which we believe will further lower our sourcing costs and ensure timely delivery of the highest quality imported iron ore. In view of the improved pricing environment and the central government’s ongoing efforts to reduce pollution and balance steel supply in China, we remain optimistic of a turnaround in our marketplace and thereby our business fundamentals.” Mr. Yu concluded.
John Chen, Chief Financial Officer of General Steel, commented, “As we anticipate an imminent rebound in the marketplace, we continue to focus on enhancing our supply chain, production planning and inventory management. We also continue to control operating expenses, manage finance expenses, and enhance funding flexibility. With our improved operational efficiencies, we are confident General Steel is well positioned for sustainable growth and profitability when the industry turns around.”
First Quarter 2014 Financial Information
| · | Sales volume increased by 1.1% year-over-year to approximately 1.32 million metric tons, compared with 1.30 million metric tons in the first quarter of 2013. |
| · | Sales totaled $594.2 million, compared with $651.3 million in the first quarter of 2013. |
| · | Gross loss was $(22.6) million, compared with a gross profit of $4.1 million in the first quarter of 2013. |
| · | Operating loss was $(43.7) million, compared with an operating income of $31.9 million in the first quarter of 2013. |
| · | Net loss attributable to the Company was approximately $(43.6), or $(0.78) per diluted share, compared with a net income of $3.1 million, or $0.06 per diluted share in the first quarter of 2013. |
| · | As of March 31, 2014, the Company had cash and restricted cash of $465.0 million. |
General Steel Holdings, Inc.
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First Quarter 2014 Financial and Operating Results
Total Sales
Total sales for the first quarter of 2014 decreased by 8.8% year-over-year to $594.2 million, compared with $651.3 million in the first quarter of 2013, and increased by 8.3% quarter-over-quarter compared with $548.7 million in the fourth quarter of 2013. The year-over-year sales decreases were due to a decrease in average selling price of rebar, offset by increased sales volume.
| · | Total sales volume in the first quarter of 2014 was 1.32 million metric tons, an increase of 1.1% compared with 1.30 million metric tons in the first quarter of 2013, and an increase of 14.2%, compared with 1.15 million metric tons in the fourth quarter of 2013. |
| · | The average selling price of rebar at Longmen Joint Venture in the first quarter of 2014 decreased to approximately $450.9 per metric ton, down by 12.5% from $515.3 per metric ton in the first quarter of 2013, and by 4.9% from $474.3 per metric ton in the fourth quarter of 2013. |
Gross Loss
Gross loss for the first quarter of 2014 was $(22.6) million, compared with a gross profit of $4.1 million in the first quarter of 2013, and gross loss of $(32.7) million in the fourth quarter of 2013. The gross loss was mainly due to a steeper decrease in average selling price than the average cost for rebar.
Operating Expenses and Operating Loss
Selling, general and administrative expenses for the first quarter of 2014 was $21.1 million, an increase of 11.1% from $19.0 million in the first quarter of 2013, and a decrease of 15.0% from $24.8 million in the fourth quarter of 2013. General and administrative expenses totaled $12.7 million in the first quarter of 2014, compared with $10.9 million in the first quarter of 2013, and $15.2 million in the fourth quarter of 2013. The annual increase in general and administrative expense was mainly due to higher employee benefit expenses and increased investment in waste management and environmental protection. Selling expenses was $8.3 million in the first quarter of 2014, compared with $8.1 million in the same period of 2013, and $9.5 million in the prior quarter. The annual increase in selling expenses was mainly due to increased freight expenses from higher sales volume.
Other operating loss from change in the fair value of profit sharing liability during the first quarter of 2014 was $(49,000), compared with gains of $46.8 million in the same period of last year, and $79.1 million in the prior quarter. The loss recognized from change in the fair value of profit sharing liability was primarily due to the amortization of the present value discount. The fair value of the profit sharing liability at March 31, 2014 was not materially different from the previous reporting period.
General Steel Holdings, Inc.
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Correspondingly, loss from operations for the first quarter of 2014 was $(43.7) million, compared with income from operations of $31.9 million for the first quarter of 2013, and $9.2 million for the fourth quarter of 2013.
Finance Expense
Finance and interest expense in the first quarter of 2014 increased to $28.7 million, from $24.9 million in the first quarter of 2013, and $23.0 million in the fourth quarter of 2013. The increase in finance and interest expense was mainly due to higher expense in notes receivable early redemption, and more non-cash financing cost on capital lease during the quarter.
Net Loss and Net Loss per Share
Net loss attributable to General Steel for the first quarter of 2014 was $(43.6) million, or $(0.78) per diluted share, based on 55.8 million weighted average shares outstanding. This compares to a net income of $3.1 million, or $0.06 per diluted share, based on 54.8 million weighted average shares outstanding in the first quarter of 2013, and net loss of approximately $(102,000), or $(0.002) per diluted share, based on 55.6 million weighted average shares outstanding in the fourth quarter of 2013.
Balance Sheet
As of March 31, 2014, the Company had cash and restricted cash of approximately $465.0 million, compared to $431.3 million as of December 31, 2013. The Company had an inventory balance of $210.8 million as of March 31, 2014, compared to $212.9 million as of December 31, 2013.
Conference Call and Webcast:
General Steel will hold a corresponding conference call and live Webcast at 8:00 a.m. EDT on Thursday, May 15, 2014 (which corresponds to 8:00 p.m. Beijing/Hong Kong Time on Thursday, May 15, 2014) to discuss the results and answer questions from investors. Listeners may access the call by dialing 1-877-870-4263 in the U.S., and 1-412-317-0790 internationally.
The call will also be available as a live, listen-only Webcast under the "Events and Presentations" page on the "Investor Relations" section of the Company's Website athttp://www.corpasia.net/us/GSI/irwebsite/index.php?mod=event. Following the live Webcast, an online archive of the Webcast will be available for 90 days.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China’s Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality, with seven million metric tons of crude steel production capacity under management. For more information, please visitwww.gshi-steel.com.
General Steel Holdings, Inc.
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To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company’s Annual Report on Form 10-K, please send your request togeneralsteel@asiabridgegroup.com.
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 Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission. 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.
Contact Us
General Steel Holdings, Inc.
In China:
Jenny Wang
Tel: +86-10-5775-7691
Email: jenny.wang@gshi-steel.com
In the US:
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
General Steel Holdings, Inc.
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GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (In thousands)
| | March 31, | | | December 31, | |
| ASSETS | | 2014 | | | 2013 | |
| CURRENT ASSETS: | | | | | | | | |
| Cash | | $ | 36,378 | | | $ | 31,967 | |
| Restricted cash | | | 428,615 | | | | 399,333 | |
| Notes receivable | | | 81,998 | | | | 60,054 | |
| Restricted notes receivable | | | 261,220 | | | | 395,589 | |
| Loans receivable - related parties | | | 4,540 | | | | 4,540 | |
| Accounts receivable, net | | | 4,388 | | | | 4,078 | |
| Accounts receivable - related parties | | | 4,474 | | | | 2,942 | |
| Other receivables, net | | | 54,078 | | | | 54,716 | |
| Other receivables - related parties | | | 57,854 | | | | 54,106 | |
| Inventories | | | 210,761 | | | | 212,921 | |
| Advances on inventory purchase | | | 44,338 | | | | 44,897 | |
| Advances on inventory purchase - related parties | | | 120,426 | | | | 83,003 | |
| Prepaid expense and other | | | 1,890 | | | | 1,388 | |
| Prepaid taxes | | | 23,238 | | | | 28,407 | |
| Short-term investment | | | 2,597 | | | | 2,783 | |
| TOTAL CURRENT ASSETS | | | 1,336,795 | | | | 1,380,724 | |
| | | | | | | | | |
| PLANT AND EQUIPMENT, net | | | 1,269,199 | | | | 1,271,907 | |
| | | | | | | | | |
| OTHER ASSETS: | | | | | | | | |
| Advances on equipment purchase | | | 54,690 | | | | 6,409 | |
| Investment in unconsolidated entities | | | 16,635 | | | | 16,943 | |
| Long-term deferred expense | | | 606 | | | | 668 | |
| Intangible assets, net of accumulated amortization | | | 23,587 | | | | 23,707 | |
| TOTAL OTHER ASSETS | | | 95,518 | | | | 47,727 | |
| | | | | | | | | |
| TOTAL ASSETS | | $ | 2,701,512 | | | $ | 2,700,358 | |
General Steel Holdings, Inc.
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| | | | | | | | | |
| LIABILITIES AND DEFICIENCY | | | | | | | | |
| CURRENT LIABILITIES: | | | | | | | | |
| Short term notes payable | | $ | 963,357 | | | $ | 1,017,830 | |
| Accounts payable | | | 513,397 | | | | 434,979 | |
| Accounts payable - related parties | | | 282,540 | | | | 235,692 | |
| Short term loans - bank | | | 230,118 | | | | 301,917 | |
| Short term loans - others | | | 48,695 | | | | 62,067 | |
| Short term loans - related parties | | | 105,080 | | | | 126,693 | |
Current maturities of long-term loans - related party
Other payables and accrued liabilities | | | 57,428 60,795 | | | | 53,013 45,653 | |
| Other payable - related parties | | | 80,694 | | | | 94,079 | |
| Customer deposits | | | 107,002 | | | | 87,860 | |
| Customer deposits - related parties | | | 145,366 | | | | 64,881 | |
| Deposit due to sales representatives | | | 23,713 | | | | 24,343 | |
| Deposit due to sales representatives - related parties | | | 1,980 | | | | 1,997 | |
| Taxes payable | | | 7,276 | | | | 4,628 | |
| Deferred lease income, current | | | 2,168 | | | | 2,187 | |
| Capital lease obligations, current | | | 4,774 | | | | 4,321 | |
| TOTAL CURRENT LIABILITIES | | | 2,634,383 | | | | 2,562,140 | |
| | | | | | | | | |
| NON-CURRENT LIABILITIES: | | | | | | | | |
| Long-term loans - related party | | | 14,607 | | | | 19,644 | |
| Deferred lease income, noncurrent | | | 74,072 | | | | 75,257 | |
| Capital lease obligations, noncurrent | | | 376,025 | | | | 375,019 | |
| Profit sharing liability | | | 160,956 | | | | 162,295 | |
| TOTAL NON-CURRENT LIABILITIES | | | 625,660 | | | | 632,215 | |
| TOTAL LIABILITIES | | | 3,260,043 | | | | 3,194,355 | |
| | | | | | | | | |
| COMMITMENTS AND CONTINGENCIES | | | | | | | | |
| | | | | | | | | |
| DEFICIENCY: | | | | | | | | |
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares issued
and outstanding as of March 31, 2014 and December 31, 2013 | | | 3 | | | | 3 | |
Common stock, $0.001 par value, 200,000,000 shares authorized, 58,314,688 and 58,234,688 shares
issued, 55,842,382 and 55,762,382 shares outstanding as of March 31, 2014 and
December 31, 2013, respectively | | | 58 | | | | 58 | |
| Treasury stock, at cost, 2,472,306 shares as of March 31, 2014 and December 31, 2013 | | | (4,199 | ) | | | (4,199 | ) |
| Paid-in-capital | | | 107,028 | | | | 106,878 | |
| Statutory reserves | | | 6,387 | | | | 6,243 | |
| Accumulated deficits | | | (458,362 | ) | | | (414,798 | ) |
| Accumulated other comprehensive income | | | 3,593 | | | | 729 | |
| TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY | | | (345,492 | ) | | | (305,086 | ) |
| | | | | | | | | |
| NONCONTROLLING INTERESTS | | | (213,039 | ) | | | (188,911 | ) |
| | | | | | | | | |
| TOTAL DEFICIENCY | | | (558,531 | ) | | | (493,997 | ) |
| | | | | | | | | |
| TOTAL LIABILITIES AND DEFICIENCY | | $ | 2,701,512 | | | $ | 2,700,358 | |
General Steel Holdings, Inc.
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GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(UNAUDITED)
(In thousands, except per share data)
| | | | |
| | | 2014 | | | 2013 | |
| SALES | | $ | 512,005 | | | $ | 502,431 | |
| | | | | | | | | |
| SALES - RELATED PARTIES | | | 82,206 | | | | 148,860 | |
| TOTAL SALES | | | 594,211 | | | | 651,291 | |
| | | | | | | | | |
| COST OF GOODS SOLD | | | 530,744 | | | | 498,626 | |
| | | | | | | | | |
| COST OF GOODS SOLD - RELATED PARTIES | | | 86,028 | | | | 148,598 | |
| TOTAL COST OF GOODS SOLD | | | 616,772 | | | | 647,224 | |
| | | | | | | | | |
| GROSS (LOSS) PROFIT | | | (22,561 | ) | | | 4,067 | |
| | | | | | | | | |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | | | (21,053 | ) | | | (18,955 | ) |
| CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY | | | (49 | ) | | | 46,779 | |
| | | | | | | | | |
| (LOSS) INCOME FROM OPERATIONS | | | (43,663 | ) | | | 31,891 | |
| | | | | | | | | |
| OTHER INCOME (EXPENSE) | | | | | | | | |
| Interest income | | | 3,192 | | | | 2,439 | |
| Finance/interest expense | | | (28,695 | ) | | | (24,857 | ) |
| Gain on disposal of equipment and intangible assets | | | 46 | | | | 331 | |
| Income from equity investments | | | 13 | | | | (42 | ) |
| Foreign currency transaction (loss) gain | | | (854 | ) | | | 28 | |
| Lease income | | | 546 | | | | 532 | |
| Other non-operating (expense) income, net | | | (176 | ) | | | 269 | |
| Other expense, net | | | (25,928 | ) | | | (21,300 | ) |
| | | | | | | | | |
| (LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | | | (69,591 | ) | | | 10,591 | |
| | | | | | | | | |
| PROVISION FOR INCOME TAXES | | | | | | | | |
| Current | | | 5 | | | | 71 | |
| Deferred | | | - | | | | - | |
| Provision for income taxes | | | 5 | | | | 71 | |
General Steel Holdings, Inc.
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| | | | | | | | | |
| NET (LOSS) INCOME | | | (69,596 | ) | | | 10,520 | |
| | | | | | | | | |
| Less: Net (loss) income attributable to noncontrolling interest | | | (26,032 | ) | | | 7,417 | |
| | | | | | | | | |
| NET (LOSS) INCOME ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | | $ | (43,564 | ) | | $ | 3,103 | |
| | | | | | | | | |
| NET (LOSS) INCOME | | $ | (69,596 | ) | | $ | 10,520 | |
| OTHER COMPREHENSIVE LOSS | | | | | | | | |
| Foreign currency translation adjustments | | | 4,670 | | | | (2,526 | ) |
| | | | | | | | | |
| COMPREHENSIVE (LOSS) INCOME | | | (64,926 | ) | | | 7,994 | |
| | | | | | | | | |
| Less: Comprehensive (loss) income attributable to noncontrolling interest | | | (24,226 | ) | | | 6,455 | |
| | | | | | | | | |
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | | $ | (40,700 | ) | | $ | 1,539 | |
| | | | | | | | | |
| WEIGHTED AVERAGE NUMBER OF SHARES | | | | | | | | |
| Basic and Diluted | | | 55,813 | | | | 54,805 | |
| | | | | | | | | |
| (LOSS) INCOME PER SHARE | | | | | | | | |
| Basic and Diluted | | $ | (0.78 | ) | | $ | 0.06 | |
General Steel Holdings, Inc.
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GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (In thousands)
| | | For the
Three months ended March 31, |
| | | 2014 | | | 2013 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | |
| Net (loss) income | | $ | (69,596 | ) | | $ | 10,520 | |
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | |
| Depreciation, amortization and depletion | | | 24,346 | | | | 21,358 | |
| Change in fair value of derivative liabilities | | | - | | | | (1 | ) |
| Gain loss on disposal of equipment and intangible assets | | | (46 | ) | | | (331 | ) |
| Provision for doubtful accounts | | | (251 | ) | | | (42 | ) |
| Reservation of mine maintenance fee | | | 242 | | | | 45 | |
| Stock issued for services and compensation | | | 150 | | | | 245 | |
| Amortization of deferred financing cost on capital lease | | | 5,086 | | | | 5,095 | |
| (Income) loss from equity investments | | | (13 | ) | | | 42 | |
| Foreign currency transaction (gain) loss | | | 854 | | | | (28 | ) |
| Deferred lease income | | | (546 | ) | | | (532 | ) |
| Changes in fair value of profit sharing liability | | | 49 | | | | (46,779 | ) |
| Changes in operating assets and liabilities | | | | | | | | |
| Notes receivable | | | (70,354 | ) | | | 27,752 | |
| Accounts receivable | | | (102 | ) | | | (9,426 | ) |
| Accounts receivable - related parties | | | (1,569 | ) | | | 6,808 | |
| Other receivables | | | 355 | | | | (2,826 | ) |
| Other receivables - related parties | | | (4,219 | ) | | | (20,212 | ) |
| Inventories | | | (730 | ) | | | (37,526 | ) |
| Advances on inventory purchases | | | 176 | | | | 22,786 | |
| Advances on inventory purchases - related parties | | | (38,419 | ) | | | (46,883 | ) |
| Prepaid expense and other | | | (516 | ) | | | (1,039 | ) |
| Long-term deferred expense | | | 56 | | | | 260 | |
| Prepaid taxes | | | 4,963 | | | | 1,049 | |
| Accounts payable | | | 59,351 | | | | 57,648 | |
| Accounts payable - related parties | | | 16,986 | | | | 39,661 | |
| Other payables and accrued liabilities | | | 15,300 | | | | 1,887 | |
| Other payables - related parties | | | (12,676 | ) | | | 8,789 | |
| Customer deposits | | | 20,043 | | | | (21,956 | ) |
| Customer deposits - related parties | | | 113,895 | | | | (9,457 | ) |
| Taxes payable | | | 2,708 | | | | (4,427 | ) |
| Other noncurrent liabilities | | | - | | | | 1,370 | |
| Net cash provided by operating activities | | | 65,523 | | | | 3,850 | |
General Steel Holdings, Inc.
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| | | | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
| Restricted cash | | | (32,943 | ) | | | 54,991 | |
| Cash proceeds from short term investment | | | 164 | | | | - | |
| Cash proceeds from sales of equipments and intangible assets | | | 24 | | | | 4 | |
| Equipment purchase and intangible assets | | | (56,861 | ) | | | (24,093 | ) |
| Net cash (used in) provided by investing activities | | | (89,616 | ) | | | 30,902 | |
| | | | | | | | | |
| CASH FLOWS FINANCING ACTIVITIES: | | | | | | | | |
| Restricted notes receivable | | | 131,971 | | | | 99,224 | |
| Borrowings on short term notes payable | | | 439,342 | | | | 289,548 | |
| Payments on short term notes payable | | | (485,455 | ) | | | (493,064 | ) |
| Borrowings on short term loans - bank | | | 95,120 | | | | 32,563 | |
| Payments on short term loans - bank | | | (165,711 | ) | | | (63,315 | ) |
| Borrowings on short term loan - others | | | 9,853 | | | | 21,296 | |
| Payments on short term loans - others | | | (14,426 | ) | | | (21,432 | ) |
| Borrowings on short term loan - related parties | | | 24,528 | | | | 142,999 | |
| Payments on short term loans - related parties | | | (5,849 | ) | | | (30,430 | ) |
| Deposits due to sales representatives | | | (425 | ) | | | 6,411 | |
| Deposit due to sales representatives - related parties | | | - | | | | 526 | |
| | | | | | | | | |
| Net cash provided by (used in) financing activities | | | 28,948 | | | | (15,674 | ) |
| EFFECTS OF EXCHANGE RATE CHANGE IN CASH | | | (444 | ) | | | 254 | |
| INCREASE IN CASH | | | 4,411 | | | | 19,332 | |
| CASH, beginning of period | | | 31,967 | | | | 46,467 | |
| CASH, end of period | | $ | 36,378 | | | $ | 65,799 | |
| | | | | | | | | |
