Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 23, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | GENERAL STEEL HOLDINGS INC | |
Entity Central Index Key | 1,239,188 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | GSI | |
Entity Common Stock, Shares Outstanding | 16,597,395 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash | $ 84 | $ 174 |
Restricted cash | 12,560 | 14,661 |
Loans receivable - related party | 5,874 | 34,713 |
Accounts receivable, net | 10,187 | 3,650 |
Accounts receivable - related parties, net | 667 | 660 |
Other receivables, net | 9,428 | 9,066 |
Other receivables - related parties, net | 4,683 | 3,880 |
Advances on inventory purchase, net | 15,537 | 56,455 |
Advances on inventory purchase - related parties | 0 | 7,057 |
Prepaid expense and other | 2,871 | 235 |
Prepaid taxes | 479 | 729 |
Short-term investment | 4,707 | 0 |
Current assets held for sale | 474,239 | 839,129 |
TOTAL CURRENT ASSETS | 541,316 | 970,409 |
OTHER ASSETS: | ||
PLANT AND EQUIPMENT, net | 0 | 1,948 |
Investment in unconsolidated entities | 15,087 | 15,670 |
Long-term deferred expense | 384 | 417 |
Other assets held for sale | 567,919 | 1,576,780 |
TOTAL OTHER ASSETS | 583,390 | 1,594,815 |
TOTAL ASSETS | 1,124,706 | 2,565,224 |
CURRENT LIABILITIES: | ||
Short term notes payable | 20,405 | 22,806 |
Accounts payable - related parties | 4,111 | 1,869 |
Short term loans - bank | 38,127 | 40,562 |
Short term loans - others | 1,569 | 0 |
Short term loans - related parties | 5,035 | 670 |
Other payables and accrued liabilities | 6,815 | 6,913 |
Other payables - related parties | 25,436 | 5,862 |
Customer deposits | 3,211 | 5,602 |
Customer deposits - related parties | 13,933 | 97,721 |
Taxes payable | 1,142 | 1,175 |
Current liabilities held for sale | 1,904,646 | 2,068,233 |
TOTAL CURRENT LIABILITIES | 2,024,430 | 2,251,413 |
NON-CURRENT LIABILITIES: | ||
NON-CURRENT LIABILITIES HELD FOR SALE | 797,117 | 875,936 |
TOTAL LIABILITIES | $ 2,821,547 | $ 3,127,349 |
COMMITMENTS AND CONTINGENCIES | ||
DEFICIENCY: | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares issued and outstanding as of September 30, 2015 and December 31, 2014 | $ 3 | $ 3 |
Common stock, $0.001 par value, 40,000,000 shares authorized, 14,491,318 shares and 12,891,718 shares issued and 13,996,856 shares and 12,397,256 shares outstanding as of September 30, 2015 and December 31, 2014, respectively (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 14 | 13 |
Treasury stock, at cost, 494,461 shares as of September 30, 2015 and December 31, 2014 (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | (840) | (4,199) |
Paid-in-capital | 117,636 | 115,545 |
Statutory reserves | 6,604 | 6,472 |
Accumulated deficits | (1,184,182) | (463,521) |
Accumulated other comprehensive income | 41,772 | 644 |
TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY | (1,018,993) | (345,043) |
NONCONTROLLING INTERESTS | (677,848) | (217,082) |
TOTAL DEFICIENCY | (1,696,841) | (562,125) |
TOTAL LIABILITIES AND DEFICIENCY | $ 1,124,706 | $ 2,565,224 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred Stock, par or stated value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 3,092,899 | 3,092,899 |
Preferred stock, shares outstanding | 3,092,899 | 3,092,899 |
Common Stock, par or stated value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares, issued | 14,491,318 | 12,891,718 |
Common stock, shares, outstanding | 13,996,856 | 12,397,256 |
Treasury stock, shares | 494,461 | 494,461 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET GAIN (LOSS) - TRADING ACTIVITIES | $ 9 | $ (51) | $ 187 | $ (36) |
NET GAIN (LOSS) - TRADING ACTIVITIES - RELATED PARTIES | 1,164 | (216) | 988 | (678) |
TOTAL NET GAIN (LOSS) - TRADING ACTIVITIES | 1,173 | (267) | 1,175 | (714) |
GENERAL AND ADMINISTRATIVE EXPENSES | (3,386) | (2,065) | (6,971) | (6,983) |
LOSS FROM OPERATIONS | (2,213) | (2,332) | (5,796) | (7,697) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 758 | 81 | 2,129 | 564 |
Finance/interest expense | (753) | (1,590) | (3,094) | (4,783) |
Loss from equity investments | 0 | 0 | (5) | 0 |
Foreign currency transaction loss (gain) | (1,468) | 3,075 | (1,107) | 3,075 |
Other non-operating income (expense), net | 225 | 231 | 687 | 688 |
Other (expense) income, net | (1,238) | 1,797 | (1,390) | (456) |
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (3,451) | (535) | (7,186) | (8,153) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME FROM CONTINUING OPERATIONS | (3,451) | (535) | (7,186) | (8,153) |
NET LOSS FROM OPERATIONS TO BE DISPOSED, net of applicable income taxes | (91,046) | (4,629) | (1,195,723) | (83,149) |
NET LOSS | (94,497) | (5,164) | (1,202,909) | (91,302) |
Less: Net loss attributable to noncontrolling interest from continuing operations | 0 | 0 | 0 | 0 |
Less: Net loss attributable to noncontrolling interest from operations to be disposed | (34,016) | (1,674) | (482,248) | (33,229) |
NET LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | (60,481) | (3,490) | (720,661) | (58,073) |
NET LOSS | (94,497) | (5,164) | (1,202,909) | (91,302) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Foreign currency translation adjustments | 65,647 | (3,232) | 62,520 | 509 |
COMPREHENSIVE LOSS | (28,850) | (8,396) | (1,140,389) | (90,793) |
Less: Comprehensive loss attributable to noncontrolling interest | (11,400) | (1,701) | (460,856) | (31,802) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ (17,450) | $ (6,695) | $ (679,533) | $ (58,991) |
WEIGHTED AVERAGE NUMBER OF SHARES | ||||
Basic and Diluted (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) (in shares) | 13,788 | 11,176 | 12,919 | 11,169 |
LOSS PER SHARE - BASIC AND DILUTED | ||||
Continuing operations | $ (0.25) | $ (0.05) | $ (0.56) | $ (0.73) |
Operations to be disposed | (4.14) | (0.26) | (55.23) | (4.47) |
Net loss | $ (4.39) | $ (0.31) | $ (55.78) | $ (5.20) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,202,909) | $ (91,302) |
Net loss from operations to be disposed | (1,195,723) | (83,149) |
Net loss from continuing operations | (7,186) | (8,153) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities from continuing operations: | ||
Depreciation, amortization and depletion | 1,934 | 1,344 |
Stock issued for services and compensation | 2,637 | 371 |
Loss from equity investments | 5 | 0 |
Foreign currency transaction loss | 1,107 | (3,075) |
Changes in operating assets and liabilities | ||
Accounts receivable | (6,875) | 0 |
Accounts receivable - related parties | (31) | 1 |
Other receivables | 1,880 | (762) |
Other receivables - related parties | (928) | (1,799) |
Inventories | 0 | 0 |
Advances on inventory purchases | 40,027 | (7,628) |
Advances on inventory purchases - related parties | 31,952 | (80,713) |
Prepaid expense and other | (2,416) | 179 |
Long-term deferred expense | 20 | 166 |
Prepaid taxes | 230 | 1,359 |
Accounts payable | 0 | (29,227) |
Accounts payable - related parties | 2,382 | 7,418 |
Other payables and accrued liabilities | 158 | 753 |
Other payables - related parties | 19,768 | (746) |
Customer deposits | (2,252) | 76,881 |
Customer deposits - related parties | (82,643) | 49,685 |
Taxes payable | 11 | 33 |
Net cash (used in) provided by operating activities from operations to be disposed | (144,864) | 36,551 |
Net cash (used in) provided by operating activities | (145,084) | 42,638 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Restricted cash | 1,609 | 8,136 |
Loans receivable - related party | 3,456 | 0 |
Payments for short term investment | (4,851) | 0 |
Equipment purchase and intangible assets | 0 | (3) |
Net cash provided by (used in) investing activities from operations to be disposed | 91,523 | (112,742) |
Net cash provided by (used in) investing activities | 91,737 | (104,609) |
CASH FLOWS FINANCING ACTIVITIES: | ||
Restricted notes receivable | 0 | 0 |
Borrowings on short term notes payable | 21,029 | 21,154 |
Payments on short term notes payable | (22,638) | (42,307) |
Borrowings on short term loans - bank | 45,761 | 43,772 |
Payments on short term loans - bank | (47,838) | (30,950) |
Borrowings on short term loan - others | 1,617 | 0 |
Borrowings on short term loan - related parties | 4,525 | 0 |
Payments on short term loans - related parties | 0 | (779) |
Net cash provided by financing activities from operations to be disposed | 34,354 | 60,168 |
Net cash provided by financing activities | 36,810 | 51,058 |
EFFECTS OF EXCHANGE RATE CHANGE IN CASH | 6,812 | 1,054 |
DECREASE IN CASH | (9,725) | (9,859) |
CASH, beginning of period | 11,641 | 31,967 |
CASH, end of period | 1,916 | 22,108 |
Less: cash from operations to be disposed, end of period | (1,832) | (21,368) |
CASH FROM CONTINUING OPERATIONS, end of period | $ 84 | $ 740 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Organization and Operations General Steel Holdings, Inc. (the “Company”) was incorporated on August 5, 2002 in the state of Nevada. The Company through its 100 In view of the near-term challenges for the steel sector (see Note 2(d) Liquidity and Going Concern), the Company’s strategically accelerating the Company’s business transformation. The Company’s transformation strategy is to pursue opportunities that offer compelling benefits to our organization and shareholders, including: • First, strengthen the Company’s financials while providing the financial flexibility to pursue higher return, higher growth opportunities; • Second, reduce the complexity of the Company’s business structure, which is consistent with the Company’s objectives for internal simplification and operating efficiency; • Third, diversify operating risk in order to lower the Company’s high reliance on steel business, while at the same time leverage on the Company’s vast vertical resources in the steel industry; and • Fourth, pursue opportunities for additional value creation. On November 4, 2015, the Company's Board of Directors (the "Board"), including the audit committee, authorized the Company's management to pursue the potential sale of all its ownership interest in Maoming Hengda Steel Company, Ltd. ("Maoming Hengda") and Longmen Joint Venture in order to unlock the hidden value in Maoming Hengda's land assets, as well as divest from and restructure the steel business. If the divestiture and restructuring of the Company's steel business is fully completed as currently contemplated, the Company's remaining businesses will be primarily comprised of General Steel (China) Co., Ltd, a trading company that mainly sources overseas iron ore for steel mills, General Shengyuan IoT, which develop and commercialize RFID technologies and data solutions, and Catalon, which develops and manufactures De-NOx honeycomb catalysts and industrial ceramics. As a result, Longmen Joint Venture and Maoming Hengda’s financial information are presented as assets and liabilities held for sale and operations to be disposed for the three and nine months ended September 30, 2015 in the unaudited condensed consolidated financial statements. Certain prior period data has been reclassified to conform to the current year presentation and to reflect the results of operations expected to be disposed. See Note 2(n) “Summary of significant accounting policies operations held for sale” for details. The Company is engaging in preliminary discussions with potential buyers for Maoming Hengda and Longmen Joint Venture, and as a result, the Company has reported its financial results for the third quarter of 2015 and will continue to for subsequent quarters with Longmen Joint Venture, which formerly represented over a majority of the Company's consolidated sales, and Maoming Hengda presented as one-line items in both the Company's unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations. On April 29, 2011, a 20-year Unified Management Agreement (“the Agreement”) was entered into between the Company, the Company’s 60 605.8 3.7 Longmen Joint Venture has agreed to pay Shaanxi Steel for the use of the constructed iron and steel making facilities an amount equaling the depreciation expense on the equipment constructed by Shaanxi Steel as well as 40 60 36 The parties to the Agreement established the Shaanxi Longmen Iron and Steel Unified Management Supervisory Committee ("Supervisory Committee") to ensure that the facilities and related resources are operated and managed according to the stipulations set forth in the Agreement. The Board of Directors of Longmen Joint Venture, of which the Company holds 4 out of 7 seats, requires a simple majority vote and remains the controlling decision-making body of Longmen Joint Venture and the Asset Pool. See Note 2(c) “Consolidation of VIE.” The Agreement does not preclude the Company from selling its 60 The Agreement constitutes an arrangement that involves a lease which meets certain of the criteria of a capital lease and therefore the assets constructed by Shaanxi Steel are accounted for by Longmen Joint Venture as a capital lease. The profit sharing liability portion of the lease obligation, representing 40% of the cumulative pre-tax profit generated by the Asset Pool, is accounted for by Longmen Joint Venture as a derivative financial instrument at fair value. See Notes 2 “Summary of significant accounting policies”, Note 15 “Capital lease obligations” and Note 16 “Profit sharing liability”. The Company formed a joint venture, Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan IoT”), in February of 2015 with an RFID Expert team to develop and commercialize RFID technologies and data solutions. The formation of this joint venture represents a unique opportunity to accelerate the Company’s expansion into the vibrant logistics and Internet-of-Things sectors. General Shengyuan IoT is still in the development stage and no revenues and significant operating expenses during the three and nine months ended September 30, 2015. In October 2015, the Company completed its acquisition of an 84.5 |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of significant accounting policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial statements include the accounts of all directly, indirectly owned subsidiaries and the variable interest entity listed below. All material intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial statements have been included. Interim results are not necessarily indicative of results to be expected for the full year. The information included in this Form 10-Q should be read in conjunction with information included in the 2014 annual report on Form 10-K filed on April 10, 2015. Basis of presentation Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. PRC 100.0 % General Steel (China) Co., Ltd. (“General Steel (China)”) PRC 100.0 % Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan”) PRC 70.0 % Yangpu Shengtong Investment Co., Ltd. (“Yangpu Shengtong”) PRC 99.1 % Tianjin Qiu Steel Investment Co., Ltd. (“Qiu Steel”) PRC 98.7 % Longmen Joint Venture PRC VIE/60.0 % Maoming Hengda Steel Company, Ltd. (“Maoming Hengda”) PRC 99.0 % As disclosed in Note 1, the Company formed a joint venture entity, Tianjin General Shengyuan IoT Technology Co., Ltd, with a team of radio-frequency identification (“RFID”) experts (the “Expert Team”), to develop and commercialize RFID technology data solutions. Under the terms of the Agreement, the Company owned 70 1.6 10.0 Principles of consolidation subsidiaries The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries, its variable interest entity (“VIE”) for which the Company is the ultimate primary beneficiary, and the VIE’s subsidiaries. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant inter-company transactions and balances have been eliminated upon consolidation. Consolidation of VIE Upon entering into the Unified Management Agreement on April 29, 2011, Longmen Joint Venture was re-evaluated by the Company to determine if Longmen Joint Venture is a VIE and if the Company is the primary beneficiary. Longmen Joint Venture’s equity at risk was and continues to be insufficient to finance its activities and therefore Longmen Joint Venture is considered to be a VIE. The Company would be considered the primary beneficiary of the VIE if it has both of the following characteristics: a. The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and b. The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. A Supervisory Committee was formed during the negotiation of the Unified Management Agreement. Given there is both a Supervisory Committee and a Board of Directors with respect to Longmen Joint Venture , the powers (rights and roles) of both bodies were considered to determine which party has the power to direct the activities of Longmen Joint Venture, and by extension, whether the Company continues to have the power to direct Longmen Joint Venture’s activities after this Supervisory Committee was formed and the significant investment in plant and equipment by owners of the Longmen Joint Venture partner. The Supervisory Committee, in which the Company holds 2 out of 4 seats, requires a ¾ majority vote, while the Board of Directors, on which the Company holds 4 out of 7 seats, requires a simple majority vote. As the Supervisory Committee’s role is limited to supervising and monitoring management of Longmen Joint Venture and in the event there is any disagreement between the Board and the Supervisory Committee, the Board prevails, the Supervisory Committee is considered subordinate to the Board. Thus, the Board of Directors of Longmen Joint Venture continues to be the controlling decision-making body with respect to Longmen Joint Venture. The Company, which controls 60 In connection with the Unified Management Agreement, the Company, Shaanxi Coal and Shaanxi Steel may provide such support on a discretionary basis or as needed in the future. See Note 2(d) Liquidity and Going Concern. The Company has the obligation to absorb losses and the rights to receive benefits based on the profit allocation as stipulated by the Unified Management Agreement that are significant to the VIE. As both conditions are met, the Company is the primary beneficiary of Longmen Joint Venture and therefore, continues to consolidate Longmen Joint Venture as a VIE. The Company believes that the Unified Management Agreement between Longmen Joint Venture and Shaanxi Coal is in compliance with PRC law and is legally enforceable. However, PRC law and/or uncertainties in the PRC legal system could limit the Company’s ability to enforce the Unified Management Agreement, which in turn, may lead to reconsideration of the VIE assessment and the potential for a different conclusion. If the Unified Management Agreement cannot be enforced, the Company would not consolidate Longmen Joint Venture as a VIE. However, the current PRC legal system has not limited the Company’s ability to enforce the Unified Management Agreement nor does the Company believe it is likely to do so in the future. The Company makes an ongoing assessment to determine whether Longmen Joint Venture is a VIE. September 30, December 31, (in thousands) (in thousands) Current assets $ 472,858 $ 837,135 Plant and equipment, net 540,559 1,537,687 Other noncurrent assets 22,819 33,396 Total assets 1,036,236 2,408,218 Total liabilities (2,707,575) (2,946,126) Net liabilities $ (1,671,339) $ (537,908) September 30, December 31, (in thousands) (in thousands) Current liabilities: Short term notes payable $ 393,996 $ 638,829 Accounts payable 553,794 605,025 Accounts payable - related parties 265,214 205,914 Short term loans bank 57,661 216,940 Short term loans others 56,293 54,524 Short term loans - related parties 345,712 45,710 Other payables and accrued liabilities 57,827 47,121 Other payables - related parties 34,328 78,615 Customer deposits 32,363 87,372 Customer deposits - related parties 74,008 34,895 Deposit due to sales representatives 4,020 17,871 Deposit due to sales representatives related parties 2,291 2,509 Taxes payable 5,842 4,026 Deferred lease income 2,096 2,176 Capital lease obligations, current 10,156 8,508 Intercompany payable to be eliminated 14,857 20,155 Total current liabilities 1,910,458 2,070,190 Non-current liabilities: Long term loans - related parties 339,437 339,549 Deferred lease income - noncurrent 68,463 72,713 Capital lease obligations, noncurrent 389,217 393,252 Profit sharing liability - 70,422 Total non-current liabilities 797,117 875,936 Total liabilities of consolidated VIE $ 2,707,575 $ 2,946,126 Three months Three months (in thousands) (in thousands) Sales $ 528,903 $ 559,332 Gross (loss) profit $ (48,748) $ 9,779 (Loss) income from operations $ (71,083) $ 10,513 Net loss attributable to controlling interest $ (56,738) $ (2,613) Nine months Nine months (in thousands) (in thousands) Sales $ 1,385,661 $ 1,740,645 Gross (loss) profit $ (145,117) $ 15,734 Loss from operations $ (1,130,403) $ (20,706) Net loss attributable to controlling interest $ (712,262) $ (48,775) Liquidity and going concern The Company’s accounts have been prepared assuming that the Company will continue as a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon aligning its sources of funding (debt and equity) with the expenditure requirements of the Company and repayment of the short-term debt facilities as and when they fall due. The steel business is capital intensive and as a normal industry practice in PRC, the Company is highly leveraged. Debt financing in the form of short term bank loans, loans from related parties, financing sales, bank acceptance notes, and capital leases have been utilized to finance the working capital requirements and the capital expenditures of the Company. As a result, the Company’s equity was in deficiencies as of September 30, 2015 and December 31, 2014. As September 30, 2015, the Company’s current liabilities exceed current assets (excluding non-cash item) by $ 1.5 Our steel business has faced very tough market conditions and challenging profitability over the last several years, and based on current trends, we think the near-term challenges for the steel sector will likely linger. In reaction to this challenging market, we are proactively reviewing our strategy and asset portfolio and seeking to sell or restructure low-efficient, non-core assets, as well as idle land resources. Longmen Joint Venture, as the most important entity of the Company, accounted for majority of total sales of the Company. As such, the majority of the Company’s working capital needs come from Longmen Joint Venture. Longmen Joint Venture has obtained different types of financial supports, which are listed below by category: Line of credit 144.4 Banks Amount of Repayment Date Bank of China 18.8 December 3, 2016 Bank of Beijing 78.5 October 14, 2016 Bank of Chongqing 47.1 December 26, 2016 Total $ 144.4 As of the date of this report, the Company utilized $144.4 of these lines of credit. Vendor financing 1,019.9 Company Financing Period Financing Amount Company A related party July 30, 2014 July 30, 2019 $ 235.4 Company B third party January 22, 2014 January 22, 2017 156.9 Company C third party October 1, 2013 September 30, 2017 627.6 Total $ 1,019.9 Company A, a related party company and Company B, a third party company, are both Longmen Joint Venture’s major coke suppliers. They have been doing business with Longmen Joint Venture for many years. On July 30, 2014, Company A signed a five-year agreement with Longmen Joint Venture to finance its coke purchases up to $ 235.4 156.9 53.0 60.1 Company C is a Fortune 500 Company. On June 28, 2013, Company C signed an agreement with Longmen Joint Venture to finance Longmen Joint Venture’s purchase of iron ore for an amount up to $ 489.3 627.6 0.05 0.9 Other financing 397.2 Company Financing Period Financing Amount Company D related party April 22, 2014 April 22, 2017 $ 78.5 Company E related party April 23, 2014 April 23, 2017 83.2 Company F related party April 22, 2014 April 22, 2017 78.5 Company G related party April 30, 2015 April 30, 2018 78.5 Company H related party April 30, 2015 April 30, 2018 78.5 Total $ 397.2 As of the date of this report, our payables to Company D, Company E, Company F, Company G, and Company H are approximately $ 0.1 0 17.5 3.2 0.8 Amount due to sales representatives Longmen Joint Venture entered into agreements with various entities to act as the Company’s exclusive sales agents in specified geographic areas. These exclusive sales agents must meet certain criteria and are required to deposit a certain amount of money with the Company. In return, the sales agents receive exclusive sales rights in a specified area and discounted prices on products they order. These deposits bear no interest and are required to be returned to the sales agent once the agreement is terminated. As of September 30, 2015, Longmen Joint Venture has collected a total amount of $ 6.3 With the financial support from the banks and the companies above and management’s continued effort in obtaining additional financial supports from banks and other companies, management plans outlined above and summarized below are expected to provide sufficient funds to meet its future operations, working capital requirements and debt obligations until the end of September 30, 2016. However, these plans are based on the Company's operating results not continuing to deteriorate and on significant vendors and related parties, most of which are also exposed to the challenging operating climate within the steel industry, being able to provide continued financial support. In addition, even if the steel business assets can be disposed of on terms favorable to the Company, the new business ventures recently established or acquired are not yet profitable or proven. As such, there continues to be substantial doubt about the Company’s ability to continue as a going concern. Cash inflow (outflow) For the twelve months Current liabilities over current assets (excluding deferred lease income) as of September 30, 2015 (unaudited) $ (1,481.0) Projected cash financing and outflows: Cash provided by line of credit from banks 144.4 Cash provided by vendor financing 1,019.9 Cash provided by other financing 397.2 Cash provided by sales representatives 6.3 Cash projected to be used in operations in the twelve months ended September 30, 2016 (30.3) Cash projected to be used for financing cost in the twelve months ended September 30, 2016 (46.6) Net projected change in cash for the twelve months ended September 30, 2016 $ 9.9 Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and footnotes. Significant accounting estimates reflected in the Company’s consolidated financial statements include the fair value of the profit sharing liability, the useful lives of and the weighted average calculation used in the impairment for property, plant and equipment, and potential losses on uncollectible receivables, allowance for inventory valuation, the interest rate used in the financing sales, the fair value of the assets recorded under capital lease and the present value of the net minimum lease payments of the capital lease. Actual results could differ from these estimates. One of the Company’s most significant estimates are the determination of fair value of the profit sharing liability see note 2(h). Since the liability is calculated and largely based on management’s expectations of product demand, pricing, raw materials cost and projected manufacturing efficiencies, it is susceptible to material changes when actual results deviate from those expectations. While management believes its current assumptions are reasonable and achievable, there is no assurance that those future expectations will be met or that significant adjustments won’t be required in the future. Concentration of risks and uncertainties The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Through the quarter ended September 30, 2015, the Company has incurred recurring losses from the Company’s operations from the last several years as the Company’s steel business has faced very tough market conditions and challenging profitability. Management has continued its effort to implementing cost savings on our manufacturing overhead costs and to reduce our unit production cost. The Company has forecasted its loss will continue until year 2021 and is expected to make a turning point and become profitable in year 2022 and beyond. The Company’s forecast is based on current market condition, if the future market condition is different from its forecast, the Company might continue to incur additional loss in 2022 and beyond and the Company’s assets pool of its long-lived assets may become further impaired- see note 2(j). The Company has significant exposure to the price fluctuation of raw materials and energy prices as part of its normal operations. As of September 30, 2015 and December 31, 2014, the Company did not have any open commodity contracts to mitigate such risks. Cash includes demand deposits in accounts maintained with banks within the PRC, Hong Kong and the United States. Total cash (including restricted cash balances) in these banks on September 30, 2015 and December 31, 2014 amounted to $ 164.3 367.2 0.2 1.0 4.9 Two of the Company’s customers individually accounted for 15.0 13.9 10 49.8 10 20.5 32.1 None of the Company’s supplier individually accounted for more than 10 10 10 Foreign currency translation and other comprehensive income The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries and VIE in China use the local currency, Renminbi (“RMB”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included in accumulated other comprehensive income amounted to $ 41.8 0.6 6.37 6.14 1.00 6.28 6.16 6.18 6.15 The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions. Financial instruments The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, short term investments, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. For short term loans and notes payable, the Company concluded the carrying values are a reasonable estimate of fair values because of the short period of time between the origination and repayment and as their stated interest rates approximate current rates available. The carrying value of the long term loans-related party approximates its fair value as of the reporting date as their stated interest rates approximate current market rates available. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: ⋅ Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ⋅ Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ⋅ Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. As described in Note 15 - Capital lease obligations, payments related to the capital lease of the Asset Pool consist of two components: (1) a fixed monthly payment of $ 2.3 14.6 40 The Company determines the fair value of the profit sharing liability using Level 3 inputs by considering the present value of Longmen Joint Venture’s projected profits/losses, discounted based on our average borrowing rate, which is currently 6.5 The fair value of the profit sharing liability will change each period as a result of (a) any changes in our estimate of Longmen Joint Venture’s projected profits/losses over the remaining term of the Agreement, (b) any change in the discount rate used, based on changes in our current or expected borrowing rate, (c) the change in fair value related to the passage of time and change in the number of future periods over which the present value of future cash flows is estimated and (d) any difference between the previously estimated operating results for the current period and actual results. Each period, the Company considers whether the discount rate based on the Company’s average borrowing rate should be adjusted based upon the current and expected future financial condition of the Company. On November 22, 2014, the People’s Bank of China decreased standard bank borrowing rate across the board by 0.4%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.4% from 7.3% to 6.9%. On May 11, 2015, the People’s Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.9% to 6.7%. On June 27, 2015 the People’s Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.7% to 6.5%. The projected profits/losses in Longmen Joint Venture are based upon, but not limited to, the following assumptions: ⋅ projected selling units and growth in the steel market ⋅ projected unit selling price in the steel market ⋅ projected unit purchase cost in the coal and iron ore markets ⋅ selling and general and administrative expenses to be in line with the growth in the steel market ⋅ projected bank borrowings ⋅ interest rate index ⋅ gross national product index ⋅ industry index ⋅ government policy The major drivers of the change in our estimate were the continuing decrease in the selling price of our products as well as a continuing downtrend in the sluggish infrastructure investment and consumption growth for the next ten years or so. As such, as of December 31, 2014 financial statement issuance we had lowered our projected growth in the steel market for approximately ten years as compared to our previous estimates at December 31, 2013. The variables and the impact on our inputs to the 2014 valuation of profit sharing fair value, as compared to the 2013 valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: The most recent 5 year China GDP forecast and Shaanxi GDP forecast decreased on average by 0.4 1.4 - Steel Sales Price Inputs: The most recent China Steel Association price index, together with our actual result decreased, on average, by 5.6 - Raw Material Cost Inputs: The most recent China Steel Association price index, together with the our actual result decreased, on average, by 4.7 The above reduced our Gross Profit margin over the next 5 years by, on average, 0.4 11.33 1.75 As a result of the changes in valuation inputs noted above for the year ended December 31, 2014, the Company recognized a gain on the change in the fair value of the profit sharing liability of $ 91.0 110.6 $0.1 million reduction resulting from the Asset Pool’s operating results for the year ended December 31, 2014 being slightly less favorable than previously estimated as of December 31, 2013, offset by a $8.1 million loss resulting from the 0.4% reduction of the present value discount rate and a $11.5 million loss from the present value discount For the three months ended March 31, 2015, the Company recognized a $ 12.9 0.25 16.6 2.5 0.25 1.2 The variables and the impact on the Company’s inputs to the first quarter of 2015 valuation of profit sharing fair value, as compared to the 2014 valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: the Company reduced our projected sales volume in 2015 by 3 - Steel Sales Price Inputs: the Company reduced our projected selling price in 2015 by 12 7 57.5 0.25 54.8 2.6 0.25 1.2 6.5 0 973.9 The variables and the impact on the Company’s inputs to the second quarter of 2015 valuation of profit sharing fair value, as compared to the first quarter valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: the Company increased our projected sales volume between 2015 and 2031 in response to recent policy initiatives from the Chinese government to boost infrastructure investment and further steel industry consolidation. - Steel Sales Price Inputs: the Company reduced our projected selling price in 2015 by 19 - Raw Material Cost Inputs: based on the actual results in the second quarter of 2015 and the latest market trends, the Company reduced cost of goods sold in 2015 by 12 (in thousands) Carrying Value Fair Value Measurements at December 31, 2014 Level 1 Level 2 Level 3 Profit sharing liability $ 70,422 $ - $ - $ 70,422 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 70,422 $ 162,295 Change in fair value of profit sharing liability: Change in preset value of estimate of future operating profits (71,395) (110,589) Change in discount rate 5,012 8,106 Interest expense - present value discount amortization 2,443 11,544 Difference between the previously estimated operating results for the current period and actual results (6,483) (79) Exchange rate effect 1 (855) Ending balance $ - $ 70,422 The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value. Notes receivable Notes receivable represents trade accounts receivable due from various customers where the customers’ banks have guaranteed the payment. The notes are non-interest bearing and normally paid within three to six months. The Company has the ability to submit request for payment to the customer’s bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee. Restricted notes receivable represents notes receivable pledged as collateral for short-term loans and short-term notes payable issued by banks. Interest expenses for early submission request of payment for continuing operations amounted to $ 0 0 Interest expense for early submission request of payment for operations to be disposed amounted to $ 1.5 10.2 Interest expenses for early submission request of payment for continuing operations amounted to $ 0.9 0 Interest expenses for early submission request of payment for operations to be disposed amounted to $ 17.8 37.1 Plant and equipment, net Plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3 5 Buildings and Improvements 10-40 Years Machinery 10-30 Years Machinery and equipment under capital lease 10-20 Years Other equipment 5 Years Transportation Equipment 5 Years The Company assesses all significant leases for purposes of classification as either operating or capital. At lease inception, if the lease meets any of the four following criteria, the Company will classify it as a capital lease; otherwise it will be treated as an operating lease: a) transfer of ownership to lessee at the end of the lease term, b) bargain purchase option, c) lease term is equal to 75% or more of the estimated economic life of the leased property, d) the present value of the minimum lease payments is 90% or more of the fair value of the leased asset. Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service, maintenance, repairs and minor renewals are charged directly to expense as incurred. Major additions and betterment to buildings and equipment are capitalized. Interest incurred during construction is capitalized into construction in progress. All other interest is expensed as incurred. Long lived assets, including buildings and improvements, equipment and intangible assets are reviewed if events and changes in circumstances indicate that its carrying amount may not be recoverable, to determine whether their carrying value has become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. The Company also re-evaluates the periods of depreciation and amortization to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Due to the recurring losses in the Longmen Joint Venture’s operations, the most recent economic down turn, the major sell off of the Chinese stock market and the lacking of government expansion in major infrastructure, the Company has considered Longmen Joint Venture’s carrying amount for property and equipment not being recoverable. The Company uses the undiscounted cash flow approach for the purpose of performing a recoverability test, which includes future cash inflows less associated cash outflows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the assets. For purposes of assessment, the long lived assets were grouped at the lowest level for which there is identifiable cash flows. The major groupings analyses include Longmen Joint Venture, Maoming Hengda and General Steel (China). Further, our estimate of future cash flows includes estimated future cash flows necessary to maintain our existing production potential over the entire period and within the various groups. The projections are based on a best estimate approach of likely outcomes. When the Company identifies an impairment, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flows method. As of September 30, 2015, the Company expects Longmen Joint Venture’s long-lived assets to be not fully recoverable and recognized an impairment loss of $973.9 million to reduce its carrying value to its fair value. See note 8 for further details. Intangible assets Finite lived intangible assets of the Company are reviewed for impairment if events and circumstances require. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. The Company also re-evaluates the periods of amortization to determine whether subsequent events and circumstances warrant revised estimates of useful lives. As of September 30, 2015, the Company expects these assets to be fully recoverable. Land use rights All land in the PRC is owned by the government. However, the government grants “land use rights.” General Steel (China) acquired land use rights in 2001 for a total of $ 3.9 23.7 50 expire in 2050 and 2053 Long Steel Group contributed land use rights for a total amount of $ 24.2 148.3 50 expire in 2048 to 2052 Maoming Hengda has land use rights amounting to $ 2.7 16.6 50 expire in 2054 50 Entity Original Cost Expires on (in thousands) General Steel (China) $ 3,723 2050 & 2053 Longmen Joint Venture (operation held for sale) $ 23,267 2048 & |
Loans receivable
Loans receivable | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |
Loans Receivable Related Parties Disclosure [Text Block] | Note 3 Loans receivable Loans receivable, including to related parties represent amounts the Company expects to collect from unrelated and related parties upon maturity. September 30, December 31, (in thousands) (in thousands) Loan to unrelated party; due on demand; interest rate is 8.0%. $ 40,951 $ 36,001 September 30, December 31, (in thousands) (in thousands) Loan to Tianjin Hengying Trading Co., Ltd.; due on demand; interest rate is 10.0%. $ - $ 13,997 Loan to Tianjin Dazhan Industry Co., Ltd.; due on demand; interest rate is 10.0%. - 14,617 Loan to Beijing Shenghua Xinyuan Metal Materials Co., Ltd.; due on demand; interest rate is 10.0%. 5,874 6,099 Total loans receivable related parties $ 5,874 $ 34,713 See Note 18 “Related party transactions and balances” for the nature of the relationship of related parties. Total interest income for the loans in continuing operations amounted to $ 0.8 0.1 Total interest income for the loans in continuing operations amounted to $ 2.0 0.2 |
Accounts receivable (including
Accounts receivable (including related parties), net | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Note 4 Accounts receivable (including related parties), net September 30, December 31, (in thousands) (in thousands) Accounts receivable $ 16,791 $ 9,804 Less: allowance for doubtful accounts (489) (483) Accounts receivable related parties 4,291 8,624 Less: allowance for doubtful accounts related parties (122) (126) Net accounts receivable 20,471 17,819 Less: accounts receivable, net held for sale (9,617) (13,509) Net accounts receivable - continuing operations $ 10,854 $ 4,310 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 609 $ 1,053 Charge to expense 24 368 Less: recovery - (8) Deconsolidation of Baotou Steel (798) Exchange rate effect (22) (6) Ending balance 611 609 Less: balance held for sale (611) (609) Ending balance continuing operations $ - $ - |
Other receivables (including re
Other receivables (including related parties), net | 9 Months Ended |
Sep. 30, 2015 | |
Other Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 5 Other receivables (including related parties), net September 30, December 31, (in thousands) (in thousands) Other receivables $ 84,797 $ 73,944 Less: allowance for doubtful accounts (13,475) (10,198) Other receivables related parties 42,450 39,734 Less: allowance for doubtful accounts related parties (63) (64) Net other receivables 113,709 103,416 Less: other receivables, net held for sale (99,598) (90,470) Net other receivables continuing operations $ 14,111 $ 12,946 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 10,262 $ 2,606 Charge to expense 3,771 7,670 Less: recovery (7) (6) Exchange rate effect (488) (8) Ending balance 13,538 10,262 Less: balance held for sale (13,538) (10,262) Ending balance continuing operations $ - $ - |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 6 Inventories September 30, December 31, (in thousands) (in thousands) Supplies $ 14,553 $ 18,838 Raw materials 56,951 143,563 Finished goods 46,664 12,301 Less: allowance for inventory valuation (9,585) (18,375) Total inventories 108,583 156,327 Less: inventories held for sale (108,583) (156,327) Inventories continuing operations $ - $ - Raw materials consist primarily of iron ore and coke at Longmen Joint Venture. The cost of finished goods includes direct costs of raw materials as well as direct labor used in production. Indirect production costs at normal capacity such as utilities and indirect labor related to production such as assembling, shipping and handling costs for purchasing are also included in the cost of inventory. The Company values its inventory at the lower of cost or market, determined on a weighted average method, or net realizable value. As of September 30, 2015 and December 31, 2014, the Company had provided allowance for inventory valuation in the amounts of $ 9.6 18.4 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 18,375 $ 15,397 Addition 50,263 18,362 Less: write-off (58,542) (15,311) Exchange rate effect (511) (73) Ending balance $ 9,585 $ 18,375 |
Advances on inventory purchases
Advances on inventory purchases | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Advances On Inventory Purchase [Text Block] | Note 7 Advances on inventory purchases September 30, December 31, (in thousands) (in thousands) Advances on inventory purchases $ 35,468 $ 76,320 Less: allowance for doubtful accounts (1,962) (2,501) Advances on inventory purchases related parties 11,391 45,617 Net advances on inventory purchases 44,897 119,436 Less: advances on inventory purchases held for sale (29,360) (55,924) Net advances on inventory purchases continuing operations $ 15,537 $ 63,512 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 2,501 $ 105 Charge to expense - 2,395 Exchange rate effect (539) 1 Ending balance 1,962 2,501 Less: balance held for sale (376) (904) Ending balance continuing operations $ 1,586 $ 1,597 |
Plant and equipment, net
Plant and equipment, net | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 Plant and equipment, net September 30, December 31, (in thousands) (in thousands) Buildings and improvements $ 221,846 $ 279,776 Machinery 455,077 669,427 Machinery under capital lease 294,157 626,735 Transportation and other equipment 15,778 22,765 Construction in progress 8,859 342,660 Subtotal 995,717 1,941,363 Less: accumulated depreciation (452,691) (398,227) Total 543,026 1,543,136 Less: plant and equipment, net held for sale (543,026) (1,541,188) Plant and equipment, net continuing operations $ - $ 1,948 Value Completion Estimated additional Description (In thousands) Date (In thousands) Restructuring of ventilation system 2,071 December 2015 2,325 Energy management system 3,869 December 2015 204 Reconstruction of miscellaneous factory buildings 474 December 2015 4,645 Project materials 2,061 - Others 384 - Total $ 8,859 $ 7,174 The Company is obligated under a capital lease for the iron and steel making facilities, including one sintering machine, two converters, two blast furnaces and some auxiliary systems that expire on April 30, 2031 September 30, December 31, (in thousands) (in thousands) Machinery $ 294,157 $ 626,735 Less: accumulated depreciation (121,680) (107,782) Carrying value of leased assets $ 172,477 $ 518,953 Long-lived assets, including construction in progress, are reviewed if events and changes in circumstances indicate that its carrying amount may not be recoverable to determine whether their carrying value has become impaired. The Company assessed the recoverability of all of its remaining long-lived assets at September 30, 2015 and December 31, 2014, respectively. While such assessment did not result in any impairment charges as of December 31, 2014, as the Chinese steel industry conditions continued to worsen during the six months ended June 30, 2015, which deviated from the Company’s previous anticipated industry environment improvement, the sum of the discounted cash flows expected to generate from the long-lived assets and their disposition were less than the carrying value by $ 973.9 6.0 0.6 0.6 Depreciation expense from operations to be disposed for the three months ended September 30, 2015 and 2014 amounted to $ 15.2 23.1 7.6 7.7 Depreciation expense from continuing operations for the nine months ended September 30, 2015 and 2014 amounted to $ 1.9 1.5 Depreciation expense from operations to be disposed for the nine months ended September 30, 2015 and 2014 amounted to $ 70.0 69.5 23.5 23.3 |
Intangible assets, net
Intangible assets, net | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 9 Intangible assets, net September 30, December 31, (in thousands) (in thousands) Land use rights $ 29,594 $ 30,726 Mining right 2,357 2,447 Software 1,076 1,058 Subtotal 33,027 34,231 Less: Accumulated amortization land use rights (9,281) (9,127) Accumulated amortization mining right (1,319) (1,431) Accumulated amortization software (765) (713) Subtotal (11,365) (11,271) Intangible assets, net 21,662 22,960 Less: intangible assets, net held for sale (21,662) (22,960) Intangible assets, net continuing operations $ - $ - The gross amount of the intangible assets amounted to $ 33.0 34.2 32.0 Total amortization expense from operations to be disposed for the three months ended September 30, 2015 and 2014 amounted to $ 0.2 0.1 Total amortization expense from operations to be disposed for the nine months ended September 30, 2015 and 2014 amounted to $ 0.6 0.6 Total depletion expense from operations to be disposed for the three months ended September 30, 2015 and 2014 amounted to $ 0.04 0.04 Total depletion expense from operations to be disposed for the nine months ended September 30, 2015 and 2014 amounted to $ 0.1 0.1 Year ending Estimated Gross carrying (in thousands) (in thousands) September 30, 2016 $ 944 20,718 September 30, 2017 944 19,774 September 30, 2018 944 18,830 September 30, 2019 944 17,886 September 30, 2020 944 16,942 Thereafter 16,942 - Total $ 21,662 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 10 Debt Short-term notes payable Short-term notes payable are lines of credit extended by banks. Banks in turn issue the Company a bank acceptance note, which can be endorsed and assigned to vendors as payments for purchases. The notes payable are generally payable within three to six months. This short-term note payable is guaranteed by the bank for its complete face value. The banks do not charge interest on these notes, but usually charge a transaction fee of 0.05 12.6 14.7 139.6 324.7 0 0 21.4 0 September 30, December 31, (in thousands) (in thousands) General Steel (China): Notes payable to various banks in China, due various dates from October 2015 and March 2016. Restricted cash required of $12.6 million and $14.7 million as of September 30, 2015 and December 31, 2014, respectively; guaranteed by third parties. These notes payable were either repaid or renewed subsequently on the due dates. $ 20,405 $ 22,806 Longmen Joint Venture: Notes payable to various banks in China, due various dates from October 2015 and March 2016. $139.6 million restricted cash and $21.4 million notes receivable are secured for notes payable as of September 30, 2015, and comparatively $324.7 million restricted cash and $0 notes receivable are secured for notes payable as of December 31, 2014, respectively; some notes are further guaranteed by third parties. These notes payable were either repaid or renewed subsequently on the due dates. 393,996 638,829 Total short-term notes payable 414,401 661,635 Less: short-term notes payable held for sale (393,996) (638,829) Short-term notes payable continuing operations $ 20,405 $ 22,806 Short-term loans Short-term loans represent amounts due to various banks, other companies and individuals, including related parties, normally due within one year. The principal of the loans are due at maturity but can be renewed at the bank’s option. Accrued interest is due either monthly or quarterly. Short term loans due to banks, related parties and other parties consisted of the following as of: Due to banks September 30, December 31, (in thousands) (in thousands) General Steel (China): Loans from various banks in China, due various dates from December 2015 to August 2016. Weighted average interest rate was 7.3% per annum and 7.2% per annum as of September 30, 2015 and December 31, 2014, respectively; some are guaranteed by third parties and related parties. These loans were either repaid or renewed subsequently on the due dates. $ 38,127 $ 40,562 Longmen Joint Venture: Loans from various banks in China, due various dates from July 2015 to May 2016. Weighted average interest rate was 7.7% per annum and 7.1% per annum as of September 30, 2015 and December 31, 2014, respectively; some are guaranteed by third parties and related parties, $9.8 million restricted cash and comparatively $16.3 million restricted cash and $111.8 million notes receivable were secured for the loans as of September 30, 2015 and December 31, 2014, respectively; These loans were either repaid or renewed subsequently on the due dates. 57,661 216,940 Total short-term loans bank 95,788 257,502 Less: short-term loans bank held for sale (57,661) (216,940) Short-term loans bank continuing operations $ 38,127 $ 40,562 As of December 31, 2014, the Company had not met its financial covenants stipulated by certain loan agreements related to the Company’s debt to asset ratio. Two of General Steel (China)’s bank loans contained financial covenants stipulating debt to asset ratios below 70 90.8 Furthermore, the Company was a party to a loan agreement with a cross default clause whereby any breach of loan covenants would automatically result in default of the loan. The outstanding balance of the short term loans affected by the above breach of covenants and cross default as of December 31, 2014 was $ 4.7 Due to unrelated parties September 30, December 31, (in thousands) (in thousands) Longmen Joint Venture: Loans from various unrelated companies and individuals, due various dates from October 2015 and September 2016, and weighted average interest rate was 14.2% per annum and 5.7% per annum as of September 30, 2015 and December 31, 2014, respectively. These loans were either repaid or renewed subsequently on the due dates. $ 46,878 $ 16,999 Longmen Joint Venture: Loans from financing sales. 9,414 37,525 General Steel (China): Loan from unrelated party, due October 2015, interest rate was 18.0% per annum as of September 30, 2015. 1,569 - Maoming Hengda: Loans from one unrelated parties and one related party, due on demand, none interest bearing. 470 6,193 Total short-term loans others 58,331 60,717 Less: short-term loans others held for sale (56,762) (54,524) Short-term loans others continuing operations $ 1,569 $ 6,193 The Company had various loans from unrelated companies amounting to $ 58.3 60.7 0.5 9.4 4.6 12.0 48.4 12.0 22.0 As part of its working capital management, Longmen Joint Venture has entered into a number of sale and purchase back contracts ("contracts") with third party companies and Yuxin and Yuteng. According to the contracts, Longmen Joint Venture sells rebar to the third party companies at a certain price, and within the same month, Yuxin and Yuteng will purchase back the rebar from the third party companies at a price of 4.6% to 12.0% higher than the original selling price from Longmen Joint Venture. Based on the contract terms, Longmen Joint Venture is paid in advance for the rebar sold to the third party companies and Yuxin and Yuteng are given a credit period of several months to one year from the third party companies. There is no physical movement of the inventory during the sale and purchase back arrangement. The margin of 4.6 12.0 Longmen Joint Venture’s total financing sales for the three months ended September 30, 2015 and 2014 amounted to $ 105.8 259.7 0.2 1.4 Longmen Joint Venture’s total financing sales for the nine months ended September 30, 2015 and 2014 amounted to $ 331.6 719.3 1.5 3.1 Short term loans due to related parties September 30, December 31, (in thousands) (in thousands) General Steel China: Loans from Yangpu Capital Automobile, due on demand, and interest rates is 10% per annum. $ 644 $ 670 General Steel China: Loan from Tianjin Hengying Trading Co., Ltd. due on demand, and interest rate is 10.0% per annum. 4,391 - Longmen Joint Venture: Loan from Shaanxi Coal and Chemical Industry Group Co., Ltd., due on demand, and interest rate is 7.0% per annum. - 128 Longmen Joint Venture: Loans from Shaanxi Steel Group due on various dates through September 2016, and interest rate is between 6.9% and 8.0% per annum. 296,977 - Longmen Joint Venture: Loan from Shaanxi Steel Group Hanzhong Steel Co., Ltd. due on demand, and interest rate is 8.0% per annum. 7,845 - Longmen Joint Venture: Loans from financing sales. 40,890 45,582 Total short-term loans - related parties 350,747 46,380 Less: short-term loans related parties held for sale (345,712) (45,710) Short-term loans related parties continuing operations $ 5,035 $ 670 Long-term loans due to related party-held for sale September 30, December 31, (in thousands) (in thousands) Longmen Joint Venture: Loans from Shaanxi Steel Group, due on various dates through March 2018 and interest rate are 5.6% - 8.0% per annum. $ 339,437 $ 339,549 As of September 30, 2015 and December 31, 2014, total assets used by the Company as collateral for the aforementioned debts were $ 28.9 96.9 Total interest expense, net of capitalized interest, from continuing operations amounted to $ 0.8 1.6 Total interest expense, net of capitalized interest, from operations to be disposed amounted to $ 14.0 2.4 Total interest expense, net of capitalized interest, from continuing operations amounted to $ 3.1 4.8 Total interest expense, net of capitalized interest, from operations to be disposed amounted to $ 36.0 16.8 Capitalized interest from operations to be disposed amounted to $ 0 1.3 Capitalized interest from operations to be disposed amounted to $ 0 2.1 |
Customer deposits
Customer deposits | 9 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
Customer Deposits Disclosure [Text Block] | Note 11 Customer deposits Customer deposits represent amounts advanced by customers on product orders. The product normally is shipped within one month after receipt of the advance payment, and the related sale is recognized in accordance with the Company’s revenue recognition policy. As of September 30, 2015 and December 31 2014, customer deposits from continuing operations amounted to $ 17.1 103.3 13.9 97.7 106.4 122.3 74.0 34.9 |
Deposits due to sales represent
Deposits due to sales representatives - held for sale | 9 Months Ended |
Sep. 30, 2015 | |
Deposits Due To Sales Representatives [Abstract] | |
Deposits Due To Sales Representatives [Text Block] | Note 12 Deposits due to sales representatives held for sale Longmen Joint Venture entered into agreements with various entities to act as the Company’s exclusive sales agent in a specified geographic area. These exclusive sales agents must meet certain criteria and are required to deposit a certain amount of money with the Company. In return the sales agents receive exclusive sales rights in a specified area and at discounted prices on products they order. These deposits bear no interest and are required to be returned to the sales agent once the agreement is terminated. The agreement is normally entered/or renewed on an annual basis. Termination of the agreement can be mutually agreed to by both parties at any time. The Company had $ 6.3 20.4 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Supplemental Disclosures [Text Block] | Note 13 - Supplemental disclosure of cash flow information Interest paid, net of capitalized, amounted to $ 7.3 12.6 The Company paid income tax from operations to be disposed amounted to $ 0.2 0.1 During the nine months ended September 30, 2015 and 2014, the Company used $ 21.3 2.4 The Company had $ 24.4 57.4 The Company transferred $ 24.9 The Company prepaid $2.8 million for consulting services through the issuance of common stocks. During the nine months ended September 30, 2014, the Company had receivables of $ 0.01 During the nine months ended September 30, 2014, the Company converted 0.05 During the nine months ended September 30, 2014, the Company incurred $ 208.3 During the nine months ended September 30, 2014, one of the Company’s unconsolidated entities declared a dividend and the Company is entitled to a dividend of $ 0.2 During the nine months ended September 30, 2014, the Company acquired $ 5.9 |
Deferred lease income - held fo
Deferred lease income - held for sale | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | Note 14 - Deferred lease income - held for sale To compensate the Company for costs and economic losses incurred during construction of the iron and steel making facilities owned by Shaanxi Steel, Shaanxi Steel reimbursed Longmen Joint Venture $ 11.4 70.1 29.9 183.1 14.6 89.5 14.6 89.3 During the period from June 2010 to March 2011, as construction progressed and certain of the assets came online, Longmen Joint Venture used the assets free of charge to produce saleable units of steel products during this period. As such, the cost of using these assets and therefore the fair value of the free rent received was imputed with reference to what the depreciation charge would have been on these assets had they been owned or under capital lease to Longmen Joint Venture during the free use period. This cost of $ 7.2 43.9 The deferred lease income from operations to be disposed is amortized to income over the remaining term of the 40-year land sub-lease. For the three months ended September 30, 2015 and 2014, the Company recognized $ 0.5 0.5 1.6 1.6 70.6 74.9 2.1 2.2 |
Capital lease obligations - hel
Capital lease obligations - held for sale | 9 Months Ended |
Sep. 30, 2015 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | Note 15 - Capital lease obligations - held for sale Iron and steel production facilities On April 29, 2011, the Company’s subsidiary, Longmen Joint Venture entered into a Unified Management Agreement with Shaanxi Steel and Shaanxi Coal under which Longmen Joint Venture uses new iron and steel making facilities including one sintering machine, two converters, two blast furnaces and other auxiliary systems constructed by Shaanxi Steel. As the 20 75 2.3 14.6 40 2014 Energy-saving equipment During 2013 and 2014, the Company’s subsidiary, Longmen Joint Venture, entered into capital lease agreements for energy-saving equipment to be installed throughout the production chain. Under these agreements, Longmen Joint Venture uses the energy-saving equipment for which the vendors are responsible for the design, purchase, installation, and on-site testing, as well as the ownership rights to the equipment during the lease periods. The lease periods, which vary between four to six years, begin upon the completion of the equipment installation, testing, and the issuance of the energy-saving rate reports to be agreed upon by both the vendors and Longmen Joint Venture. As the ownership rights of the equipment transfer to Longmen Joint Venture at the end of the lease periods, these agreements are accounted for as capital leases. The minimum lease payments are based on the energy cost saved during the lease periods, which is determined by the estimated annual equipment operating hours per the lease agreements. If the actual annual equipment operating hours are less than the estimated amount, the lease periods may be extended, subject to further negotiation and agreement between the Company and the vendors. If the actual annual equipment operating hours exceed the estimated amount, the Company is obligated to make additional lease payments based on the additional energy cost saved during the lease period and will recognize the additional lease payments as contingent rent expense. As of September 30, 2015, $ 23.0 Period ending September 30, Capital Lease Obligations (in thousands) 2016 $ 12,155 2017 182,305 2018 31,065 2019 28,883 2020 27,886 Thereafter 291,909 Total minimum lease payments 574,203 Less: (174,830) Ending balance held for sale $ 399,373 Interest expense for the three months ended September 30, 2015 and 2014 on the capital lease obligations from operations to be disposed was $ 5.0 5.2 Interest expense for the nine months ended September 30, 2015 and 2014 on the capital lease obligations from operations to be disposed was $ 15.3 16.0 |
Profit sharing liability - held
Profit sharing liability - held for sale | 9 Months Ended |
Sep. 30, 2015 | |
Profit Sharing Liability [Abstract] | |
Profit Sharing Liability [Text Block] | Note 16 Profit sharing liability - held for sale The profit sharing liability component of the capital lease obligation was recognized initially at its estimated fair value at the lease commencement date and included in the initial measurement and recognition of the capital lease, in addition to the fixed payment component of the minimum lease payments. The profit sharing liability is accounted for separately from the fixed portion of the capital lease obligation (see Note 15 - “Capital lease obligation”) and is accounted for as a derivative instrument in accordance with ASC 815-10-15-83. The estimated fair value of the profit sharing liability is reassessed at the end of each reporting period, with any change in fair value charged or credited to income as “Change in Fair Value of Profit Sharing Liability”. As of September 30, 2015, the profit sharing liability is reduced to $ 0 |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 17 Taxes Income tax (In thousands) The three months The three months Current $ 80 $ 93 Deferred - - Total provision for income taxes $ 80 $ 93 (In thousands) The nine months The nine months Current $ 221 $ 205 Deferred - - Total provision for income taxes $ 221 $ 205 Under the Income Tax Laws of the PRC, General Steel (China) and Maoming Hengda (located in Guangdong province) are subject to income tax at a rate of 25 Longmen Joint Venture is located in the Mid-West region of China and as such, qualifies for the “Go-West” tax rate of 15 15 Deferred taxes assets China According to Chinese tax regulations, net operating losses can be carried forward to offset operating income for the next five years. The Group’s losses carried forward from operations to be disposed of $863.5 million will begin to expire in 2016. The Chinese government recently announced several policies to curb the real estate price increases across the country which led to a slowdown in demand for construction steel products. Additionally due to the continued global economic slowdown and the overcapacity issues in China's steel market, management expected there would be a sustained increase in margin pressure in the next five years until all the existing but outdated steel capacity across the whole industry are eliminated. Management took into consideration this potential negative impact on average selling price and gross margin of its products, re-performed an operating forecast for the next five years and concluded that the beginning-of-the-year balance of deferred tax assets mainly relating to the net operating loss carry forward may not be fully realizable due to the reduction in the projection of income to be available in the next 5 100 239.9 112.2 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 114,820 $ 97,569 Current period addition 136,710 18,951 Current period reversal (977) (614) Deconsolidation of Baotou Steel - (625) Exchange difference (8,258) (461) Ending balance 242,295 114,820 Less: balance held for sale (239,871) (112,215) Ending balance continuing operations $ 2,424 $ 2,605 Deferred taxes assets U.S. General Steel Holdings, Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes for the nine months ended September 30, 2015. The net operating loss carry forwards for United States income taxes amounted to $6.0 million, which may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, starting from 2027 through 2034. Management believes that the realization of the benefits from these losses appears uncertain due to the Company’s limited operating history and continuing losses for United States income tax purposes. Accordingly, the Company has provided a 100 2.0 0.9 The Company has no cumulative proportionate retained earnings from profitable subsidiaries as of September 30, 2015. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if we concluded that such earnings will be remitted in the future. Value added tax Enterprises or individuals who sell commodities, engage in repair and maintenance or import and export goods in the PRC are subject to a value added tax in accordance with PRC laws. The value added tax (“VAT”) standard rates are 13 17 3.2 3.2 Sales and purchases are recorded net of VAT collected and paid as the Company acts as an agent for the government for VAT collection. VAT on sales and VAT on purchases from continuing operations amounted to $ 39.9 39.9 17.0 17.0 49.4 49.4 37.2 36.3 182.9 178.3 200.6 193.8 522.0 504.4 511.9 500.9 September 30, December 31, (in thousands) (in thousands) VAT taxes payable $ 4,858 $ 3,147 Income taxes payable 235 243 Misc. taxes 1,891 1,811 Totals 6,984 5,201 Less: taxes payable held for sale (5,842) (4,026) Taxes payable continuing operations $ 1,142 $ 1,175 |
Related party transactions and
Related party transactions and balances | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 18 Related party transactions and balances Related party transactions a. Capital lease - operations held for sale: As disclosed in Notes 15 “Capital lease obligations”, Longmen Joint Venture entered into a capital lease arrangement on April 29, 2011, with Shaanxi Coal and Shaanxi Steel, which are related parties of the Group. September 30, December 31, (in thousands) (in thousands) Machinery $ 283,168 $ 602,878 Less: accumulated depreciation (117,349) (105,001) Carrying value of leased assets $ 165,819 $ 497,877 b. Name of related parties Relationship Three months Three months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 19,874 $ 45,200 Sichuan Yutai Trading Co., Ltd Significant influence by Long Steel Group* 1,365 - Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding** 1,969 - Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group 16,939 22,126 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group 7,280 22,216 Shaanxi Steel Majority shareholder of Long Steel Group 79,702 734 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 31,746 14,406 Shaanxi Long Steel Group Baoji Steel Rolling Co., Ltd Subsidiary of Long Steel Group 29,080 1,998 Total $ 187,955 $ 106,680 *Long Steel Group has the ability to significantly influence the operating and financial decisions of the entity through equity ownership either directly or through key employees, commercial contractual terms, or the ability to assign management personnel. **The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. Name of related parties Relationship Nine months Nine months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 69,404 $ 115,150 Sichuan Yutai Trading Co., Ltd Significant influence by Long Steel Group 1,365 - Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 1,969 - Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group 45,339 22,946 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group 24,138 69,919 Shaanxi Steel Majority shareholder of Long Steel Group 80,421 1,831 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 67,560 35,795 Shaanxi Long Steel Group Baoji Steel Rolling Co., Ltd Subsidiary of Long Steel Group 29,080 13,733 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group - 8,888 Total $ 319,276 $ 268,262 Sales to related parties in trading transactions from continuing operations, which were netted against the corresponding cost of goods sold, amounted to $ 58.1 49.2 30 2015 Sales to related parties in trading transactions from continuing operations, which were netted against the corresponding cost of goods sold, amounted to $253.1 million and $141.1 million for the nine months ended September 30, 2015 and 2014, respectively. See Note 2(m) Revenue Recognition for details. c. Name of related parties Relationship Three months Three months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 111,458 $ 27,649 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group 34,220 41,690 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 4,091 32,536 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 835 13,441 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group 5,442 7,636 Tianjin General Quigang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 9,716 5,090 Maoming Shengze Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 16,764 Total 165,762 144,806 Less: purchases from operations to be disposed (156,046) (122,952) Purchases from related parties continuing operations $ 9,716 $ 21,854 Name of related parties Relationship Nine months Nine months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 294,258 $ 279,925 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group 91,286 125,957 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 5,165 38,456 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 3,486 14,385 Shaanxi Steel Majority shareholder of Long Steel Group 10,479 - Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 6,283 - Wendlar Tianjin Industry CO., Ltd Partially owned by CEO through indirect shareholding 14,794 - Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group 19,542 21,857 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 73,646 83,649 Tianjin General Quigang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 18,201 13,618 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 45,604 Maoming Shengze Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 16,764 Others Entities either owned or have significant influence by our affiliates or management 711 140 Total 537,851 640,355 Less: purchases from operations to be disposed (498,573) (564,369) Purchases from related parties continuing operations $ 39,278 $ 75,986 Related party balances a. Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Tianjin Hengying Trading Co., Ltd.* Partially owned by CEO through indirect shareholding $ - $ 13,997 Tianjin Dazhan Industry Co., Ltd.* Partially owned by CEO through indirect shareholding - 14,617 Beijing Shenghua Xinyuan Metal Materials Co., Ltd. Partially owned by CEO through indirect shareholding 5,874 6,099 Total $ 5,874 $ 34,713 *The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. The Company issued loans to these related parties for cash flow purposes to earn interest income, which have a higher interest rate than the bank financing interest rates. See Note 3 loans receivable related parties for loan details. b. Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 1,796 $ 148 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 649 - Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group 68 5,715 Tianjin Daqiuzhuang Steel Plates Partially owned by CEO through indirect shareholding 18 19 Shaanxi Steel Majority shareholder of Long Steel Group 1,760 2,101 Others - 641 Total 4,291 8,624 Less: accounts receivables related parties held for sale (3,624) (7,964) Accounts receivable related parties continuing operations $ 667 $ 661 c. Other receivables related parties: Other receivables - related parties are those nontrade receivables arising from transactions between the Company and its related parties, such as advances or payments made on behalf of these related parties. Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 1,846 $ 165 Shaanxi Steel Majority shareholder of Long Steel Group 1,098 35,669 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 1,178 1,237 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 1,348 721 Beijing Shenghua Xinyuan Metal Materials Co., Ltd. Partially owned by CEO through indirect shareholding 742 313 Victory Energy Resource Co., Ltd. Partially owned by CEO through indirect shareholding 1,101 1,101 Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group 34,817 - Others Entities either owned or have significant influence by our affiliates or management 320 528 Total 42,450 39,734 Less: other receivables related parties held for sale (37,767) (35,854) Other receivables related parties continuing operations $ 4,683 $ 3,880 d. Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 7,469 $ 7,139 Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group - 27,549 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 3,860 3,807 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 32 7,091 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 11 - Others Entities either owned or have significant influence by our affiliates or management 19 31 Total 11,391 45,617 Less: advances on inventory purchase related parties held for sale (11,391) (38,560) Advances on inventory purchase related parties continuing operations $ - $ 7,057 e. Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Longmen Joint Venture $ 53,003 $ 64,276 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture 120,258 79,886 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 4,360 23,726 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 837 869 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 3,396 11,035 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 1 1 Henan Xinmi Kanghua Fire Refractory Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary 1,046 746 Beijing Daishang Trading Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary 34 36 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding - 2,462 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 10,423 22,916 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,111 1,773 Shaanxi Steel Majority shareholder of Long Steel Group 71,832 - Others Entities either owned or have significant influence by our affiliates or management 24 57 Total 269,325 207,783 Less: accounts payable related parties held for sale (265,214) (205,914) Accounts payable related parties continuing operations $ 4,111 $ 1,869 f. September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Shaanxi Steel Group Hanzhong Steel Co., Ltd. Subsidiary of Shaanxi Steel $ 7,845 $ - Shaanxi Steel Majority shareholder of Long Steel Group 296,977 - Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 40,890 34,460 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,391 3,039 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding - 8,211 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 644 670 Total 350,747 46,380 Less: short-term loans related parties held for sale (345,712) (45,710) Short-term loans related parties continuing operations $ 5,035 $ 670 See Note 10 Debt for the loan details. g. Other payables related parties: September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Tianjin Hengying Trading Co, Ltd Partially owned by CEO through indirect shareholding $ 3,543 $ 378 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture 4,613 33,968 Shaanxi Steel Majority shareholder of Long Steel Group 17,996 44,146 Wendlar Investment & Management Group Co., Ltd Common control under CEO 1,202 1,196 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 433 399 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 2,932 3,883 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding 522 2,775 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 8,502 - Teamlink Investment Co., Ltd Partially owned by CEO through indirect shareholding 20,500 - Others Entities either owned or have significant influence by our affiliates or management 43 507 Total 60,286 87,252 Less: other payables related parties held for sale (34,850) (81,390) Other payables related parties continuing operations $ 25,436 $ 5,862 h. September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group $ 10 $ 10 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 1,763 4,467 Shaanxi Haiyan Trade Co, Ltd Significant influence by Long Steel Group - 6,844 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture 16,814 23,517 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group 15 57 Shaanxi Steel Majority shareholder of Long Steel Group 55,406 - Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 13,933 97,721 Total 87,941 132,616 Less: customer deposits related parties held for sale (74,008) (34,895) Customer deposits related parties continuing operations $ 13,933 $ 97,721 i. September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Hancheng Haiyan Trade Co., Ltd Significant influence by Long Steel Group $ 1,632 $ 652 Gansu Yulong Trading Co., Ltd. Significant influence by Long Steel Group - 1,075 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 196 Chengdu Yusheng Steel Trading Co., Ltd Subsidiary of Long Steel Group 94 - Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group 565 586 Total $ 2,291 $ 2,509 j. September 30, December 31, Name of related party Relationship 2015 2014 (in thousands) (in thousands) Shaanxi Steel Majority shareholder of Long Steel Group $ 339,437 $ 339,549 The Company also provided guarantee on related parties’ bank loans amounting to $ 70.9 82.3 k. September 30, December 31, 2015 2014 (in thousands) (in thousands) Beginning balance $ 74,889 $ 77,444 Less: Lease income realized (1,621) (2,176) Exchange rate effect (2,709) (379) Ending balance 70,559 74,889 Current portion (2,096) (2,176) Noncurrent portion $ 68,463 $ 72,713 For the three months ended September 30, 2015 and 2014, the Company’s operations to be disposed realized lease income from Shaanxi Steel, a related party, amounting to $ 0.5 0.5 For the nine months ended September 30, 2015 and 2014, the Company’s operations to be disposed realized lease income from Shaanxi Steel, a related party, amounting to $ 1.6 1.6 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 19 Equity 2015 Equity Transactions On April 14, 2015, the Company granted 100,000 4.9 On June 9, 2015, the Company granted 299,600 3.85 On July 17, 2015, the Company granted 1,200,000 shares of common stock for business growth and strategic consulting services under two six-month service agreements dated July 1, 2015. The shares were valued at $3.00 per share, the quoted market price at the time the shares were granted. On October 20, 2015, the board of directors of the Company approved a 1-for-5 reverse stock split of its common stock, to be effectuated subject to filing with the Secretary of State of Nevada. The reverse stock split was effected on October 29, 2015. All shares and per share amounts used in the Company’s unaudited condensed consolidated financial statements and notes thereto have been retroactively restated to reflect the 1-for-5 reverse stock split effected on October 29, 2015. |
Retirement plan - operations he
Retirement plan - operations held for sale | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 20 Retirement plan - operations held for sale Regulations in the PRC require the Company to contribute to a defined contribution retirement plan for all employees. All the employees of the Company’s entities in China are entitled to a retirement pension amount calculated based upon their salary at their date of retirement and their length of service in accordance with a government managed pension plan. The PRC government is responsible for the pension liability to the retired staff. The Company’s entities in China are required to contribute based on the higher of 20 12 8 3.3 5.0 9.3 10.8 |
Commitment and contingencies
Commitment and contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 21 Commitment and contingencies Operating Lease Commitments Year ending September 30, Minimum lease payment (in thousands) 2016 $ 1,937 2017 1,937 2018 1,507 2019 1,200 2020 1,200 Years after 39,188 Total minimum payments required 46,969 Less: minimum payments required of operations to be disposed (45,190) Minimum payments required continuing operations $ 1,779 Total rental expense from continuing operations was $ 0.1 0.2 Total rental expense from operations to be disposed was $ 0.6 0.7 Total rental expense from continuing operations was $ 0.3 0.6 Total rental expense from operations to be disposed was $ 1.1 1.8 Contractual Commitments Longmen Joint Venture has $ 7.2 Contingencies 70.9 Guarantee Nature of guarantee amount Guaranty Due Date (In thousands) Line of credit $ 63,074 Various from October 2015 to May 2016 Bank loan 7,845 April 2016 Total $ 70,919 Guarantee Name of parties being guaranteed amount Guaranty Due Date (In thousands) Long Steel Group $ 56,484 Various from January to May 2016 Shaanxi Haiyan Coke Group Co., Ltd. 14,435 Various from October 2015 to April 2016 Total $ 70,919 As of September 30, 2015, the Company did not accrue any liability for the amounts the Group has guaranteed for third and related parties because those parties are current in their payment obligations and the Company has not experienced any losses from providing guarantees. The Company has evaluated the debt guarantees and concluded that the likelihood of having to make payments under the guarantees is remote and that the fair value of the stand-ready obligation under these commitments is not material. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 22 Segments The Company’s chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being income from operations of the Group’s four regional divisions in the PRC: Longmen Joint Venture in Shaanxi province, Maoming Hengda in Guangdong province, Baotou Steel Pipe Joint Venture in Inner Mongolia province and General Steel (China) & General Shengyuan in Tianjin City. The Group operates in two business segments, one consisting of General Shengyuan and one consisting of three different divisions including Longmen Joint Venture, Maoming Hengda and General Steel (China). These reportable divisions are consistent with the way the Company manages its business, each division operates under separate management groups and produces discrete financial information. The accounting principles applied at the operating division level in determining income from operations is generally the same as those applied at the consolidated financial statement level. The following represents results of division operations for three months ended September 30, 2015 and 2014: (In thousands) Sales: 2015 2014 Longmen Joint Venture held for sale $ 528,903 $ 559,332 Maoming Hengda held for sale 182 1,122 Baotou Steel Pipe Joint Venture held for sale - 2,383 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,173 20,335 Total sales 530,258 583,172 Interdivision sales - (20,335) Consolidated sales $ 530,258 $ 562,837 Gross profit (loss): 2015 2014 Longmen Joint Venture held for sale $ (48,748) $ 9,779 Maoming Hengda held for sale (4) (80) Baotou Steel held for sale - 178 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,173 (267) Total gross loss (47,579) 9,610 Interdivision gross profit - - Consolidated gross (loss) profit $ (47,579) $ 9,610 Income (loss) from operations: 2015 2014 Longmen Joint Venture held for sale $ (71,083) $ 10,513 Maoming Hengda held for sale (253) (248) Baotou Steel held for sale - (30) General Shengyuan continuing operation - - General Steel (China) continuing operation 456 74 Total loss from operations (70,880) 10,309 Reconciling item (1) (2,669) (2,406) Consolidated (loss) income from operations $ (73,549) $ 7,903 Net loss attributable to General Steel Holdings, Inc.: 2015 2014 Longmen Joint Venture held for sale $ (56,738) $ (2,613) Maoming Hengda held for sale (292) (318) Baotou Steel held for sale - (24) General Shengyuan continuing operation - - General Steel (China) continuing operation (779) 1,830 Total net loss attributable to General Steel Holdings, Inc. (57,809) (1,125) Reconciling item (1) (2,672) (2,365) Consolidated net loss attributable to General Steel Holdings, Inc. $ (60,481) $ (3,490) Depreciation, amortization and depletion: 2015 2014 Longmen Joint Venture held for sale $ 14,465 $ 22,960 Maoming Hengda held for sale 310 437 Baotou Steel held for sale - 64 General Shengyuan continuing operation - General Steel (China) continuing operation 596 447 Consolidated depreciation, amortization and depletion $ 15,371 $ 23,908 Finance/interest expenses: 2015 2014 Longmen Joint Venture held for sale $ 21,282 $ 17,831 Maoming Hengda held for sale - 1 Baotou Steel held for sale - - General Shengyuan continuing operation - General Steel (China) continuing operation 752 1,588 Reconciling item (1) 1 2 Consolidated interest expenses $ 22,035 $ 19,422 Capital expenditures: 2015 2014 Longmen Joint Venture held for sale $ 45,737 $ 5,096 Maoming Hengda held for sale - 16 Baotou Steel held for sale - 1 General Shengyuan continuing operation - - General Steel (China) continuing operation - - Reconciling item (1) - - Consolidated capital expenditures $ 45,737 $ 5,113 The following represents results of division operations for nine months ended September 30, 2015 and 2014: (In thousands) Sales: 2015 2014 Longmen Joint Venture held for sale $ 1,385,661 $ 1,740,645 Maoming Hengda held for sale 191 1,373 Baotou Steel Pipe Joint Venture held for sale - 3,028 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,175 20,388 Total sales 1,387,027 1,765,434 Interdivision sales - (20,388) Consolidated sales $ 1,387,027 $ 1,745,046 Gross profit (loss): 2015 2014 Longmen Joint Venture held for sale $ (145,117) $ 15,734 Maoming Hengda held for sale (53) (35) Baotou Steel held for sale - 158 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,175 (714) Total gross loss (143,995) 15,143 Interdivision gross profit - - Consolidated gross (loss) profit $ (143,995) $ 15,143 Loss from operations: 2015 2014 Longmen Joint Venture held for sale $ (1,130,403) $ (20,706) Maoming Hengda held for sale (1,084) (824) Baotou Steel held for sale - (207) General Shengyuan continuing operation - - General Steel (China) continuing operation (1,125) (3,159) Total loss from operations (1,132,612) (24,896) Reconciling item (1) (4,671) (4,539) Consolidated loss from operations $ (1,137,283) $ (29,435) Net loss attributable to General Steel Holdings, Inc.: 2015 2014 Longmen Joint Venture held for sale $ (712,262) $ (48,775) Maoming Hengda held for sale (1,213) (978) Baotou Steel held for sale - (165) General Shengyuan continuing operation - - General Steel (China) continuing operation (2,512) (3,832) Total net loss attributable to General Steel Holdings, Inc. (715,987) (53,750) Reconciling item (1) (4,674) (4,323) Consolidated net loss attributable to General Steel Holdings, Inc. $ (720,661) $ (58,073) Depreciation, amortization and depletion: 2015 2014 Longmen Joint Venture held for sale $ 69,109 $ 69,268 Maoming Hengda held for sale 924 899 Baotou Steel held for sale - 185 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,939 1,344 Consolidated depreciation, amortization and depletion $ 71,972 $ 71,696 Finance/interest expenses: 2015 2014 Longmen Joint Venture held for sale $ 69,086 $ 69,952 Maoming Hengda held for sale - 1 Baotou Steel held for sale - - General Shengyuan continuing operation - - General Steel (China) continuing operation 3,091 4,685 Reconciling item (1) 3 98 Consolidated interest expenses $ 72,180 $ 74,736 Capital expenditures: 2015 2014 Longmen Joint Venture held for sale $ 85,911 $ 117,695 Maoming Hengda held for sale - 48 Baotou Steel held for sale - 1 General Shengyuan continuing operation - - General Steel (China) continuing operation - 82 Reconciling item (1) - - Consolidated capital expenditures $ 85,911 $ 117,826 Total Assets as of: September 30, December 31, Longmen Joint Venture held for sale $ 1,036,236 $ 2,408,218 Maoming Hengda held for sale 20,774 25,933 General Shengyuan continuing operation 1,098 - General Steel (China) continuing operation 93,360 158,606 Interdivision assets (32,418) (30,486) Reconciling item (2) 5,656 2,953 Total Assets $ 1,124,706 $ 2,565,224 (1) Reconciling item represents income or expenses of the Company, arising from General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd and Qiu Steel for the three and nine months ended September 30, 2015 and 2014, which are non-operating entities. (2) Reconciling item represents assets held at General Steel Holdings, Inc., General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd and Qiu Steel as of September 30, 2015 and December 31, 2014, which are non-operating entities. |
Subsequent event
Subsequent event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 23 Subsequent event On October 23, 2015, the Company completed its acquisition of an 84.5 13 2,600,000 82,984,282 16,596,856 On October 29, 2015, the Company executed a one-for-five reverse stock split (the "Reverse Stock Split") of its authorized shares of common stock, par value $ 0.001 83 17 In November 2015, the Company was awarded a $ 13.7 million |
Summary of significant accoun29
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. PRC 100.0 % General Steel (China) Co., Ltd. (“General Steel (China)”) PRC 100.0 % Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan”) PRC 70.0 % Yangpu Shengtong Investment Co., Ltd. (“Yangpu Shengtong”) PRC 99.1 % Tianjin Qiu Steel Investment Co., Ltd. (“Qiu Steel”) PRC 98.7 % Longmen Joint Venture PRC VIE/60.0 % Maoming Hengda Steel Company, Ltd. (“Maoming Hengda”) PRC 99.0 % As disclosed in Note 1, the Company formed a joint venture entity, Tianjin General Shengyuan IoT Technology Co., Ltd, with a team of radio-frequency identification (“RFID”) experts (the “Expert Team”), to develop and commercialize RFID technology data solutions. Under the terms of the Agreement, the Company owned 70 1.6 10.0 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation subsidiaries The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries, its variable interest entity (“VIE”) for which the Company is the ultimate primary beneficiary, and the VIE’s subsidiaries. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant inter-company transactions and balances have been eliminated upon consolidation. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Consolidation of VIE Upon entering into the Unified Management Agreement on April 29, 2011, Longmen Joint Venture was re-evaluated by the Company to determine if Longmen Joint Venture is a VIE and if the Company is the primary beneficiary. Longmen Joint Venture’s equity at risk was and continues to be insufficient to finance its activities and therefore Longmen Joint Venture is considered to be a VIE. The Company would be considered the primary beneficiary of the VIE if it has both of the following characteristics: a. The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and b. The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. A Supervisory Committee was formed during the negotiation of the Unified Management Agreement. Given there is both a Supervisory Committee and a Board of Directors with respect to Longmen Joint Venture , the powers (rights and roles) of both bodies were considered to determine which party has the power to direct the activities of Longmen Joint Venture, and by extension, whether the Company continues to have the power to direct Longmen Joint Venture’s activities after this Supervisory Committee was formed and the significant investment in plant and equipment by owners of the Longmen Joint Venture partner. The Supervisory Committee, in which the Company holds 2 out of 4 seats, requires a ¾ majority vote, while the Board of Directors, on which the Company holds 4 out of 7 seats, requires a simple majority vote. As the Supervisory Committee’s role is limited to supervising and monitoring management of Longmen Joint Venture and in the event there is any disagreement between the Board and the Supervisory Committee, the Board prevails, the Supervisory Committee is considered subordinate to the Board. Thus, the Board of Directors of Longmen Joint Venture continues to be the controlling decision-making body with respect to Longmen Joint Venture. The Company, which controls 60 In connection with the Unified Management Agreement, the Company, Shaanxi Coal and Shaanxi Steel may provide such support on a discretionary basis or as needed in the future. See Note 2(d) Liquidity and Going Concern. The Company has the obligation to absorb losses and the rights to receive benefits based on the profit allocation as stipulated by the Unified Management Agreement that are significant to the VIE. As both conditions are met, the Company is the primary beneficiary of Longmen Joint Venture and therefore, continues to consolidate Longmen Joint Venture as a VIE. The Company believes that the Unified Management Agreement between Longmen Joint Venture and Shaanxi Coal is in compliance with PRC law and is legally enforceable. However, PRC law and/or uncertainties in the PRC legal system could limit the Company’s ability to enforce the Unified Management Agreement, which in turn, may lead to reconsideration of the VIE assessment and the potential for a different conclusion. If the Unified Management Agreement cannot be enforced, the Company would not consolidate Longmen Joint Venture as a VIE. However, the current PRC legal system has not limited the Company’s ability to enforce the Unified Management Agreement nor does the Company believe it is likely to do so in the future. The Company makes an ongoing assessment to determine whether Longmen Joint Venture is a VIE. September 30, December 31, (in thousands) (in thousands) Current assets $ 472,858 $ 837,135 Plant and equipment, net 540,559 1,537,687 Other noncurrent assets 22,819 33,396 Total assets 1,036,236 2,408,218 Total liabilities (2,707,575) (2,946,126) Net liabilities $ (1,671,339) $ (537,908) September 30, December 31, (in thousands) (in thousands) Current liabilities: Short term notes payable $ 393,996 $ 638,829 Accounts payable 553,794 605,025 Accounts payable - related parties 265,214 205,914 Short term loans bank 57,661 216,940 Short term loans others 56,293 54,524 Short term loans - related parties 345,712 45,710 Other payables and accrued liabilities 57,827 47,121 Other payables - related parties 34,328 78,615 Customer deposits 32,363 87,372 Customer deposits - related parties 74,008 34,895 Deposit due to sales representatives 4,020 17,871 Deposit due to sales representatives related parties 2,291 2,509 Taxes payable 5,842 4,026 Deferred lease income 2,096 2,176 Capital lease obligations, current 10,156 8,508 Intercompany payable to be eliminated 14,857 20,155 Total current liabilities 1,910,458 2,070,190 Non-current liabilities: Long term loans - related parties 339,437 339,549 Deferred lease income - noncurrent 68,463 72,713 Capital lease obligations, noncurrent 389,217 393,252 Profit sharing liability - 70,422 Total non-current liabilities 797,117 875,936 Total liabilities of consolidated VIE $ 2,707,575 $ 2,946,126 Three months Three months (in thousands) (in thousands) Sales $ 528,903 $ 559,332 Gross (loss) profit $ (48,748) $ 9,779 (Loss) income from operations $ (71,083) $ 10,513 Net loss attributable to controlling interest $ (56,738) $ (2,613) Nine months Nine months (in thousands) (in thousands) Sales $ 1,385,661 $ 1,740,645 Gross (loss) profit $ (145,117) $ 15,734 Loss from operations $ (1,130,403) $ (20,706) Net loss attributable to controlling interest $ (712,262) $ (48,775) |
Liquidity Disclosure [Policy Text Block] | Liquidity and going concern The Company’s accounts have been prepared assuming that the Company will continue as a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the financial statements. The Company’s ability to continue as a going concern depends upon aligning its sources of funding (debt and equity) with the expenditure requirements of the Company and repayment of the short-term debt facilities as and when they fall due. The steel business is capital intensive and as a normal industry practice in PRC, the Company is highly leveraged. Debt financing in the form of short term bank loans, loans from related parties, financing sales, bank acceptance notes, and capital leases have been utilized to finance the working capital requirements and the capital expenditures of the Company. As a result, the Company’s equity was in deficiencies as of September 30, 2015 and December 31, 2014. As September 30, 2015, the Company’s current liabilities exceed current assets (excluding non-cash item) by $ 1.5 Our steel business has faced very tough market conditions and challenging profitability over the last several years, and based on current trends, we think the near-term challenges for the steel sector will likely linger. In reaction to this challenging market, we are proactively reviewing our strategy and asset portfolio and seeking to sell or restructure low-efficient, non-core assets, as well as idle land resources. Longmen Joint Venture, as the most important entity of the Company, accounted for majority of total sales of the Company. As such, the majority of the Company’s working capital needs come from Longmen Joint Venture. Longmen Joint Venture has obtained different types of financial supports, which are listed below by category: Line of credit 144.4 Banks Amount of Repayment Date Bank of China 18.8 December 3, 2016 Bank of Beijing 78.5 October 14, 2016 Bank of Chongqing 47.1 December 26, 2016 Total $ 144.4 As of the date of this report, the Company utilized $144.4 of these lines of credit. Vendor financing 1,019.9 Company Financing Period Financing Amount Company A related party July 30, 2014 July 30, 2019 $ 235.4 Company B third party January 22, 2014 January 22, 2017 156.9 Company C third party October 1, 2013 September 30, 2017 627.6 Total $ 1,019.9 Company A, a related party company and Company B, a third party company, are both Longmen Joint Venture’s major coke suppliers. They have been doing business with Longmen Joint Venture for many years. On July 30, 2014, Company A signed a five-year agreement with Longmen Joint Venture to finance its coke purchases up to $ 235.4 156.9 53.0 60.1 Company C is a Fortune 500 Company. On June 28, 2013, Company C signed an agreement with Longmen Joint Venture to finance Longmen Joint Venture’s purchase of iron ore for an amount up to $ 489.3 627.6 0.05 0.9 Other financing 397.2 Company Financing Period Financing Amount Company D related party April 22, 2014 April 22, 2017 $ 78.5 Company E related party April 23, 2014 April 23, 2017 83.2 Company F related party April 22, 2014 April 22, 2017 78.5 Company G related party April 30, 2015 April 30, 2018 78.5 Company H related party April 30, 2015 April 30, 2018 78.5 Total $ 397.2 As of the date of this report, our payables to Company D, Company E, Company F, Company G, and Company H are approximately $ 0.1 0 17.5 3.2 0.8 Amount due to sales representatives Longmen Joint Venture entered into agreements with various entities to act as the Company’s exclusive sales agents in specified geographic areas. These exclusive sales agents must meet certain criteria and are required to deposit a certain amount of money with the Company. In return, the sales agents receive exclusive sales rights in a specified area and discounted prices on products they order. These deposits bear no interest and are required to be returned to the sales agent once the agreement is terminated. As of September 30, 2015, Longmen Joint Venture has collected a total amount of $ 6.3 With the financial support from the banks and the companies above and management’s continued effort in obtaining additional financial supports from banks and other companies, management plans outlined above and summarized below are expected to provide sufficient funds to meet its future operations, working capital requirements and debt obligations until the end of September 30, 2016. However, these plans are based on the Company's operating results not continuing to deteriorate and on significant vendors and related parties, most of which are also exposed to the challenging operating climate within the steel industry, being able to provide continued financial support. In addition, even if the steel business assets can be disposed of on terms favorable to the Company, the new business ventures recently established or acquired are not yet profitable or proven. As such, there continues to be substantial doubt about the Company’s ability to continue as a going concern. Cash inflow (outflow) For the twelve months Current liabilities over current assets (excluding deferred lease income) as of September 30, 2015 (unaudited) $ (1,481.0) Projected cash financing and outflows: Cash provided by line of credit from banks 144.4 Cash provided by vendor financing 1,019.9 Cash provided by other financing 397.2 Cash provided by sales representatives 6.3 Cash projected to be used in operations in the twelve months ended September 30, 2016 (30.3) Cash projected to be used for financing cost in the twelve months ended September 30, 2016 (46.6) Net projected change in cash for the twelve months ended September 30, 2016 $ 9.9 |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and footnotes. Significant accounting estimates reflected in the Company’s consolidated financial statements include the fair value of the profit sharing liability, the useful lives of and the weighted average calculation used in the impairment for property, plant and equipment, and potential losses on uncollectible receivables, allowance for inventory valuation, the interest rate used in the financing sales, the fair value of the assets recorded under capital lease and the present value of the net minimum lease payments of the capital lease. Actual results could differ from these estimates. One of the Company’s most significant estimates are the determination of fair value of the profit sharing liability see note 2(h). Since the liability is calculated and largely based on management’s expectations of product demand, pricing, raw materials cost and projected manufacturing efficiencies, it is susceptible to material changes when actual results deviate from those expectations. While management believes its current assumptions are reasonable and achievable, there is no assurance that those future expectations will be met or that significant adjustments won’t be required in the future. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of risks and uncertainties The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things. Through the quarter ended September 30, 2015, the Company has incurred recurring losses from the Company’s operations from the last several years as the Company’s steel business has faced very tough market conditions and challenging profitability. Management has continued its effort to implementing cost savings on our manufacturing overhead costs and to reduce our unit production cost. The Company has forecasted its loss will continue until year 2021 and is expected to make a turning point and become profitable in year 2022 and beyond. The Company’s forecast is based on current market condition, if the future market condition is different from its forecast, the Company might continue to incur additional loss in 2022 and beyond and the Company’s assets pool of its long-lived assets may become further impaired- see note 2(j). The Company has significant exposure to the price fluctuation of raw materials and energy prices as part of its normal operations. As of September 30, 2015 and December 31, 2014, the Company did not have any open commodity contracts to mitigate such risks. Cash includes demand deposits in accounts maintained with banks within the PRC, Hong Kong and the United States. Total cash (including restricted cash balances) in these banks on September 30, 2015 and December 31, 2014 amounted to $ 164.3 367.2 0.2 1.0 4.9 Two of the Company’s customers individually accounted for 15.0 13.9 10 49.8 10 20.5 32.1 None of the Company’s supplier individually accounted for more than 10 10 10 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation and other comprehensive income The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries and VIE in China use the local currency, Renminbi (“RMB”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. The statement of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included in accumulated other comprehensive income amounted to $ 41.8 0.6 6.37 6.14 1.00 6.28 6.16 6.18 6.15 The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, short term investments, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. For short term loans and notes payable, the Company concluded the carrying values are a reasonable estimate of fair values because of the short period of time between the origination and repayment and as their stated interest rates approximate current rates available. The carrying value of the long term loans-related party approximates its fair value as of the reporting date as their stated interest rates approximate current market rates available. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: ⋅ Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ⋅ Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. ⋅ Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. As described in Note 15 - Capital lease obligations, payments related to the capital lease of the Asset Pool consist of two components: (1) a fixed monthly payment of $ 2.3 14.6 40 The Company determines the fair value of the profit sharing liability using Level 3 inputs by considering the present value of Longmen Joint Venture’s projected profits/losses, discounted based on our average borrowing rate, which is currently 6.5 The fair value of the profit sharing liability will change each period as a result of (a) any changes in our estimate of Longmen Joint Venture’s projected profits/losses over the remaining term of the Agreement, (b) any change in the discount rate used, based on changes in our current or expected borrowing rate, (c) the change in fair value related to the passage of time and change in the number of future periods over which the present value of future cash flows is estimated and (d) any difference between the previously estimated operating results for the current period and actual results. Each period, the Company considers whether the discount rate based on the Company’s average borrowing rate should be adjusted based upon the current and expected future financial condition of the Company. On November 22, 2014, the People’s Bank of China decreased standard bank borrowing rate across the board by 0.4%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.4% from 7.3% to 6.9%. On May 11, 2015, the People’s Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.9% to 6.7%. On June 27, 2015 the People’s Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.7% to 6.5%. The projected profits/losses in Longmen Joint Venture are based upon, but not limited to, the following assumptions: ⋅ projected selling units and growth in the steel market ⋅ projected unit selling price in the steel market ⋅ projected unit purchase cost in the coal and iron ore markets ⋅ selling and general and administrative expenses to be in line with the growth in the steel market ⋅ projected bank borrowings ⋅ interest rate index ⋅ gross national product index ⋅ industry index ⋅ government policy The major drivers of the change in our estimate were the continuing decrease in the selling price of our products as well as a continuing downtrend in the sluggish infrastructure investment and consumption growth for the next ten years or so. As such, as of December 31, 2014 financial statement issuance we had lowered our projected growth in the steel market for approximately ten years as compared to our previous estimates at December 31, 2013. The variables and the impact on our inputs to the 2014 valuation of profit sharing fair value, as compared to the 2013 valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: The most recent 5 year China GDP forecast and Shaanxi GDP forecast decreased on average by 0.4 1.4 - Steel Sales Price Inputs: The most recent China Steel Association price index, together with our actual result decreased, on average, by 5.6 - Raw Material Cost Inputs: The most recent China Steel Association price index, together with the our actual result decreased, on average, by 4.7 The above reduced our Gross Profit margin over the next 5 years by, on average, 0.4 11.33 1.75 As a result of the changes in valuation inputs noted above for the year ended December 31, 2014, the Company recognized a gain on the change in the fair value of the profit sharing liability of $ 91.0 110.6 $0.1 million reduction resulting from the Asset Pool’s operating results for the year ended December 31, 2014 being slightly less favorable than previously estimated as of December 31, 2013, offset by a $8.1 million loss resulting from the 0.4% reduction of the present value discount rate and a $11.5 million loss from the present value discount For the three months ended March 31, 2015, the Company recognized a $ 12.9 0.25 16.6 2.5 0.25 1.2 The variables and the impact on the Company’s inputs to the first quarter of 2015 valuation of profit sharing fair value, as compared to the 2014 valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: the Company reduced our projected sales volume in 2015 by 3 - Steel Sales Price Inputs: the Company reduced our projected selling price in 2015 by 12 7 For the three months ended June 30, 2015, the Company recognized a $ 57.5 0.25 54.8 2.6 0.25 1.2 6.5 0 973.9 The variables and the impact on the Company’s inputs to the second quarter of 2015 valuation of profit sharing fair value, as compared to the first quarter valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: the Company increased our projected sales volume between 2015 and 2031 in response to recent policy initiatives from the Chinese government to boost infrastructure investment and further steel industry consolidation. - Steel Sales Price Inputs: the Company reduced our projected selling price in 2015 by 19 - Raw Material Cost Inputs: based on the actual results in the second quarter of 2015 and the latest market trends, the Company reduced cost of goods sold in 2015 by 12 (in thousands) Carrying Value Fair Value Measurements at December 31, 2014 Level 1 Level 2 Level 3 Profit sharing liability $ 70,422 $ - $ - $ 70,422 September 30, December 31, (in thousands) (in thousands) Beginning balance $ 70,422 $ 162,295 Change in fair value of profit sharing liability: Change in preset value of estimate of future operating profits (71,395) (110,589) Change in discount rate 5,012 8,106 Interest expense - present value discount amortization 2,443 11,544 Difference between the previously estimated operating results for the current period and actual results (6,483) (79) Exchange rate effect 1 (855) Ending balance $ - $ 70,422 The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value. |
Notes Receivable [Policy Text Block] | Notes receivable Notes receivable represents trade accounts receivable due from various customers where the customers’ banks have guaranteed the payment. The notes are non-interest bearing and normally paid within three to six months. The Company has the ability to submit request for payment to the customer’s bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee. Restricted notes receivable represents notes receivable pledged as collateral for short-term loans and short-term notes payable issued by banks. Interest expenses for early submission request of payment for continuing operations amounted to $ 0 0 Interest expense for early submission request of payment for operations to be disposed amounted to $ 1.5 10.2 Interest expenses for early submission request of payment for continuing operations amounted to $ 0.9 0 Interest expenses for early submission request of payment for operations to be disposed amounted to $ 17.8 37.1 |
Property, Plant and Equipment, Policy [Policy Text Block] | Plant and equipment, net Plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3 5 Buildings and Improvements 10-40 Years Machinery 10-30 Years Machinery and equipment under capital lease 10-20 Years Other equipment 5 Years Transportation Equipment 5 Years The Company assesses all significant leases for purposes of classification as either operating or capital. At lease inception, if the lease meets any of the four following criteria, the Company will classify it as a capital lease; otherwise it will be treated as an operating lease: a) transfer of ownership to lessee at the end of the lease term, b) bargain purchase option, c) lease term is equal to 75% or more of the estimated economic life of the leased property, d) the present value of the minimum lease payments is 90% or more of the fair value of the leased asset. Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company’s plant facilities. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service, maintenance, repairs and minor renewals are charged directly to expense as incurred. Major additions and betterment to buildings and equipment are capitalized. Interest incurred during construction is capitalized into construction in progress. All other interest is expensed as incurred. Long lived assets, including buildings and improvements, equipment and intangible assets are reviewed if events and changes in circumstances indicate that its carrying amount may not be recoverable, to determine whether their carrying value has become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. The Company also re-evaluates the periods of depreciation and amortization to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Due to the recurring losses in the Longmen Joint Venture’s operations, the most recent economic down turn, the major sell off of the Chinese stock market and the lacking of government expansion in major infrastructure, the Company has considered Longmen Joint Venture’s carrying amount for property and equipment not being recoverable. The Company uses the undiscounted cash flow approach for the purpose of performing a recoverability test, which includes future cash inflows less associated cash outflows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the assets. For purposes of assessment, the long lived assets were grouped at the lowest level for which there is identifiable cash flows. The major groupings analyses include Longmen Joint Venture, Maoming Hengda and General Steel (China). Further, our estimate of future cash flows includes estimated future cash flows necessary to maintain our existing production potential over the entire period and within the various groups. The projections are based on a best estimate approach of likely outcomes. When the Company identifies an impairment, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flows method. As of September 30, 2015, the Company expects Longmen Joint Venture’s long-lived assets to be not fully recoverable and recognized an impairment loss of $973.9 million to reduce its carrying value to its fair value. See note 8 for further details. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible assets Finite lived intangible assets of the Company are reviewed for impairment if events and circumstances require. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. The Company also re-evaluates the periods of amortization to determine whether subsequent events and circumstances warrant revised estimates of useful lives. As of September 30, 2015, the Company expects these assets to be fully recoverable. Land use rights All land in the PRC is owned by the government. However, the government grants “land use rights.” General Steel (China) acquired land use rights in 2001 for a total of $ 3.9 23.7 50 expire in 2050 and 2053 Long Steel Group contributed land use rights for a total amount of $ 24.2 148.3 50 expire in 2048 to 2052 Maoming Hengda has land use rights amounting to $ 2.7 16.6 50 expire in 2054 50 Entity Original Cost Expires on (in thousands) General Steel (China) $ 3,723 2050 & 2053 Longmen Joint Venture (operation held for sale) $ 23,267 2048 & 2052 Maoming Hengda (operation held for sale) $ 2,604 2054 Mining right Mining rights are capitalized at cost when acquired, including amounts associated with any value beyond proven and probable reserves, and amortized to operations as depletion expense using the units-of-production method over the estimated proven and probable recoverable tons. Longmen Joint Venture has iron ore mining right amounting to $ 2.4 15.0 4.2 |
Investment, Policy [Policy Text Block] | Investments in unconsolidated entities Entities in which the Company has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20 50 Unconsolidated entities Year September 30, Owned % December 31, Owned Xi’an Delong Powder Engineering Materials Co., Ltd. 2007 $ 1,043 24.1 $ 1,153 24.1 The table below summarizes General Steel (China)’s investment holding as of September 30, 2015 and December 31, 2014. Unconsolidated Year September 30, Owned % December 31, Owned Tianwu General Steel Material Trading Co., Ltd. 2010 $ 15,087 32.0 $ 15,670 32.0 Total investment loss in unconsolidated subsidiaries from continuing operations amounted to $ 0 0 (5.4) 0 Total investment income in unconsolidated subsidiaries from operations held for sale amounted to $ 29 32 31 99 |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Sales is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, the Company has no other significant obligations and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits. Sales represent the invoiced value of goods, net of value-added tax (VAT). All of the Company’s products sold in the PRC are subject to a Chinese value-added tax at a rate of 13 17 The Company engages in trading transactions in which the Company acts as an agent between the suppliers and the customers. The trading arrangements are such that the suppliers are the primary obligators, the Company does not have any general inventory risk, physical inventory loss risk or credit risk, and the Company does not have much latitude in establishing price. Sales and cost of goods sold from these trading arrangements are recorded at the net amount retained in accordance with ASC 605-45. Sales in trading transactions, which were netted against corresponding cost of goods sold, amounted to $ 64.8 99.8 299.6 218.9 1.2 (0.3) 1.2 (0.7) |
Discontinued Operations, Policy [Policy Text Block] | Operations held for sale In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations to be disposed), less applicable income taxes (benefit), shall be reported as a component of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. September 30, December 31, (In thousands) 2015 2014 (Unaudited) Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ 1,832 $ 11,467 Restricted cash 149,853 341,024 Notes receivable 4,800 10,290 Restricted notes receivable 21,359 111,801 Loans receivable 40,951 36,001 Accounts receivable, net 6,115 5,671 Accounts receivable - related parties, net 3,502 7,838 Other receivables, net 61,894 54,680 Other receivables - related parties, net 37,704 35,790 Inventories 108,583 156,327 Advances on inventory purchase, net 17,969 17,364 Advances on inventory purchase - related parties 11,391 38,560 Prepaid expense and other 2,278 4,568 Prepaid taxes 3,341 5,060 Short-term investment 2,667 2,688 Total current assets held for sale 474,239 839,129 OTHER ASSETS: Property and equipment, net 543,026 1,541,188 Advances on equipment purchase 2,151 11,438 Investment in unconsolidated entities 1,043 1,153 Long-term deferred expense 37 41 Intangible assets, net of accumulated amortization 21,662 22,960 Total other assets held for sale 567,919 1,576,780 Total assets of the disposal group classified as held for sale $ 1,042,158 $ 2,415,909 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Short term notes payable $ 393,996 $ 638,829 Accounts payable 560,455 612,801 Accounts payable - related parties 265,214 205,914 Short term loans - bank 57,661 216,940 Short term loans - others 56,762 60,717 Short term loans - related parties 345,712 45,710 Other payables and accrued liabilities 59,220 48,575 Other payables - related parties 34,850 81,390 Customer deposits 32,363 87,372 Customer deposits - related parties 74,008 34,895 Deposit due to sales representatives 4,020 17,871 Deposit due to sales representatives - related parties 2,291 2,509 Taxes payable 5,842 4,026 Deferred lease income, current 2,096 2,176 Capital lease obligations, current 10,156 8,508 Total current liabilities held for sale 1,904,646 2,068,233 NON-CURRENT LIABILITIES HELD FOR SALE Long-term loans - related party 339,437 339,549 Deferred lease income, noncurrent 68,463 72,713 Capital lease obligations, noncurrent 389,217 393,252 Profit sharing liability at fair value - 70,422 Total non-current liabilities held for sale 797,117 875,936 Total liabilities of the disposal group classified as held for sale $ 2,701,763 $ 2,944,169 Reconciliation of the Carrying Amounts of Major Classes of Net Loss from Operations to be Disposed Classified as Held for Sale in the Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended For the nine months ended 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) SALES $ 341,130 $ 456,157 $ 1,066,576 $ 1,476,784 SALES - RELATED PARTIES 187,955 106,680 319,276 268,262 TOTAL SALES 529,085 562,837 1,385,852 1,745,046 COST OF GOODS SOLD 373,998 447,227 1,180,748 1,459,982 COST OF GOODS SOLD - RELATED PARTIES 203,839 105,733 350,274 269,207 TOTAL COST OF GOODS SOLD 577,837 552,960 1,531,022 1,729,189 GROSS (LOSS) PROFIT (48,752) 9,877 (145,170) 15,857 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (19,326) (14,369) (55,179) (49,353) EXCESS OVERHEAD DURING MAINTENANCE (3,258) - (27,701) - IMPAIRMENT CHARGE - - (973,860) - CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 14,727 70,423 11,758 (LOSS) INCOME FROM OPERATIONS (71,336) 10,235 (1,131,487) (21,738) OTHER INCOME (EXPENSE) Interest income 793 2,686 4,494 9,461 Finance/interest expense (21,282) (17,832) (69,086) (69,953) Loss on disposal of equipment and intangible assets (13) (21) (41) (117) Income from equity investments 29 32 31 99 Foreign currency transaction loss (702) 71 (2,185) (1,746) Lease income 532 542 1,620 1,630 Other non-operating income (expense), net 1,013 (249) 1,152 (580) Other expense, net (19,630) (14,771) (64,015) (61,206) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (90,966) (4,536) (1,195,502) (82,944) PROVISION FOR INCOME TAXES 80 93 221 205 NET LOSS FROM OPERATIONS TO BE DISPOSED (91,046) (4,629) (1,195,723) (83,149) Less: Net loss attributable to noncontrolling interest from operations to be disposed (34,016) (1,674) (482,248) (33,229) NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (57,030) $ (2,955) $ (713,475) $ (49,920) |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications have no effect on the accompanying unaudited condensed consolidated statements of operations and cash flows. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-02, Amendments to the Consolidation Analysis. Under both current GAAP requirements and the amendments in this update, a decision maker is determined to be the primary beneficiary of a VIE if it satisfies both the power and the economics criteria. The primary beneficiary consolidates a VIE because it has a controlling financial interest. Under the requirements in current GAAP, if a fee arrangement paid to a decision maker, such as an asset management fee, is determined to be a variable interest in a VIE, the decision maker must include the fee arrangement in its primary beneficiary determination and could consolidate the VIE on the basis of power (decision-making authority) and economics (the fee arrangement). However, the amendments in this Update specify that some fees paid to a decision maker are excluded from the evaluation of the economics criterion if the fees are both customary and commensurate with the level of effort required for the services provided. Those amendments make it less likely for a decision maker to meet the economics criterion solely on the basis of a fee arrangement. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. Management is evaluating the impact that will arise from these Amendments. In April 2015, the FASB issued authoritative guidance on accounting for Interest-Imputation of Interest (Subtopic 835-30); Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). This update requires that debt issuance cost related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts, without changing existing recognition and measurement guidance for debt issuance costs. The new guidance is required to be applied on a retrospective basis and to be accounted for as a change in an accounting principle. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years and early adoption of the amendments in this update is permitted. The Company has applied early adoption of this standard in the second quarter of 2015. The implementation of this standard resulted in the reclassification of certain debt issuance costs from deferred financing cost to a reduction in the carrying amount of the related debt liability within the Company’s unaudited condensed consolidated balance sheets. In July 2015, the FASB issued ASU No. 2015-11, an amendment to Topic 330 for simplifying the measurement of inventory. The update requires that inventory be measured at the lower of cost and net realizable value where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendment is intended to provide clarification on the measurement and disclosure of inventory in Topic 330 and not intended for those clarifications to result in any changes in practice. The ASU is effective for interim and annual periods beginning after December 15, 2016. Early application is permitted for all entities and should be applied prospectively. The Company does not expect the adoption of ASU 2015-11 to have material impact on the Company’s unaudited condensed consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers |
Summary of significant accoun30
Summary of significant accounting policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block] | The unaudited condensed consolidated financial statements of the Company reflect the activities of the following major directly owned subsidiaries: Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. PRC 100.0 % General Steel (China) Co., Ltd. (“General Steel (China)”) PRC 100.0 % Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan”) PRC 70.0 % Yangpu Shengtong Investment Co., Ltd. (“Yangpu Shengtong”) PRC 99.1 % Tianjin Qiu Steel Investment Co., Ltd. (“Qiu Steel”) PRC 98.7 % Longmen Joint Venture PRC VIE/60.0 % Maoming Hengda Steel Company, Ltd. (“Maoming Hengda”) PRC 99.0 % |
Schedule Of Consolidated Assets and Liabilities Of Variable Interest Entities and Subsidiaries [Table Text Block] | The carrying amount of the VIE and its subsidiaries’ consolidated assets and liabilities, which are held for sale, are as follows: September 30, December 31, (in thousands) (in thousands) Current assets $ 472,858 $ 837,135 Plant and equipment, net 540,559 1,537,687 Other noncurrent assets 22,819 33,396 Total assets 1,036,236 2,408,218 Total liabilities (2,707,575) (2,946,126) Net liabilities $ (1,671,339) $ (537,908) |
Schedule Of Liabilities Of Variable Interest Entities and Subsidiaries [Table Text Block] | VIE and its subsidiaries’ liabilities consist of the following: September 30, December 31, (in thousands) (in thousands) Current liabilities: Short term notes payable $ 393,996 $ 638,829 Accounts payable 553,794 605,025 Accounts payable - related parties 265,214 205,914 Short term loans bank 57,661 216,940 Short term loans others 56,293 54,524 Short term loans - related parties 345,712 45,710 Other payables and accrued liabilities 57,827 47,121 Other payables - related parties 34,328 78,615 Customer deposits 32,363 87,372 Customer deposits - related parties 74,008 34,895 Deposit due to sales representatives 4,020 17,871 Deposit due to sales representatives related parties 2,291 2,509 Taxes payable 5,842 4,026 Deferred lease income 2,096 2,176 Capital lease obligations, current 10,156 8,508 Intercompany payable to be eliminated 14,857 20,155 Total current liabilities 1,910,458 2,070,190 Non-current liabilities: Long term loans - related parties 339,437 339,549 Deferred lease income - noncurrent 68,463 72,713 Capital lease obligations, noncurrent 389,217 393,252 Profit sharing liability - 70,422 Total non-current liabilities 797,117 875,936 Total liabilities of consolidated VIE $ 2,707,575 $ 2,946,126 |
Schedule Of Statement Of Operations Of Variable Interest Entities and Subsidiaries [Table Text Block] | Three months Three months (in thousands) (in thousands) Sales $ 528,903 $ 559,332 Gross (loss) profit $ (48,748) $ 9,779 (Loss) income from operations $ (71,083) $ 10,513 Net loss attributable to controlling interest $ (56,738) $ (2,613) Nine months Nine months (in thousands) (in thousands) Sales $ 1,385,661 $ 1,740,645 Gross (loss) profit $ (145,117) $ 15,734 Loss from operations $ (1,130,403) $ (20,706) Net loss attributable to controlling interest $ (712,262) $ (48,775) |
Schedule of Line of Credit Facilities [Table Text Block] | The Company has lines of credit from the listed major banks totaling $ 144.4 Banks Amount of Repayment Date Bank of China 18.8 December 3, 2016 Bank of Beijing 78.5 October 14, 2016 Bank of Chongqing 47.1 December 26, 2016 Total $ 144.4 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in operations held for sale as of December 31, 2014: (in thousands) Carrying Value Fair Value Measurements at December 31, 2014 Level 1 Level 2 Level 3 Profit sharing liability $ 70,422 $ - $ - $ 70,422 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis in operations held for sale for the nine months ended September 30, 2015 and for the year ended December 31, 2014: September 30, December 31, (in thousands) (in thousands) Beginning balance $ 70,422 $ 162,295 Change in fair value of profit sharing liability: Change in preset value of estimate of future operating profits (71,395) (110,589) Change in discount rate 5,012 8,106 Interest expense - present value discount amortization 2,443 11,544 Difference between the previously estimated operating results for the current period and actual results (6,483) (79) Exchange rate effect 1 (855) Ending balance $ - $ 70,422 |
Schedule Of Property Plant and Equipment Estimated Useful Life [Table Text Block] | The estimated useful lives are as follows: Buildings and Improvements 10-40 Years Machinery 10-30 Years Machinery and equipment under capital lease 10-20 Years Other equipment 5 Years Transportation Equipment 5 Years |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | 50 Entity Original Cost Expires on (in thousands) General Steel (China) $ 3,723 2050 & 2053 Longmen Joint Venture (operation held for sale) $ 23,267 2048 & 2052 Maoming Hengda (operation held for sale) $ 2,604 2054 |
Schedule Of Investments By Affiliates [Table Text Block] | The table below summarizes Longmen Joint Venture’s investment holdings, held for sale as of September 30, 2015 and December 31, 2014. Unconsolidated entities Year September 30, Owned % December 31, Owned Xi’an Delong Powder Engineering Materials Co., Ltd. 2007 $ 1,043 24.1 $ 1,153 24.1 The table below summarizes General Steel (China)’s investment holding as of September 30, 2015 and December 31, 2014. Unconsolidated Year September 30, Owned % December 31, Owned Tianwu General Steel Material Trading Co., Ltd. 2010 $ 15,087 32.0 $ 15,670 32.0 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations Classified as Held for Sale in the Condensed Consolidated Balance Sheet. September 30, December 31, (In thousands) 2015 2014 (Unaudited) Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ 1,832 $ 11,467 Restricted cash 149,853 341,024 Notes receivable 4,800 10,290 Restricted notes receivable 21,359 111,801 Loans receivable 40,951 36,001 Accounts receivable, net 6,115 5,671 Accounts receivable - related parties, net 3,502 7,838 Other receivables, net 61,894 54,680 Other receivables - related parties, net 37,704 35,790 Inventories 108,583 156,327 Advances on inventory purchase, net 17,969 17,364 Advances on inventory purchase - related parties 11,391 38,560 Prepaid expense and other 2,278 4,568 Prepaid taxes 3,341 5,060 Short-term investment 2,667 2,688 Total current assets held for sale 474,239 839,129 OTHER ASSETS: Property and equipment, net 543,026 1,541,188 Advances on equipment purchase 2,151 11,438 Investment in unconsolidated entities 1,043 1,153 Long-term deferred expense 37 41 Intangible assets, net of accumulated amortization 21,662 22,960 Total other assets held for sale 567,919 1,576,780 Total assets of the disposal group classified as held for sale $ 1,042,158 $ 2,415,909 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Short term notes payable $ 393,996 $ 638,829 Accounts payable 560,455 612,801 Accounts payable - related parties 265,214 205,914 Short term loans - bank 57,661 216,940 Short term loans - others 56,762 60,717 Short term loans - related parties 345,712 45,710 Other payables and accrued liabilities 59,220 48,575 Other payables - related parties 34,850 81,390 Customer deposits 32,363 87,372 Customer deposits - related parties 74,008 34,895 Deposit due to sales representatives 4,020 17,871 Deposit due to sales representatives - related parties 2,291 2,509 Taxes payable 5,842 4,026 Deferred lease income, current 2,096 2,176 Capital lease obligations, current 10,156 8,508 Total current liabilities held for sale 1,904,646 2,068,233 NON-CURRENT LIABILITIES HELD FOR SALE Long-term loans - related party 339,437 339,549 Deferred lease income, noncurrent 68,463 72,713 Capital lease obligations, noncurrent 389,217 393,252 Profit sharing liability at fair value - 70,422 Total non-current liabilities held for sale 797,117 875,936 Total liabilities of the disposal group classified as held for sale $ 2,701,763 $ 2,944,169 Reconciliation of the Carrying Amounts of Major Classes of Net Loss from Operations to be Disposed Classified as Held for Sale in the Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended For the nine months ended 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) SALES $ 341,130 $ 456,157 $ 1,066,576 $ 1,476,784 SALES - RELATED PARTIES 187,955 106,680 319,276 268,262 TOTAL SALES 529,085 562,837 1,385,852 1,745,046 COST OF GOODS SOLD 373,998 447,227 1,180,748 1,459,982 COST OF GOODS SOLD - RELATED PARTIES 203,839 105,733 350,274 269,207 TOTAL COST OF GOODS SOLD 577,837 552,960 1,531,022 1,729,189 GROSS (LOSS) PROFIT (48,752) 9,877 (145,170) 15,857 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (19,326) (14,369) (55,179) (49,353) EXCESS OVERHEAD DURING MAINTENANCE (3,258) - (27,701) - IMPAIRMENT CHARGE - - (973,860) - CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 14,727 70,423 11,758 (LOSS) INCOME FROM OPERATIONS (71,336) 10,235 (1,131,487) (21,738) OTHER INCOME (EXPENSE) Interest income 793 2,686 4,494 9,461 Finance/interest expense (21,282) (17,832) (69,086) (69,953) Loss on disposal of equipment and intangible assets (13) (21) (41) (117) Income from equity investments 29 32 31 99 Foreign currency transaction loss (702) 71 (2,185) (1,746) Lease income 532 542 1,620 1,630 Other non-operating income (expense), net 1,013 (249) 1,152 (580) Other expense, net (19,630) (14,771) (64,015) (61,206) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (90,966) (4,536) (1,195,502) (82,944) PROVISION FOR INCOME TAXES 80 93 221 205 NET LOSS FROM OPERATIONS TO BE DISPOSED (91,046) (4,629) (1,195,723) (83,149) Less: Net loss attributable to noncontrolling interest from operations to be disposed (34,016) (1,674) (482,248) (33,229) NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (57,030) $ (2,955) $ (713,475) $ (49,920) |
Longmen Joint Venture [Member] | |
Schedule Of Estimated Cash Flow [Table Text Block] | The detailed breakdown of Longmen Joint Venture’s estimated cash flows items are listed below. Cash inflow (outflow) For the twelve months Current liabilities over current assets (excluding deferred lease income) as of September 30, 2015 (unaudited) $ (1,481.0) Projected cash financing and outflows: Cash provided by line of credit from banks 144.4 Cash provided by vendor financing 1,019.9 Cash provided by other financing 397.2 Cash provided by sales representatives 6.3 Cash projected to be used in operations in the twelve months ended September 30, 2016 (30.3) Cash projected to be used for financing cost in the twelve months ended September 30, 2016 (46.6) Net projected change in cash for the twelve months ended September 30, 2016 $ 9.9 |
Vendor Financing [Member] | |
Schedule Of Estimated Cash Flow [Table Text Block] | Longmen Joint Venture signed additional vendor financing agreements, which will provide liquidity to the Company in a total amount of $ 1,019.9 Company Financing Period Financing Amount Company A related party July 30, 2014 July 30, 2019 $ 235.4 Company B third party January 22, 2014 January 22, 2017 156.9 Company C third party October 1, 2013 September 30, 2017 627.6 Total $ 1,019.9 |
Other Financing [Member] | |
Schedule Of Estimated Cash Flow [Table Text Block] | On April 22, 2014, April 23, 2014, and April 30, 2015, Longmen Joint Venture signed two-to-three-year payment extension agreements with Company D, E, F, G and H listed below. In total, Longmen Joint Venture can obtain $ 397.2 Company Financing Period Financing Amount Company D related party April 22, 2014 April 22, 2017 $ 78.5 Company E related party April 23, 2014 April 23, 2017 83.2 Company F related party April 22, 2014 April 22, 2017 78.5 Company G related party April 30, 2015 April 30, 2018 78.5 Company H related party April 30, 2015 April 30, 2018 78.5 Total $ 397.2 |
Loans receivable (Tables)
Loans receivable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |
Schedule Of Loans Receivable Related Parties Current [Table Text Block] | The Company had the following loan receivable held for sale due within one year as of: September 30, December 31, (in thousands) (in thousands) Loan to unrelated party; due on demand; interest rate is 8.0%. $ 40,951 $ 36,001 |
Schedule Of Long Term Loans Receivable Related Parties [Table Text Block] | The Company has the following loans receivable related parties in continuing operations due within one year as of: September 30, December 31, (in thousands) (in thousands) Loan to Tianjin Hengying Trading Co., Ltd.; due on demand; interest rate is 10.0%. $ - $ 13,997 Loan to Tianjin Dazhan Industry Co., Ltd.; due on demand; interest rate is 10.0%. - 14,617 Loan to Beijing Shenghua Xinyuan Metal Materials Co., Ltd.; due on demand; interest rate is 10.0%. 5,874 6,099 Total loans receivable related parties $ 5,874 $ 34,713 |
Accounts receivable (includin32
Accounts receivable (including related parties), net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable, including related party receivables, net of allowance for doubtful accounts consists of the following: September 30, December 31, (in thousands) (in thousands) Accounts receivable $ 16,791 $ 9,804 Less: allowance for doubtful accounts (489) (483) Accounts receivable related parties 4,291 8,624 Less: allowance for doubtful accounts related parties (122) (126) Net accounts receivable 20,471 17,819 Less: accounts receivable, net held for sale (9,617) (13,509) Net accounts receivable - continuing operations $ 10,854 $ 4,310 |
Schedule Of Allowance For Doubtful Accounts Receivable [Table Text Block] | Movement of allowance for doubtful accounts is as follows: September 30, December 31, (in thousands) (in thousands) Beginning balance $ 609 $ 1,053 Charge to expense 24 368 Less: recovery - (8) Deconsolidation of Baotou Steel (798) Exchange rate effect (22) (6) Ending balance 611 609 Less: balance held for sale (611) (609) Ending balance continuing operations $ - $ - |
Other receivables (including 33
Other receivables (including related parties), net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Other receivables, including related party receivables, net of allowance for doubtful accounts consists of the following: September 30, December 31, (in thousands) (in thousands) Other receivables $ 84,797 $ 73,944 Less: allowance for doubtful accounts (13,475) (10,198) Other receivables related parties 42,450 39,734 Less: allowance for doubtful accounts related parties (63) (64) Net other receivables 113,709 103,416 Less: other receivables, net held for sale (99,598) (90,470) Net other receivables continuing operations $ 14,111 $ 12,946 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Movement of allowance for doubtful accounts, including related parties, is as follows: September 30, December 31, (in thousands) (in thousands) Beginning balance $ 10,262 $ 2,606 Charge to expense 3,771 7,670 Less: recovery (7) (6) Exchange rate effect (488) (8) Ending balance 13,538 10,262 Less: balance held for sale (13,538) (10,262) Ending balance continuing operations $ - $ - |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: September 30, December 31, (in thousands) (in thousands) Supplies $ 14,553 $ 18,838 Raw materials 56,951 143,563 Finished goods 46,664 12,301 Less: allowance for inventory valuation (9,585) (18,375) Total inventories 108,583 156,327 Less: inventories held for sale (108,583) (156,327) Inventories continuing operations $ - $ - |
Summary Of Inventory Valuation Allowance [Table Text Block] | Movement of allowance for inventory valuation is as follows: September 30, December 31, (in thousands) (in thousands) Beginning balance $ 18,375 $ 15,397 Addition 50,263 18,362 Less: write-off (58,542) (15,311) Exchange rate effect (511) (73) Ending balance $ 9,585 $ 18,375 |
Advances on inventory purchas35
Advances on inventory purchases (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule Of Advances On Inventory Purchases [Table Text Block] | Advances on inventory purchases, including related party, net of allowance for doubtful accounts consists of the following: September 30, December 31, (in thousands) (in thousands) Advances on inventory purchases $ 35,468 $ 76,320 Less: allowance for doubtful accounts (1,962) (2,501) Advances on inventory purchases related parties 11,391 45,617 Net advances on inventory purchases 44,897 119,436 Less: advances on inventory purchases held for sale (29,360) (55,924) Net advances on inventory purchases continuing operations $ 15,537 $ 63,512 |
Schedule Of Credit Losses Related To Advances On Inventory Purchase [Table Text Block] | Movement of allowance for doubtful accounts, including related parties, is as follows: September 30, December 31, (in thousands) (in thousands) Beginning balance $ 2,501 $ 105 Charge to expense - 2,395 Exchange rate effect (539) 1 Ending balance 1,962 2,501 Less: balance held for sale (376) (904) Ending balance continuing operations $ 1,586 $ 1,597 |
Plant and equipment, net (Table
Plant and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Plant and equipment consist of the following: September 30, December 31, (in thousands) (in thousands) Buildings and improvements $ 221,846 $ 279,776 Machinery 455,077 669,427 Machinery under capital lease 294,157 626,735 Transportation and other equipment 15,778 22,765 Construction in progress 8,859 342,660 Subtotal 995,717 1,941,363 Less: accumulated depreciation (452,691) (398,227) Total 543,026 1,543,136 Less: plant and equipment, net held for sale (543,026) (1,541,188) Plant and equipment, net continuing operations $ - $ 1,948 |
Schedule Of Construction In Progress [Table Text Block] | Construction in progress for assets held for sale consisted of the following as of September 30, 2015: Value Completion Estimated additional Description (In thousands) Date (In thousands) Restructuring of ventilation system 2,071 December 2015 2,325 Energy management system 3,869 December 2015 204 Reconstruction of miscellaneous factory buildings 474 December 2015 4,645 Project materials 2,061 - Others 384 - Total $ 8,859 $ 7,174 |
Schedule Of Capital Lease Under Operations Held For Sale [Table Text Block] | September 30, December 31, (in thousands) (in thousands) Machinery $ 294,157 $ 626,735 Less: accumulated depreciation (121,680) (107,782) Carrying value of leased assets $ 172,477 $ 518,953 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: September 30, December 31, (in thousands) (in thousands) Land use rights $ 29,594 $ 30,726 Mining right 2,357 2,447 Software 1,076 1,058 Subtotal 33,027 34,231 Less: Accumulated amortization land use rights (9,281) (9,127) Accumulated amortization mining right (1,319) (1,431) Accumulated amortization software (765) (713) Subtotal (11,365) (11,271) Intangible assets, net 21,662 22,960 Less: intangible assets, net held for sale (21,662) (22,960) Intangible assets, net continuing operations $ - $ - |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization and depletion expenses for each of the five succeeding years is as follows: Year ending Estimated Gross carrying (in thousands) (in thousands) September 30, 2016 $ 944 20,718 September 30, 2017 944 19,774 September 30, 2018 944 18,830 September 30, 2019 944 17,886 September 30, 2020 944 16,942 Thereafter 16,942 - Total $ 21,662 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, December 31, (in thousands) (in thousands) Longmen Joint Venture: Loans from Shaanxi Steel Group, due on various dates through March 2018 and interest rate are 5.6% - 8.0% per annum. $ 339,437 $ 339,549 |
Short Term Notes Payable [Member] | |
Schedule of Short-term Debt [Table Text Block] | The Company had the following short-term notes payable as of: September 30, December 31, (in thousands) (in thousands) General Steel (China): Notes payable to various banks in China, due various dates from October 2015 and March 2016. Restricted cash required of $12.6 million and $14.7 million as of September 30, 2015 and December 31, 2014, respectively; guaranteed by third parties. These notes payable were either repaid or renewed subsequently on the due dates. $ 20,405 $ 22,806 Longmen Joint Venture: Notes payable to various banks in China, due various dates from October 2015 and March 2016. $139.6 million restricted cash and $21.4 million notes receivable are secured for notes payable as of September 30, 2015, and comparatively $324.7 million restricted cash and $0 notes receivable are secured for notes payable as of December 31, 2014, respectively; some notes are further guaranteed by third parties. These notes payable were either repaid or renewed subsequently on the due dates. 393,996 638,829 Total short-term notes payable 414,401 661,635 Less: short-term notes payable held for sale (393,996) (638,829) Short-term notes payable continuing operations $ 20,405 $ 22,806 |
Due To Banks [Member] | |
Schedule of Short-term Debt [Table Text Block] | September 30, December 31, (in thousands) (in thousands) General Steel (China): Loans from various banks in China, due various dates from December 2015 to August 2016. Weighted average interest rate was 7.3% per annum and 7.2% per annum as of September 30, 2015 and December 31, 2014, respectively; some are guaranteed by third parties and related parties. These loans were either repaid or renewed subsequently on the due dates. $ 38,127 $ 40,562 Longmen Joint Venture: Loans from various banks in China, due various dates from July 2015 to May 2016. Weighted average interest rate was 7.7% per annum and 7.1% per annum as of September 30, 2015 and December 31, 2014, respectively; some are guaranteed by third parties and related parties, $9.8 million restricted cash and comparatively $16.3 million restricted cash and $111.8 million notes receivable were secured for the loans as of September 30, 2015 and December 31, 2014, respectively; These loans were either repaid or renewed subsequently on the due dates. 57,661 216,940 Total short-term loans bank 95,788 257,502 Less: short-term loans bank held for sale (57,661) (216,940) Short-term loans bank continuing operations $ 38,127 $ 40,562 |
Due To Unrelated Parties [Member] | |
Schedule of Short-term Debt [Table Text Block] | September 30, December 31, (in thousands) (in thousands) Longmen Joint Venture: Loans from various unrelated companies and individuals, due various dates from October 2015 and September 2016, and weighted average interest rate was 14.2% per annum and 5.7% per annum as of September 30, 2015 and December 31, 2014, respectively. These loans were either repaid or renewed subsequently on the due dates. $ 46,878 $ 16,999 Longmen Joint Venture: Loans from financing sales. 9,414 37,525 General Steel (China): Loan from unrelated party, due October 2015, interest rate was 18.0% per annum as of September 30, 2015. 1,569 - Maoming Hengda: Loans from one unrelated parties and one related party, due on demand, none interest bearing. 470 6,193 Total short-term loans others 58,331 60,717 Less: short-term loans others held for sale (56,762) (54,524) Short-term loans others continuing operations $ 1,569 $ 6,193 |
Due To Related Parties [Member] | |
Schedule of Short-term Debt [Table Text Block] | September 30, December 31, (in thousands) (in thousands) General Steel China: Loans from Yangpu Capital Automobile, due on demand, and interest rates is 10% per annum. $ 644 $ 670 General Steel China: Loan from Tianjin Hengying Trading Co., Ltd. due on demand, and interest rate is 10.0% per annum. 4,391 - Longmen Joint Venture: Loan from Shaanxi Coal and Chemical Industry Group Co., Ltd., due on demand, and interest rate is 7.0% per annum. - 128 Longmen Joint Venture: Loans from Shaanxi Steel Group due on various dates through September 2016, and interest rate is between 6.9% and 8.0% per annum. 296,977 - Longmen Joint Venture: Loan from Shaanxi Steel Group Hanzhong Steel Co., Ltd. due on demand, and interest rate is 8.0% per annum. 7,845 - Longmen Joint Venture: Loans from financing sales. 40,890 45,582 Total short-term loans - related parties 350,747 46,380 Less: short-term loans related parties held for sale (345,712) (45,710) Short-term loans related parties continuing operations $ 5,035 $ 670 |
Capital lease obligations - h39
Capital lease obligations - held for sale (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Leases, Capital [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Presented below is a schedule of estimated minimum lease payments on the capital lease obligation for the next five years: Period ending September 30, Capital Lease Obligations (in thousands) 2016 $ 12,155 2017 182,305 2018 31,065 2019 28,883 2020 27,886 Thereafter 291,909 Total minimum lease payments 574,203 Less: (174,830) Ending balance held for sale $ 399,373 |
Taxes (Tables)
Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Significant components of the provision for income taxes on earnings and deferred taxes on net operating losses from operations held for sale for the three and nine months ended September 30, 2015 and 2014 are as follows: (In thousands) The three months The three months Current $ 80 $ 93 Deferred - - Total provision for income taxes $ 80 $ 93 (In thousands) The nine months The nine months Current $ 221 $ 205 Deferred - - Total provision for income taxes $ 221 $ 205 |
Summary of Valuation Allowance [Table Text Block] | Movement of valuation allowance: September 30, December 31, (in thousands) (in thousands) Beginning balance $ 114,820 $ 97,569 Current period addition 136,710 18,951 Current period reversal (977) (614) Deconsolidation of Baotou Steel - (625) Exchange difference (8,258) (461) Ending balance 242,295 114,820 Less: balance held for sale (239,871) (112,215) Ending balance continuing operations $ 2,424 $ 2,605 |
Schedule Of Taxes Payable [Table Text Block] | Taxes payable consisted of the following: September 30, December 31, (in thousands) (in thousands) VAT taxes payable $ 4,858 $ 3,147 Income taxes payable 235 243 Misc. taxes 1,891 1,811 Totals 6,984 5,201 Less: taxes payable held for sale (5,842) (4,026) Taxes payable continuing operations $ 1,142 $ 1,175 |
Related party transactions an41
Related party transactions and balances (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule Of Related Party Sales [Table Text Block] | The following chart summarized sales to related parties from operations to be disposed for the three and nine months ended September 30, 2015 and 2014. Name of related parties Relationship Three months Three months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 19,874 $ 45,200 Sichuan Yutai Trading Co., Ltd Significant influence by Long Steel Group* 1,365 - Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding** 1,969 - Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group 16,939 22,126 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group 7,280 22,216 Shaanxi Steel Majority shareholder of Long Steel Group 79,702 734 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 31,746 14,406 Shaanxi Long Steel Group Baoji Steel Rolling Co., Ltd Subsidiary of Long Steel Group 29,080 1,998 Total $ 187,955 $ 106,680 *Long Steel Group has the ability to significantly influence the operating and financial decisions of the entity through equity ownership either directly or through key employees, commercial contractual terms, or the ability to assign management personnel. **The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. Name of related parties Relationship Nine months Nine months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 69,404 $ 115,150 Sichuan Yutai Trading Co., Ltd Significant influence by Long Steel Group 1,365 - Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 1,969 - Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group 45,339 22,946 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group 24,138 69,919 Shaanxi Steel Majority shareholder of Long Steel Group 80,421 1,831 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 67,560 35,795 Shaanxi Long Steel Group Baoji Steel Rolling Co., Ltd Subsidiary of Long Steel Group 29,080 13,733 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group - 8,888 Total $ 319,276 $ 268,262 |
Schedule Of Related Party Purchases [Table Text Block] | The following charts summarize purchases from related parties for the three and nine months ended September 30, 2015 and 2014. Name of related parties Relationship Three months Three months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 111,458 $ 27,649 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group 34,220 41,690 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 4,091 32,536 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 835 13,441 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group 5,442 7,636 Tianjin General Quigang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 9,716 5,090 Maoming Shengze Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 16,764 Total 165,762 144,806 Less: purchases from operations to be disposed (156,046) (122,952) Purchases from related parties continuing operations $ 9,716 $ 21,854 Name of related parties Relationship Nine months Nine months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 294,258 $ 279,925 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group 91,286 125,957 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 5,165 38,456 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 3,486 14,385 Shaanxi Steel Majority shareholder of Long Steel Group 10,479 - Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 6,283 - Wendlar Tianjin Industry CO., Ltd Partially owned by CEO through indirect shareholding 14,794 - Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group 19,542 21,857 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 73,646 83,649 Tianjin General Quigang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 18,201 13,618 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 45,604 Maoming Shengze Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 16,764 Others Entities either owned or have significant influence by our affiliates or management 711 140 Total 537,851 640,355 Less: purchases from operations to be disposed (498,573) (564,369) Purchases from related parties continuing operations $ 39,278 $ 75,986 |
Schedule Of Related Party Transactions Loan Receivables From Related Party [Table Text Block] | Loans receivable related parties in continuing operations: Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Tianjin Hengying Trading Co., Ltd.* Partially owned by CEO through indirect shareholding $ - $ 13,997 Tianjin Dazhan Industry Co., Ltd.* Partially owned by CEO through indirect shareholding - 14,617 Beijing Shenghua Xinyuan Metal Materials Co., Ltd. Partially owned by CEO through indirect shareholding 5,874 6,099 Total $ 5,874 $ 34,713 *The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Schedule Of Related Party Transactions, Accounts Receivables From Related Party [Table Text Block] | Accounts receivables related parties: Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 1,796 $ 148 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 649 - Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group 68 5,715 Tianjin Daqiuzhuang Steel Plates Partially owned by CEO through indirect shareholding 18 19 Shaanxi Steel Majority shareholder of Long Steel Group 1,760 2,101 Others - 641 Total 4,291 8,624 Less: accounts receivables related parties held for sale (3,624) (7,964) Accounts receivable related parties continuing operations $ 667 $ 661 |
Schedule Of Related Party Transactions, Other Receivables Related Parties [Table Text Block] | Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 1,846 $ 165 Shaanxi Steel Majority shareholder of Long Steel Group 1,098 35,669 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 1,178 1,237 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 1,348 721 Beijing Shenghua Xinyuan Metal Materials Co., Ltd. Partially owned by CEO through indirect shareholding 742 313 Victory Energy Resource Co., Ltd. Partially owned by CEO through indirect shareholding 1,101 1,101 Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group 34,817 - Others Entities either owned or have significant influence by our affiliates or management 320 528 Total 42,450 39,734 Less: other receivables related parties held for sale (37,767) (35,854) Other receivables related parties continuing operations $ 4,683 $ 3,880 |
Schedule Of Related Party Transactions, Advances On Inventory Purchase From Related Parties [Table Text Block] | Advances on inventory purchase related parties: Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 7,469 $ 7,139 Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group - 27,549 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 3,860 3,807 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding 32 7,091 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 11 - Others Entities either owned or have significant influence by our affiliates or management 19 31 Total 11,391 45,617 Less: advances on inventory purchase related parties held for sale (11,391) (38,560) Advances on inventory purchase related parties continuing operations $ - $ 7,057 |
Schedule Of Related Party Transactions, Accounts Payable Related Parties [Table Text Block] | Accounts payable - related parties: Name of related parties Relationship September 30, December 31, (in thousands) (in thousands) Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Longmen Joint Venture $ 53,003 $ 64,276 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture 120,258 79,886 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 4,360 23,726 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 837 869 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 3,396 11,035 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 1 1 Henan Xinmi Kanghua Fire Refractory Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary 1,046 746 Beijing Daishang Trading Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary 34 36 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding - 2,462 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 10,423 22,916 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,111 1,773 Shaanxi Steel Majority shareholder of Long Steel Group 71,832 - Others Entities either owned or have significant influence by our affiliates or management 24 57 Total 269,325 207,783 Less: accounts payable related parties held for sale (265,214) (205,914) Accounts payable related parties continuing operations $ 4,111 $ 1,869 |
Schedule Of Related Party Transactions, Short Term Loans Related Parties [Table Text Block] | Short-term loans - related parties: September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Shaanxi Steel Group Hanzhong Steel Co., Ltd. Subsidiary of Shaanxi Steel $ 7,845 $ - Shaanxi Steel Majority shareholder of Long Steel Group 296,977 - Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 40,890 34,460 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,391 3,039 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding - 8,211 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 644 670 Total 350,747 46,380 Less: short-term loans related parties held for sale (345,712) (45,710) Short-term loans related parties continuing operations $ 5,035 $ 670 |
Schedule Of Related Party Transactions, Other Payable Related Parties [Table Text Block] | Other payables related parties are those nontrade payables arising from transactions between the Company and its related parties, such as advances or payments from these related parties on behalf of the Group. September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Tianjin Hengying Trading Co, Ltd Partially owned by CEO through indirect shareholding $ 3,543 $ 378 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture 4,613 33,968 Shaanxi Steel Majority shareholder of Long Steel Group 17,996 44,146 Wendlar Investment & Management Group Co., Ltd Common control under CEO 1,202 1,196 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 433 399 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 2,932 3,883 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding 522 2,775 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 8,502 - Teamlink Investment Co., Ltd Partially owned by CEO through indirect shareholding 20,500 - Others Entities either owned or have significant influence by our affiliates or management 43 507 Total 60,286 87,252 Less: other payables related parties held for sale (34,850) (81,390) Other payables related parties continuing operations $ 25,436 $ 5,862 |
Schedule Of Related Party Transactions, Customer Deposits Related Parties [Table Text Block] | Customer deposits related parties: September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group $ 10 $ 10 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 1,763 4,467 Shaanxi Haiyan Trade Co, Ltd Significant influence by Long Steel Group - 6,844 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture 16,814 23,517 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group 15 57 Shaanxi Steel Majority shareholder of Long Steel Group 55,406 - Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 13,933 97,721 Total 87,941 132,616 Less: customer deposits related parties held for sale (74,008) (34,895) Customer deposits related parties continuing operations $ 13,933 $ 97,721 |
Schedule Of Related Party Transactions, Deposits Due To Sales Representatives [Table Text Block] | Deposits due to sales representatives related parties held for sale September 30, December 31, Name of related parties Relationship 2015 2014 (in thousands) (in thousands) Hancheng Haiyan Trade Co., Ltd Significant influence by Long Steel Group $ 1,632 $ 652 Gansu Yulong Trading Co., Ltd. Significant influence by Long Steel Group - 1,075 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 196 Chengdu Yusheng Steel Trading Co., Ltd Subsidiary of Long Steel Group 94 - Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group 565 586 Total $ 2,291 $ 2,509 |
Schedule Of Related Party Transactions Current Maturities Of Long Term Loans Related Parties [Table Text Block] | Long-term loans related party held for sale: September 30, December 31, Name of related party Relationship 2015 2014 (in thousands) (in thousands) Shaanxi Steel Majority shareholder of Long Steel Group $ 339,437 $ 339,549 |
Schedule Of Related Party Transactions, Deferred Lease Income [Table Text Block] | Deferred lease income held for sale September 30, December 31, 2015 2014 (in thousands) (in thousands) Beginning balance $ 74,889 $ 77,444 Less: Lease income realized (1,621) (2,176) Exchange rate effect (2,709) (379) Ending balance 70,559 74,889 Current portion (2,096) (2,176) Noncurrent portion $ 68,463 $ 72,713 |
Shaanxi Coal and Shaanxi Steel [Member] | |
Schedule of Capital Leased Assets [Table Text Block] | The following is an analysis of the leased assets under the capital lease: September 30, December 31, (in thousands) (in thousands) Machinery $ 283,168 $ 602,878 Less: accumulated depreciation (117,349) (105,001) Carrying value of leased assets $ 165,819 $ 497,877 |
Commitment and contingencies (T
Commitment and contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Total operating lease commitments for rental of offices, buildings, equipment and land use rights of the Company’s PRC subsidiaries as of September 30, 2015 is as follows: Year ending September 30, Minimum lease payment (in thousands) 2016 $ 1,937 2017 1,937 2018 1,507 2019 1,200 2020 1,200 Years after 39,188 Total minimum payments required 46,969 Less: minimum payments required of operations to be disposed (45,190) Minimum payments required continuing operations $ 1,779 |
Schedule of Guarantor Obligations [Table Text Block] | As of September 30, 2015, Longmen Joint Venture provided guarantees to related parties’ and third parties’ bank loans, including lines of credit and others, amounting to $ 70.9 Guarantee Nature of guarantee amount Guaranty Due Date (In thousands) Line of credit $ 63,074 Various from October 2015 to May 2016 Bank loan 7,845 April 2016 Total $ 70,919 |
Schedule Of Parties Being Guaranteed [Table Text Block] | Guarantee Name of parties being guaranteed amount Guaranty Due Date (In thousands) Long Steel Group $ 56,484 Various from January to May 2016 Shaanxi Haiyan Coke Group Co., Ltd. 14,435 Various from October 2015 to April 2016 Total $ 70,919 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following represents results of division operations for three months ended September 30, 2015 and 2014: (In thousands) Sales: 2015 2014 Longmen Joint Venture held for sale $ 528,903 $ 559,332 Maoming Hengda held for sale 182 1,122 Baotou Steel Pipe Joint Venture held for sale - 2,383 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,173 20,335 Total sales 530,258 583,172 Interdivision sales - (20,335) Consolidated sales $ 530,258 $ 562,837 Gross profit (loss): 2015 2014 Longmen Joint Venture held for sale $ (48,748) $ 9,779 Maoming Hengda held for sale (4) (80) Baotou Steel held for sale - 178 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,173 (267) Total gross loss (47,579) 9,610 Interdivision gross profit - - Consolidated gross (loss) profit $ (47,579) $ 9,610 Income (loss) from operations: 2015 2014 Longmen Joint Venture held for sale $ (71,083) $ 10,513 Maoming Hengda held for sale (253) (248) Baotou Steel held for sale - (30) General Shengyuan continuing operation - - General Steel (China) continuing operation 456 74 Total loss from operations (70,880) 10,309 Reconciling item (1) (2,669) (2,406) Consolidated (loss) income from operations $ (73,549) $ 7,903 Net loss attributable to General Steel Holdings, Inc.: 2015 2014 Longmen Joint Venture held for sale $ (56,738) $ (2,613) Maoming Hengda held for sale (292) (318) Baotou Steel held for sale - (24) General Shengyuan continuing operation - - General Steel (China) continuing operation (779) 1,830 Total net loss attributable to General Steel Holdings, Inc. (57,809) (1,125) Reconciling item (1) (2,672) (2,365) Consolidated net loss attributable to General Steel Holdings, Inc. $ (60,481) $ (3,490) Depreciation, amortization and depletion: 2015 2014 Longmen Joint Venture held for sale $ 14,465 $ 22,960 Maoming Hengda held for sale 310 437 Baotou Steel held for sale - 64 General Shengyuan continuing operation - General Steel (China) continuing operation 596 447 Consolidated depreciation, amortization and depletion $ 15,371 $ 23,908 Finance/interest expenses: 2015 2014 Longmen Joint Venture held for sale $ 21,282 $ 17,831 Maoming Hengda held for sale - 1 Baotou Steel held for sale - - General Shengyuan continuing operation - General Steel (China) continuing operation 752 1,588 Reconciling item (1) 1 2 Consolidated interest expenses $ 22,035 $ 19,422 Capital expenditures: 2015 2014 Longmen Joint Venture held for sale $ 45,737 $ 5,096 Maoming Hengda held for sale - 16 Baotou Steel held for sale - 1 General Shengyuan continuing operation - - General Steel (China) continuing operation - - Reconciling item (1) - - Consolidated capital expenditures $ 45,737 $ 5,113 The following represents results of division operations for nine months ended September 30, 2015 and 2014: (In thousands) Sales: 2015 2014 Longmen Joint Venture held for sale $ 1,385,661 $ 1,740,645 Maoming Hengda held for sale 191 1,373 Baotou Steel Pipe Joint Venture held for sale - 3,028 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,175 20,388 Total sales 1,387,027 1,765,434 Interdivision sales - (20,388) Consolidated sales $ 1,387,027 $ 1,745,046 Gross profit (loss): 2015 2014 Longmen Joint Venture held for sale $ (145,117) $ 15,734 Maoming Hengda held for sale (53) (35) Baotou Steel held for sale - 158 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,175 (714) Total gross loss (143,995) 15,143 Interdivision gross profit - - Consolidated gross (loss) profit $ (143,995) $ 15,143 Loss from operations: 2015 2014 Longmen Joint Venture held for sale $ (1,130,403) $ (20,706) Maoming Hengda held for sale (1,084) (824) Baotou Steel held for sale - (207) General Shengyuan continuing operation - - General Steel (China) continuing operation (1,125) (3,159) Total loss from operations (1,132,612) (24,896) Reconciling item (1) (4,671) (4,539) Consolidated loss from operations $ (1,137,283) $ (29,435) Net loss attributable to General Steel Holdings, Inc.: 2015 2014 Longmen Joint Venture held for sale $ (712,262) $ (48,775) Maoming Hengda held for sale (1,213) (978) Baotou Steel held for sale - (165) General Shengyuan continuing operation - - General Steel (China) continuing operation (2,512) (3,832) Total net loss attributable to General Steel Holdings, Inc. (715,987) (53,750) Reconciling item (1) (4,674) (4,323) Consolidated net loss attributable to General Steel Holdings, Inc. $ (720,661) $ (58,073) Depreciation, amortization and depletion: 2015 2014 Longmen Joint Venture held for sale $ 69,109 $ 69,268 Maoming Hengda held for sale 924 899 Baotou Steel held for sale - 185 General Shengyuan continuing operation - - General Steel (China) continuing operation 1,939 1,344 Consolidated depreciation, amortization and depletion $ 71,972 $ 71,696 Finance/interest expenses: 2015 2014 Longmen Joint Venture held for sale $ 69,086 $ 69,952 Maoming Hengda held for sale - 1 Baotou Steel held for sale - - General Shengyuan continuing operation - - General Steel (China) continuing operation 3,091 4,685 Reconciling item (1) 3 98 Consolidated interest expenses $ 72,180 $ 74,736 Capital expenditures: 2015 2014 Longmen Joint Venture held for sale $ 85,911 $ 117,695 Maoming Hengda held for sale - 48 Baotou Steel held for sale - 1 General Shengyuan continuing operation - - General Steel (China) continuing operation - 82 Reconciling item (1) - - Consolidated capital expenditures $ 85,911 $ 117,826 Total Assets as of: September 30, December 31, Longmen Joint Venture held for sale $ 1,036,236 $ 2,408,218 Maoming Hengda held for sale 20,774 25,933 General Shengyuan continuing operation 1,098 - General Steel (China) continuing operation 93,360 158,606 Interdivision assets (32,418) (30,486) Reconciling item (2) 5,656 2,953 Total Assets $ 1,124,706 $ 2,565,224 (1) Reconciling item represents income or expenses of the Company, arising from General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd and Qiu Steel for the three and nine months ended September 30, 2015 and 2014, which are non-operating entities. (2) Reconciling item represents assets held at General Steel Holdings, Inc., General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd and Qiu Steel as of September 30, 2015 and December 31, 2014, which are non-operating entities. |
Organization and Operations (De
Organization and Operations (Details Textual) ¥ in Millions, $ in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Oct. 23, 2015 | Apr. 29, 2011USD ($) | Apr. 29, 2011CNY (¥) | |
Unified Management Agreement, Economic Interest | 36.00% | |||
Catalon Chemical Corp [Member] | Subsequent Event [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 84.50% | |||
General Steel Investment Co Ltd [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Longmen Joint Venture [Member] | ||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | 60.00% | |
Unified Management Agreement, Percentage Of Pretax Profit | 60.00% | |||
Shaanxi Iron and Steel Group [Member] | ||||
Iron and Steel Making Facilities | $ 605.8 | ¥ 3.7 | ||
Unified Management Agreement, Percentage Of Pretax Profit | 40.00% |
Summary of significant accoun45
Summary of significant accounting policies (Details) | 9 Months Ended | |
Sep. 30, 2015 | Apr. 29, 2011 | |
General Steel Investment Co., Ltd. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | British Virgin Islands | |
Equity Method Investment, Ownership Percentage | 100.00% | |
Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 100.00% | |
General Steel (China) Co., Ltd. ("General Steel (China)") [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 100.00% | |
Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan”) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 70.00% | |
Yangpu Shengtong Investment Co., Ltd. ("Yangpu Shengtong") [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 99.10% | |
Tianjin Qiu Steel Investment Co., Ltd. ("Qiu Steel") [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 98.70% | |
Longmen Joint Venture [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% |
Maoming Hengda Steel Company, Ltd. ("Maoming Hengda") [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity Incorporation, State Country Name | PRC | |
Equity Method Investment, Ownership Percentage | 99.00% |
Summary of significant accoun46
Summary of significant accounting policies (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Summary Of Significant Accounting Policies [Line Items] | |||
Current assets | $ 541,316 | $ 970,409 | |
Plant and equipment, net | 0 | 1,948 | |
Total assets | 1,124,706 | 2,565,224 | $ 2,565,224 |
Total liabilities | (2,821,547) | (3,127,349) | |
Variable Interest Entities and Subsidiary [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Current assets | 472,858 | 837,135 | |
Plant and equipment, net | 540,559 | 1,537,687 | |
Other noncurrent assets | 22,819 | 33,396 | |
Total assets | 1,036,236 | 2,408,218 | |
Total liabilities | (2,707,575) | (2,946,126) | |
Net liabilities | $ (1,671,339) | $ (537,908) |
Summary of significant accoun47
Summary of significant accounting policies (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current liabilities: | ||
Short term notes payable | $ 20,405 | $ 22,806 |
Accounts payable - related parties | 4,111 | 1,869 |
Short term loans - bank | 38,127 | 40,562 |
Short term loans - others | 1,569 | 0 |
Short term loans - related parties | 5,035 | 670 |
Other payables and accrued liabilities | 6,815 | 6,913 |
Other payables - related parties | 25,436 | 5,862 |
Customer deposits | 3,211 | 5,602 |
Customer deposits - related parties | 13,933 | 97,721 |
Taxes payable | 1,142 | 1,175 |
Deferred lease income | 2,096 | 2,176 |
Total current liabilities | 2,024,430 | 2,251,413 |
Non-current liabilities: | ||
Deferred lease income - noncurrent | 68,463 | 72,713 |
Profit sharing liability | 70,422 | |
Total liabilities of consolidated VIE | 2,821,547 | 3,127,349 |
Variable Interest Entities and Subsidiary [Member] | ||
Current liabilities: | ||
Short term notes payable | 393,996 | 638,829 |
Accounts payable | 553,794 | 605,025 |
Accounts payable - related parties | 265,214 | 205,914 |
Short term loans - bank | 57,661 | 216,940 |
Short term loans - others | 56,293 | 54,524 |
Short term loans - related parties | 345,712 | 45,710 |
Other payables and accrued liabilities | 57,827 | 47,121 |
Other payables - related parties | 34,328 | 78,615 |
Customer deposits | 32,363 | 87,372 |
Customer deposits - related parties | 74,008 | 34,895 |
Deposit due to sales representatives | 4,020 | 17,871 |
Deposit due to sales representatives - related parties | 2,291 | 2,509 |
Taxes payable | 5,842 | 4,026 |
Deferred lease income | 2,096 | 2,176 |
Capital lease obligations, current | 10,156 | 8,508 |
Intercompany payable to be eliminated | 14,857 | 20,155 |
Total current liabilities | 1,910,458 | 2,070,190 |
Non-current liabilities: | ||
Long term loans - related parties | 339,437 | 339,549 |
Deferred lease income - noncurrent | 68,463 | 72,713 |
Capital lease obligations, noncurrent | 389,217 | 393,252 |
Profit sharing liability | 0 | 70,422 |
Total non-current liabilities | 797,117 | 875,936 |
Total liabilities of consolidated VIE | $ 2,707,575 | $ 2,946,126 |
Summary of significant accoun48
Summary of significant accounting policies (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Sales | $ 9 | $ (51) | $ 187 | $ (36) |
(Loss) income from operations | (2,213) | (2,332) | (5,796) | (7,697) |
Net loss attributable to controlling interest | (60,481) | (3,490) | (720,661) | (58,073) |
Variable Interest Entities and Subsidiary [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Sales | 528,903 | 559,332 | 1,385,661 | 1,740,645 |
Gross (loss) profit | (48,748) | 9,779 | (145,117) | 15,734 |
(Loss) income from operations | (71,083) | 10,513 | (1,130,403) | (20,706) |
Net loss attributable to controlling interest | $ (56,738) | $ (2,613) | $ (712,262) | $ (48,775) |
Summary of significant accoun49
Summary of significant accounting policies (Details 4) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Amount of Line of Credit | $ 144.4 |
Bank Of China [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amount of Line of Credit | $ 18.8 |
Repayment Date | Dec. 3, 2016 |
Bank Of Beijing [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amount of Line of Credit | $ 78.5 |
Repayment Date | Oct. 14, 2016 |
Bank of Chongqing [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amount of Line of Credit | $ 47.1 |
Repayment Date | Dec. 26, 2016 |
Summary of significant accoun50
Summary of significant accounting policies (Details 5) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 144.4 |
Company C [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | 0.9 |
Vendor Financing [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | 1,019.9 |
Vendor Financing [Member] | Company A [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 235.4 |
Financing Period | July 30, 2014 – July 30, 2019 |
Vendor Financing [Member] | Company B [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 156.9 |
Financing Period | January 22, 2014 – January 22, 2017 |
Vendor Financing [Member] | Company C [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 627.6 |
Financing Period | October 1, 2013 – September 30, 2017 |
Summary of significant accoun51
Summary of significant accounting policies (Details 6) - Other Financing [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 397.2 |
Company D [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 78.5 |
Financing Period | April 22, 2014 – April 22, 2017 |
Company E [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 83.2 |
Financing Period | April 23, 2014 – April 23, 2017 |
Company F [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 78.5 |
Financing Period | April 22, 2014 – April 22, 2017 |
Company G [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 78.5 |
Financing Period | April 30, 2015 – April 30, 2018 |
Company H [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Financing Amount | $ 78.5 |
Financing Period | April 30, 2015 – April 30, 2018 |
Summary of significant accoun52
Summary of significant accounting policies (Details 7) - Scenario, Forecast [Member] $ in Millions | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Current liabilities over current assets (excluding deferred lease income) as of September 30, 2015 (unaudited) | $ (1,481) |
Projected cash financing and outflows: | |
Cash provided by line of credit from banks | 144.4 |
Cash provided by vendor financing | 1,019.9 |
Cash provided by other financing | 397.2 |
Cash provided by sales representatives | 6.3 |
Cash projected to be used in operations in the twelve months ended September 30, 2016 | (30.3) |
Cash projected to be used for financing cost in the twelve months ended September 30, 2016 | (46.6) |
Net projected change in cash for the twelve months ended September 30, 2016 | $ 9.9 |
Summary of significant accoun53
Summary of significant accounting policies (Details 8) $ in Thousands | Dec. 31, 2014USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |
Profit sharing liability | $ 70,422 |
Fair Value, Inputs, Level 1 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Profit sharing liability | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Profit sharing liability | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Profit sharing liability | $ 70,422 |
Summary of significant accoun54
Summary of significant accounting policies (Details 9) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Beginning balance | $ 70,422 | $ 162,295 |
Change in fair value of profit sharing liability: | ||
Change in preset value of estimate of future operating profits | (71,395) | (110,589) |
Change in discount rate | 5,012 | 8,106 |
Interest expense - present value discount amortization | 2,443 | 11,544 |
Difference between the previously estimated operating results for the current period and actual results | (6,483) | (79) |
Exchange rate effect | 1 | (855) |
Ending balance | $ 0 | $ 70,422 |
Summary of significant accoun55
Summary of significant accounting policies (Details 10) | 9 Months Ended |
Sep. 30, 2015 | |
Buildings and Improvements [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Buildings and Improvements [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Machinery [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Machinery and equipment under capital lease [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Machinery and equipment under capital lease [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Other equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Transportation Equipment [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Summary of significant accoun56
Summary of significant accounting policies (Details 11) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
General Steel (China) [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Original Cost | $ 3,723 |
Expires on | 2050 & 2053 |
Longmen Joint Venture [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Original Cost | $ 23,267 |
Expires on | 2048 & 2052 |
Maoming Hengda [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Original Cost | $ 2,604 |
Expires on | 2,054 |
Summary of significant accoun57
Summary of significant accounting policies (Details 12) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Net investment | $ 15,087 | $ 15,670 |
Xi’an Delong Powder Engineering Materials Co., Ltd.[Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Year acquired | 2,007 | |
Net investment | $ 1,043 | $ 1,153 |
Owned Percentage | 24.10% | 24.10% |
Tianwu General Steel Material Trading Co., Ltd.[Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Year acquired | 2,010 | |
Net investment | $ 15,087 | $ 15,670 |
Owned Percentage | 32.00% | 32.00% |
Summary of significant accoun58
Summary of significant accounting policies (Details 13) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
CURRENT ASSETS: | |||
Cash | $ 1,832 | $ 11,467 | $ 21,368 |
Restricted cash | 149,853 | 341,024 | |
Notes receivable | 4,800 | 10,290 | |
Restricted notes receivable | 21,359 | 111,801 | |
Loans receivable | 40,951 | 36,001 | |
Accounts receivable, net | 6,115 | 5,671 | |
Accounts receivable - related parties, net | 3,502 | 7,838 | |
Other receivables, net | 61,894 | 54,680 | |
Other receivables - related parties, net | 37,704 | 35,790 | |
Inventories | 108,583 | 156,327 | |
Advances on inventory purchase, net | 17,969 | 17,364 | |
Advances on inventory purchase - related parties | 11,391 | 38,560 | |
Prepaid expense and other | 2,278 | 4,568 | |
Prepaid taxes | 3,341 | 5,060 | |
Short-term investment | 2,667 | 2,688 | |
Total current assets held for sale | 474,239 | 839,129 | |
OTHER ASSETS: | |||
Property and equipment, net | 543,026 | 1,541,188 | |
Advances on equipment purchase | 2,151 | 11,438 | |
Investment in unconsolidated entities | 1,043 | 1,153 | |
Long-term deferred expense | 37 | 41 | |
Intangible assets, net of accumulated amortization | 21,662 | 22,960 | |
Total other assets held for sale | 567,919 | 1,576,780 | |
Total assets of the disposal group classified as held for sale | 1,042,158 | 2,415,909 | |
CURRENT LIABILITIES: | |||
Short term notes payable | 393,996 | 638,829 | |
Accounts payable | 560,455 | 612,801 | |
Accounts payable - related parties | 265,214 | 205,914 | |
Short term loans - bank | 57,661 | 216,940 | |
Short term loans - others | 56,762 | 60,717 | |
Short term loans - related parties | 345,712 | 45,710 | |
Other payables and accrued liabilities | 59,220 | 48,575 | |
Other payables - related parties | 34,850 | 81,390 | |
Customer deposits | 32,363 | 87,372 | |
Customer deposits - related parties | 74,008 | 34,895 | |
Deposit due to sales representatives | 4,020 | 17,871 | |
Deposit due to sales representatives - related parties | 2,291 | 2,509 | |
Taxes payable | 5,842 | 4,026 | |
Deferred lease income, current | 2,096 | 2,176 | |
Capital lease obligations, current | 10,156 | 8,508 | |
Total current liabilities held for sale | 1,904,646 | 2,068,233 | |
NON-CURRENT LIABILITIES HELD FOR SALE | |||
Long-term loans - related party | 339,437 | 339,549 | |
Deferred lease income, noncurrent | 68,463 | 72,713 | |
Capital lease obligations, noncurrent | 389,217 | 393,252 | |
Profit sharing liability at fair value | 0 | 70,422 | |
Total non-current liabilities held for sale | 797,117 | 875,936 | |
Total liabilities of the disposal group classified as held for sale | $ 2,701,763 | $ 2,944,169 |
Summary of significant accoun59
Summary of significant accounting policies (Details 14) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
SALES | $ 341,130 | $ 456,157 | $ 1,066,576 | $ 1,476,784 |
SALES - RELATED PARTIES | 187,955 | 106,680 | 319,276 | 268,262 |
TOTAL SALES | 529,085 | 562,837 | 1,385,852 | 1,745,046 |
COST OF GOODS SOLD | 373,998 | 447,227 | 1,180,748 | 1,459,982 |
COST OF GOODS SOLD - RELATED PARTIES | 203,839 | 105,733 | 350,274 | 269,207 |
TOTAL COST OF GOODS SOLD | 577,837 | 552,960 | 1,531,022 | 1,729,189 |
GROSS (LOSS) PROFIT | (48,752) | 9,877 | (145,170) | 15,857 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (19,326) | (14,369) | (55,179) | (49,353) |
EXCESS OVERHEAD DURING MAINTENANCE | (3,258) | 0 | (27,701) | 0 |
IMPAIRMENT CHARGE | 0 | 0 | (973,860) | 0 |
CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY | 0 | 14,727 | 70,423 | 11,758 |
(LOSS) INCOME FROM OPERATIONS | (71,336) | 10,235 | (1,131,487) | (21,738) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 793 | 2,686 | 4,494 | 9,461 |
Finance/interest expense | (21,282) | (17,832) | (69,086) | (69,953) |
Loss on disposal of equipment and intangible assets | (13) | (21) | (41) | (117) |
Income from equity investments | 29 | 32 | 31 | 99 |
Foreign currency transaction loss | (702) | 71 | (2,185) | (1,746) |
Lease income | 532 | 542 | 1,620 | 1,630 |
Other non-operating income (expense), net | 1,013 | (249) | 1,152 | (580) |
Other expense, net | (19,630) | (14,771) | (64,015) | (61,206) |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (90,966) | (4,536) | (1,195,502) | (82,944) |
PROVISION FOR INCOME TAXES | 80 | 93 | 221 | 205 |
NET LOSS FROM OPERATIONS TO BE DISPOSED | (91,046) | (4,629) | (1,195,723) | (83,149) |
Less: Net loss attributable to noncontrolling interest from operations to be disposed | (34,016) | (1,674) | (482,248) | (33,229) |
NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ (57,030) | $ (2,955) | $ (713,475) | $ (49,920) |
Summary of significant accoun60
Summary of significant accounting policies (Details Textual) ¥ / shares in Units, $ / shares in Units, ¥ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Nov. 22, 2014 | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares¥ / shares | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014¥ / shares | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares¥ / shares | Sep. 30, 2014USD ($) | Sep. 30, 2014¥ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013 | Sep. 30, 2015CNY (¥)¥ / shares | Dec. 31, 2014¥ / shares | Jun. 28, 2013USD ($) | Apr. 29, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Working Capital | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent, Total | $ 41,800,000 | $ 600,000 | |||||||||||||||
Foreign Currency Exchange Translation Rate Balance Sheet Items | (per share) | $ 1 | $ 1 | $ 1 | $ 1 | ¥ 6.37 | ¥ 6.14 | |||||||||||
Foreign Currency Exchange Average Translation Rate | ¥ / shares | $ 6.28 | ¥ 6.16 | $ 6.18 | ¥ 6.15 | |||||||||||||
Percentage Of Profit Sharing Liability | 6.50% | ||||||||||||||||
Criteria For Determination Of Nature Of Lease | The Company assesses all significant leases for purposes of classification as either operating or capital. At lease inception, if the lease meets any of the four following criteria, the Company will classify it as a capital lease; otherwise it will be treated as an operating lease: a) transfer of ownership to lessee at the end of the lease term, b) bargain purchase option, c) lease term is equal to 75% or more of the estimated economic life of the leased property, d) the present value of the minimum lease payments is 90% or more of the fair value of the leased asset. | ||||||||||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | $ 0 | $ 0 | $ (5,400) | $ 0 | |||||||||||||
Profit Sharing Liability | 0 | $ 0 | 0 | $ 0 | 110,600,000 | ||||||||||||
Gain Loss On Change In Fair Value Of Profit Sharing Liability | $ 12,900,000 | $ 91,000,000 | |||||||||||||||
Percentage Of Equity Interest Sold | 70.00% | ||||||||||||||||
Proceeds From Sale Of Equity Interest | 1,600,000 | 1,600,000 | 1,600,000 | 1,600,000 | ¥ 10 | ||||||||||||
Long-term Line of Credit | 144,400,000 | 144,400,000 | 144,400,000 | 144,400,000 | |||||||||||||
Due from Related Parties | 42,450,000 | $ 42,450,000 | $ 42,450,000 | $ 42,450,000 | $ 39,734,000 | ||||||||||||
Decreased Percentage Of Estimated Future Results | 40.00% | 0.40% | |||||||||||||||
Decreased Percentage Of Profit Sharing | 1.75% | ||||||||||||||||
Impairment of plant and equipment | $ 973,900,000 | ||||||||||||||||
Capital Units, Adjustment for Market Changes | $ 0 | ||||||||||||||||
Projected Selling Price Percentage | 19.00% | ||||||||||||||||
Reduction in Forecast Percentage | 12.00% | ||||||||||||||||
Investment Income, Net, Total | 29,000 | 32,000 | $ 31,000 | 99,000 | |||||||||||||
Profit Sharing Period | 11 years 3 months 29 days | ||||||||||||||||
Market Conditions One [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Capital Units, Adjustment for Market Changes | 16,600,000 | ||||||||||||||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 2,500,000 | ||||||||||||||||
Fair Value Inputs, Discount Rate | 0.25% | ||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Loss | $ 1,200,000 | ||||||||||||||||
Market Conditions Two [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net, Total | 57,500,000 | ||||||||||||||||
Capital Units, Adjustment for Market Changes | 54,800,000 | ||||||||||||||||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 2,600,000 | ||||||||||||||||
Fair Value Inputs, Discount Rate | 0.25% | ||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Loss | $ 1,200,000 | ||||||||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unobservable Input, Realized Gain | $ 6,500,000 | ||||||||||||||||
Subordinated Borrowing, Interest Rate | 0.25% | ||||||||||||||||
Interest and Debt Expense, Total | 0 | 0 | 900,000 | 0 | |||||||||||||
Market Conditions Three [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Interest and Debt Expense, Total | 1,500,000 | 10,200,000 | 17,800,000 | 37,100,000 | |||||||||||||
ASC 605-45, Revenue Recognition [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Cost of Goods Sold | 64,800,000 | 99,800,000 | 299,600,000 | 218,900,000 | |||||||||||||
Gross Loss | $ 1,200,000 | $ (300,000) | $ 1,200,000 | $ (700,000) | |||||||||||||
Shaanxi GDP [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Decreased Percentage Of Estimated Future Results | 1.40% | ||||||||||||||||
China GDP [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Decreased Percentage Of Estimated Future Results | 0.25% | 0.40% | |||||||||||||||
Volume Inputs [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Decreased Percentage Of Estimated Future Results | 3.00% | ||||||||||||||||
Steel Sales Price Inputs [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Decreased Percentage Of Estimated Future Results | 5.60% | ||||||||||||||||
Decreased Percentage Of Profit Sharing | 7.00% | 12.00% | |||||||||||||||
Raw Material Cost Inputs [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Decreased Percentage Of Estimated Future Results | 4.70% | ||||||||||||||||
Accounts Receivable [Member] | Supplier Concentration Risk [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | |||||||||||||||
Criteria One [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Profit Sharing Liability Fair Value Criteria | the Peoples Bank of China decreased standard bank borrowing rate across the board by 0.4%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.4% from 7.3% to 6.9%. On May 11, 2015, the Peoples Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.9% to 6.7%. On June 27, 2015 the Peoples Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.7% to 6.5%. | ||||||||||||||||
Criteria Two [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Profit Sharing Liability Fair Value Criteria | $0.1 million reduction resulting from the Asset Pools operating results for the year ended December 31, 2014 being slightly less favorable than previously estimated as of December 31, 2013, offset by a $8.1 million loss resulting from the 0.4% reduction of the present value discount rate and a $11.5 million loss from the present value discount | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||
Percentage Of Ownership, Significant Influence | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||
Value Added Tax Rate | 17.00% | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||||||
Percentage Of Ownership, Significant Influence | 20.00% | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||
Value Added Tax Rate | 13.00% | ||||||||||||||||
Mining Rights [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Finite lived Intangible Asset Acquired | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | ¥ 15 | ||||||||||||
Intangible Asset Estimated Recoverable Reserve | 4,200,000 | ||||||||||||||||
Customer One [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Concentration Risk, Percentage | 15.00% | 10.00% | 10.00% | ||||||||||||||
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Concentration Risk, Percentage | 20.50% | ||||||||||||||||
Customer Two [Member] | Sales [Member] | Customer Concentration Risk [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Concentration Risk, Percentage | 13.90% | ||||||||||||||||
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Concentration Risk, Percentage | 49.80% | 32.10% | |||||||||||||||
One Suppliers [Member] | Purchases [Member] | Supplier Concentration Risk [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% | |||||||||||||
Vendor Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Long-term Line of Credit | $ 1,019,900,000 | 1,019,900,000 | $ 1,019,900,000 | 1,019,900,000 | |||||||||||||
Other Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Financial Support From Balancing Payment Extension | 397,200,000 | 397,200,000 | 397,200,000 | 397,200,000 | |||||||||||||
Company E [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 0 | 0 | 0 | 0 | |||||||||||||
Company A [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 53,000,000 | 53,000,000 | 53,000,000 | 53,000,000 | |||||||||||||
Company A [Member] | Vendor Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Long-term Line of Credit | 235,400,000 | 235,400,000 | 235,400,000 | 235,400,000 | |||||||||||||
Company B [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 60,100,000 | 60,100,000 | 60,100,000 | 60,100,000 | |||||||||||||
Company B [Member] | Vendor Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Long-term Line of Credit | 156,900,000 | 156,900,000 | 156,900,000 | 156,900,000 | |||||||||||||
Company D [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||||
Company D [Member] | Other Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Financial Support From Balancing Payment Extension | 78,500,000 | 78,500,000 | 78,500,000 | 78,500,000 | |||||||||||||
Company F [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | |||||||||||||
Company F [Member] | Other Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Financial Support From Balancing Payment Extension | 78,500,000 | 78,500,000 | 78,500,000 | 78,500,000 | |||||||||||||
Company G [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 3,200,000 | 3,200,000 | 3,200,000 | 3,200,000 | |||||||||||||
Company G [Member] | Other Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Financial Support From Balancing Payment Extension | 78,500,000 | 78,500,000 | 78,500,000 | 78,500,000 | |||||||||||||
Company H [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Due to Related Parties | 800,000 | 800,000 | 800,000 | 800,000 | |||||||||||||
Company H [Member] | Other Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Financial Support From Balancing Payment Extension | 78,500,000 | 78,500,000 | 78,500,000 | 78,500,000 | |||||||||||||
Company C [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Long-term Line of Credit | 900,000 | 900,000 | 900,000 | 900,000 | |||||||||||||
Company C [Member] | Vendor Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Long-term Line of Credit | 627,600,000 | 627,600,000 | 627,600,000 | 627,600,000 | |||||||||||||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Deposits Assets | 200,000 | 200,000 | 200,000 | 200,000 | $ 1,000,000 | ||||||||||||
PRC Bank [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Cash and Cash Equivalents Including Restricted Cash | 164,300,000 | 164,300,000 | 164,300,000 | 164,300,000 | $ 367,200,000 | ||||||||||||
US And Hongkong Bank [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Cash Surrender Value of Life Insurance | $ 4,900 | $ 4,900 | $ 4,900 | $ 4,900 | |||||||||||||
Longmen Joint Venture [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | |||||||||||
Vendor Financing, Variable Interest Rate | 0.05% | ||||||||||||||||
Finite lived Intangible Asset Acquired | $ 24,200,000 | $ 24,200,000 | $ 24,200,000 | $ 24,200,000 | ¥ 148.3 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 50 years | ||||||||||||||||
Due from Related Parties | 6,300,000 | 6,300,000 | $ 6,300,000 | 6,300,000 | |||||||||||||
Acquired Finite Lived Intangible Assets Expiry Term | expire in 2048 to 2052 | ||||||||||||||||
Longmen Joint Venture [Member] | Company C [Member] | Vendor Financing [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Long-term Line of Credit | $ 489,300,000 | ||||||||||||||||
General Steel Investment Co Ltd [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Finite lived Intangible Asset Acquired | $ 3,900,000 | $ 3,900,000 | $ 3,900,000 | $ 3,900,000 | ¥ 23.7 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 50 years | ||||||||||||||||
Acquired Finite Lived Intangible Assets Expiry Term | expire in 2050 and 2053 | ||||||||||||||||
Maoming Hengda Steel Company Ltd [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | 99.00% | 99.00% | 99.00% | 99.00% | ||||||||||||
Finite lived Intangible Asset Acquired | $ 2,700,000 | $ 2,700,000 | $ 2,700,000 | $ 2,700,000 | ¥ 16.6 | ||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 50 years | ||||||||||||||||
Acquired Finite Lived Intangible Assets Expiry Term | expire in 2054 | ||||||||||||||||
Shaanxi Iron and Steel Group [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Unified Management Agreement, Cost Of Asset | $ 2,300,000 | $ 2,300,000 | $ 2,300,000 | $ 2,300,000 | ¥ 14.6 | ||||||||||||
General Steel (China) [Member] | |||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 50 years |
Loans receivable (Details)
Loans receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Loan to unrelated party | $ 40,951 | $ 36,001 |
Loans receivable (Details 1)
Loans receivable (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Loans receivable - related parties | $ 5,874 | $ 34,713 | |
Tianjin Hengying Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Loans receivable - related parties | [1] | 0 | 13,997 |
Tianjin Dazhan Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Loans receivable - related parties | [1] | 0 | 14,617 |
Beijing Shenghua Xinyuan Metal Materials Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Loans receivable - related parties | $ 5,874 | $ 6,099 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Loans receivable (Details Textu
Loans receivable (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Interest Income Related Party | $ 0.8 | $ 0.1 | $ 2 | $ 0.2 |
Long Steel Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loans Receivable Maturity Date | due on demand | |||
Loans Receivable Interest Rate Stated Percentage | 8.00% | 8.00% | ||
Tianjin Hengying Trading Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loans Receivable Maturity Date | due on demand | |||
Loans Receivable Interest Rate Stated Percentage | 10.00% | 10.00% | ||
Tianjin Dazhan Industry Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loans Receivable Maturity Date | due on demand | |||
Loans Receivable Interest Rate Stated Percentage | 10.00% | 10.00% | ||
Beijing Shenghua Xinyuan Metal Materials Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loans Receivable Maturity Date | due on demand | |||
Loans Receivable Interest Rate Stated Percentage | 10.00% | 10.00% |
Accounts receivable (includin64
Accounts receivable (including related parties), net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 16,791 | $ 9,804 |
Less: allowance for doubtful accounts | (489) | (483) |
Accounts receivable - related parties | 4,291 | 8,624 |
Less: allowance for doubtful accounts - related parties | (122) | (126) |
Net accounts receivable | 20,471 | 17,819 |
Less: accounts receivable, net held for sale | (9,617) | (13,509) |
Net Account Receivable Continuing Operations | $ 10,854 | $ 4,310 |
Accounts receivable (includin65
Accounts receivable (including related parties), net (Details 1) - Accounts Receivable [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 609 | $ 1,053 |
Charge to expense | 24 | 368 |
Less: recovery | 0 | (8) |
Deconsolidation of Baotou Steel | 0 | (798) |
Exchange rate effect | (22) | (6) |
Ending balance | 611 | 609 |
Less: balance held for sale | (611) | (609) |
Ending balance - continuing operations | $ 0 | $ 0 |
Other receivables (including 66
Other receivables (including related parties), net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other receivables | $ 84,797 | $ 73,944 |
Less: allowance for doubtful accounts | (13,475) | (10,198) |
Other receivables - related parties | 42,450 | 39,734 |
Less: allowance for doubtful accounts - related parties | (63) | (64) |
Net other receivables | 113,709 | 103,416 |
Less: other receivables, net held for sale | (99,598) | (90,470) |
Net other receivables - continuing operations | $ 14,111 | $ 12,946 |
Other receivables (including 67
Other receivables (including related parties), net (Details 1) - Other Receivables [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 10,262 | $ 2,606 |
Charge to expense | 3,771 | 7,670 |
Less: recovery | (7) | (6) |
Exchange rate effect | (488) | (8) |
Ending balance | 13,538 | 10,262 |
Less: balance held for sale | (13,538) | (10,262) |
Ending balance - continuing operations | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Line Items] | |||
Supplies | $ 14,553 | $ 18,838 | |
Raw materials | 56,951 | 143,563 | |
Finished goods | 46,664 | 12,301 | |
Less: allowance for inventory valuation | (9,585) | (18,375) | $ (15,397) |
Total inventories | 108,583 | 156,327 | |
Less: inventories held for sale | (108,583) | (156,327) | |
Inventories - continuing operations | $ 0 | $ 0 |
Inventories (Details 1)
Inventories (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | ||
Beginning balance | $ 18,375 | $ 15,397 |
Addition | 50,263 | 18,362 |
Less: write-off | (58,542) | (15,311) |
Exchange rate effect | (511) | (73) |
Ending balance | $ 9,585 | $ 18,375 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Valuation Reserves | $ 9,585 | $ 18,375 | $ 15,397 |
Advances on inventory purchas71
Advances on inventory purchases (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Advances on inventory purchases [Line Items] | ||
Advances on inventory purchases | $ 35,468 | $ 76,320 |
Less: allowance for doubtful accounts | (1,962) | (2,501) |
Advances on inventory purchases - related parties | 11,391 | 45,617 |
Net advances on inventory purchases | 44,897 | 119,436 |
Less: advances on inventory purchases held for sale | (29,360) | (55,924) |
Net advances on inventory purchases - continuing operations | $ 15,537 | $ 63,512 |
Advances on inventory purchas72
Advances on inventory purchases (Details 1) - Advances On Inventory Purchases [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Advances on inventory purchases [Line Items] | ||
Beginning balance | $ 2,501 | $ 105 |
Charge to expense | 0 | 2,395 |
Exchange rate effect | (539) | 1 |
Ending balance | 1,962 | 2,501 |
Less: balance held for sale | (376) | (904) |
Ending balance - continuing operations | $ 1,586 | $ 1,597 |
Plant and equipment, net (Detai
Plant and equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Buildings and improvements | $ 221,846 | $ 279,776 |
Machinery | 455,077 | 669,427 |
Machinery under capital lease | 294,157 | 626,735 |
Transportation and other equipment | 15,778 | 22,765 |
Construction in progress | 8,859 | 342,660 |
Subtotal | 995,717 | 1,941,363 |
Less: accumulated depreciation | (452,691) | (398,227) |
Total | 543,026 | 1,543,136 |
Less: plant and equipment, net held for sale | (543,026) | (1,541,188) |
Plant and equipment, net - continuing operations | $ 0 | $ 1,948 |
Plant and equipment, net (Det74
Plant and equipment, net (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $ 8,859 | $ 342,660 |
Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 8,859 | |
Construction In Progress Estimated Additional Cost | 7,174 | |
Restructuring of ventilation system [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $ 2,071 | |
Construction Completion Date | Dec. 31, 2015 | |
Construction In Progress Estimated Additional Cost | $ 2,325 | |
Energy management system [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $ 3,869 | |
Construction Completion Date | Dec. 31, 2015 | |
Construction In Progress Estimated Additional Cost | $ 204 | |
Reconstruction Of Miscellaneous Factory Buildings [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $ 474 | |
Construction Completion Date | Dec. 31, 2015 | |
Construction In Progress Estimated Additional Cost | $ 4,645 | |
Project materials [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 2,061 | |
Construction In Progress Estimated Additional Cost | 0 | |
Others [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 384 | |
Construction In Progress Estimated Additional Cost | $ 0 |
Plant and equipment, net (Det75
Plant and equipment, net (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Machinery | $ 294,157 | $ 626,735 |
Machinery and Equipment [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery | 294,157 | 626,735 |
Less: accumulated depreciation | (121,680) | (107,782) |
Carrying value of leased assets | $ 172,477 | $ 518,953 |
Plant and equipment, net (Det76
Plant and equipment, net (Details Textual) ¥ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015CNY (¥) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | $ 0.6 | $ 0.6 | $ 1.9 | $ 1.5 | ||
Lease Expiration Date | Apr. 30, 2031 | |||||
Disposal Group, Including Discontinued Operation, Depreciation | 15.2 | 23.1 | $ 70 | 69.5 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 973.9 | ¥ 6 | ||||
Assets Held under Capital Leases [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Depreciation | $ 7.6 | $ 7.7 | $ 23.5 | $ 23.3 |
Intangible assets, net (Details
Intangible assets, net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 33,027 | $ 34,231 |
Less: Accumulated amortization | (11,365) | (11,271) |
Intangible assets, net | 21,662 | 22,960 |
Less: intangible assets, net held for sale | (21,662) | (22,960) |
Intangible assets, net - continuing operations | 0 | 0 |
Land use rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 29,594 | 30,726 |
Less: Accumulated amortization | (9,281) | (9,127) |
Mining right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,357 | 2,447 |
Less: Accumulated amortization | (1,319) | (1,431) |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,076 | 1,058 |
Less: Accumulated amortization | $ (765) | $ (713) |
Intangible assets, net (Detai78
Intangible assets, net (Details 1) $ in Thousands | Sep. 30, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization and depletion expenses, September 30, 2016 | $ 944 |
Estimated amortization and depletion expenses, September 30, 2017 | 944 |
Estimated amortization and depletion expenses, September 30, 2018 | 944 |
Estimated amortization and depletion expenses, September 30, 2019 | 944 |
Estimated amortization and depletion expenses, September 30, 2020 | 944 |
Estimated amortization and depletion expenses, Thereafter | 16,942 |
Estimated amortization and depletion expenses, Total | 21,662 |
Gross carrying amount, September 30, 2016 | 20,718 |
Gross carrying amount, September 30, 2017 | 19,774 |
Gross carrying amount, September 30, 2018 | 18,830 |
Gross carrying amount, September 30, 2019 | 17,886 |
Gross carrying amount, September 30, 2020 | 16,942 |
Gross carrying amount, Thereafter | $ 0 |
Intangible assets, net (Detai79
Intangible assets, net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 32 years | ||||
Finite-Lived Intangible Assets, Gross | $ 33,027 | $ 33,027 | $ 34,231 | ||
Discontinued Operations [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 200 | $ 100 | 600 | $ 600 | |
Depletion | $ 40 | $ 40 | $ 100 | $ 100 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term notes payable | $ 414,401 | $ 661,635 |
Less: short-term notes payable held for sale | (393,996) | (638,829) |
Short-term notes payable - continuing operations | 20,405 | 22,806 |
General Steel China Notes Payable To China Agricultural Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term notes payable | 20,405 | 22,806 |
Longmen Joint Venture Notes Payable To Various Banks In China [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term notes payable | $ 393,996 | $ 638,829 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term loans - bank | $ 95,788 | $ 257,502 |
Less: short-term loans - bank held for sale | (57,661) | (216,940) |
Short-term loans - bank - continuing operations | 38,127 | 40,562 |
General Steel China Loans From Various Banks In China [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - bank | 38,127 | 40,562 |
Longmen Joint Venture Loans from various banks in China [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - bank | $ 57,661 | $ 216,940 |
Debt (Details 2)
Debt (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term loans - others | $ 58,331 | $ 60,717 |
Less: short-term loans - others held for sale | (56,762) | (54,524) |
Short-term loans - others - continuing operations | 1,569 | 0 |
Longmen Joint Venture Loans from various unrelated companies and individuals [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 46,878 | 16,999 |
Longmen Joint Venture Loans from financing sales [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 9,414 | 37,525 |
Maoming Hengda Loans from one unrelated parties and one related party [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 470 | 6,193 |
General Steel (China): Loan from unrelated party [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | $ 1,569 | $ 0 |
Debt (Details 3)
Debt (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | $ 350,747 | $ 46,380 |
Less: short-term loans - related parties held for sale | (345,712) | (45,710) |
Short-term loans - related parties - continuing operations | 5,035 | 670 |
General Steel China Loans From Yangpu Capital Automobile [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | 644 | 670 |
General Steel China Loans From Tianjin Hengying Trading Co., Ltd [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | 4,391 | 0 |
Longmen Joint Venture Loan from Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | 0 | 128 |
Longmen Joint Venture Loan From Shaanxi Steel Group [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | 296,977 | 0 |
Longmen Joint Venture Loan from Shaanxi Steel Group Hanzhong Steel Co., Ltd. [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | 7,845 | 0 |
Longmen Joint Venture Loans From Financing Sales [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | $ 40,890 | $ 45,582 |
Debt (Details 4)
Debt (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Longmen Joint Venture: Loans from Shaanxi Steel Group | $ 339,437 | $ 339,549 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Percentage Of Transaction Fee | 0.05% | ||||
Restricted Cash and Cash Equivalents Guarantee For Notes Payable | $ 12.6 | $ 12.6 | $ 14.7 | ||
Restricted Notes Receivable Guarantee For Notes Payable | 0 | 0 | 0 | ||
Short Term Borrowings, Default | 4.7 | ||||
Financing Sales | 105.8 | $ 259.7 | 331.6 | $ 719.3 | |
Financial Services Costs | 0.2 | 1.4 | 1.5 | 3.1 | |
Interest Expense, Debt | 0.8 | 1.6 | 3.1 | 4.8 | |
Debt Instrument, Collateral Amount | 28.9 | 28.9 | 96.9 | ||
Disposal Group, Including Discontinued Operation, Restricted Cash And Cash Equivalents Guarantee For Notes Payable | 139.6 | 139.6 | 324.7 | ||
Disposal Group, Including Discontinued Operation, Restricted Notes Receivable Guarantee For Notes Payable | 21.4 | 21.4 | 0 | ||
Short Term Loans Others Including Discontinued Operations | 58.3 | 58.3 | 60.7 | ||
Disposal Group Including Discontinued Operation Interest Expense Debt | 14 | 2.4 | 36 | 16.8 | |
Disposal Group Including Discontinued Operation Interest Costs Capitalized | 0 | $ 1.3 | 0 | $ 2.1 | |
General Steel China Notes Payable To Various Banks In China [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted Cash and Cash Equivalents Guarantee For Notes Payable | $ 12.6 | $ 12.6 | $ 14.7 | ||
Debt Instrument Maturity Dates | due various dates from October 2015 and March 2016 | ||||
Longmen Joint Venture Loans From Various Unrelated Companies and Individuals [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | various dates from October 2015 and September 2016 | ||||
Debt, Weighted Average Interest Rate | 14.20% | 14.20% | 5.70% | ||
Longmen Joint Venture Notes Payable To Various Banks In China [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted Cash and Cash Equivalents Guarantee For Notes Payable | $ 139.6 | $ 139.6 | $ 324.7 | ||
Restricted Notes Receivable Guarantee For Notes Payable | 21.4 | $ 21.4 | 0 | ||
Debt Instrument Maturity Dates | due various dates from October 2015 and March 2016 | ||||
Longmen Joint Venture Loans From Financing Sales [Member] | |||||
Debt Instrument [Line Items] | |||||
Short Term Loans Others Including Discontinued Operations | $ 9.4 | $ 9.4 | |||
Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due on various dates through September 2016 | ||||
Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due on various dates through March 2018 | ||||
General Steel China Loans From Tianjin Hengying Trading Co Ltd [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due on demand | ||||
Debt, Weighted Average Interest Rate | 10.00% | 10.00% | |||
General Steel China Loans From Yangpu Capital Automobile [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due on demand | ||||
Debt, Weighted Average Interest Rate | 10.00% | 10.00% | |||
Longmen Joint Venture Loan from Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due on demand | ||||
Debt, Weighted Average Interest Rate | 7.00% | 7.00% | |||
Longmen Joint Venture Loans from various banks in China [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted Cash and Cash Equivalents Guarantee For Notes Payable | $ 9.8 | $ 9.8 | 16.3 | ||
Restricted Notes Receivable Guarantee For Notes Payable | $ 111.8 | $ 111.8 | $ 111.8 | ||
Debt Instrument Maturity Dates | due various dates from July 2015 to May 2016 | ||||
Debt, Weighted Average Interest Rate | 7.70% | 7.70% | 7.10% | ||
General Steel China Loans From Various Banks In China [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due various dates from December 2015 to August 2016 | ||||
Debt, Weighted Average Interest Rate | 7.30% | 7.30% | 7.20% | ||
Short Term Loans, Interest Rates Ranging 12.0% to 22.0% [Member] | |||||
Debt Instrument [Line Items] | |||||
Short Term Loans Others Including Discontinued Operations | $ 48.4 | $ 48.4 | |||
General Steel China's Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt To Asset Ratio | 90.80% | ||||
General Steel Loan from unrelated party [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due October 2015 | ||||
Debt, Weighted Average Interest Rate | 18.00% | 18.00% | |||
Longmen Joint Venture Loan from Shaanxi Steel Group Hanzhong Steel Co., Ltd. [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Maturity Dates | due on demand | ||||
Debt, Weighted Average Interest Rate | 8.00% | 8.00% | |||
Maoming Hengda Loans From One Unrelated Parties and One Related Party [Member] | |||||
Debt Instrument [Line Items] | |||||
Short Term Loans Others Including Discontinued Operations | $ 0.5 | $ 0.5 | |||
Maximum [Member] | Longmen Joint Venture Loans From Financing Sales [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 12.00% | 12.00% | |||
Maximum [Member] | Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 8.00% | 8.00% | |||
Maximum [Member] | Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 8.00% | 8.00% | |||
Maximum [Member] | Short Term Loans, Interest Rates Ranging 12.0% to 22.0% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 22.00% | 22.00% | |||
Maximum [Member] | Short Term Loans Interest Rates Ranging 4.6% to 12.0% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 12.00% | 12.00% | |||
Minimum [Member] | Longmen Joint Venture Loans From Financing Sales [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.60% | 4.60% | |||
Minimum [Member] | Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 6.90% | 6.90% | |||
Minimum [Member] | Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.60% | 5.60% | |||
Minimum [Member] | Short Term Loans, Interest Rates Ranging 12.0% to 22.0% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 12.00% | 12.00% | |||
Minimum [Member] | Two General Steel Chinas Bank Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt To Asset Ratio | 70.00% | ||||
Minimum [Member] | Short Term Loans Interest Rates Ranging 4.6% to 12.0% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.60% | 4.60% |
Customer deposits (Details Text
Customer deposits (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Customer Deposits [Line Items] | ||
Customer Deposits From Continuing Operations | $ 17,100 | $ 103,300 |
Customer Deposits - Related Parties | 13,933 | 97,721 |
Disposal Group Including Discontinued Operation Customer Deposits | 106,400 | 122,300 |
Disposal Group, Including Discontinued Operation, Customer Deposits, Related Parties Current | $ 74,008 | $ 34,895 |
Deposits due to sales represe87
Deposits due to sales representatives - held for sale (Details Textual) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Deposits Due To Sales Representative Including Related Parties | $ 6.3 | $ 20.4 |
Supplemental disclosure of ca88
Supplemental disclosure of cash flow information (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Interest Paid, Net | $ 7,300 | $ 12,600 |
Income Taxes Paid | 200 | 100 |
Dividend Receivables Value | 200 | |
Disposal Of Equipment Value | 10 | |
Inventory Productions, Equipment Conversion | 50 | |
Inventory Utilized In Plant and Equipment Construction | 21,300 | 2,400 |
Repayment Of Accounts Payable Related Party | 24,900 | |
Construction in Progress Expenditures Incurred but Not yet Paid | 208,300 | |
Notes Receivable Converted To Cash | 24,400 | 57,400 |
Payments to Acquire Equipment on Lease | $ 5,900 | |
Consultant [Member] | Common Stock [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Stock Issued During Period, Value, Issued for Services | $ 2,800 |
Deferred lease income - held 89
Deferred lease income - held for sale (Details Textual) $ in Thousands, ¥ in Millions | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2010CNY (¥) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2011USD ($) | Mar. 31, 2011CNY (¥) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2011CNY (¥) | Dec. 31, 2010USD ($) | Dec. 31, 2010CNY (¥) | Dec. 31, 2013USD ($) | |
Deferred Lease Income [Line Items] | ||||||||||||||
Deferred Revenue Leases Lease Income Realized | $ 500 | $ 500 | $ 1,621 | $ 1,600 | $ 2,176 | |||||||||
Deferred Revenue, Leases, Net, Total | 70,559 | 70,559 | 74,889 | $ 77,444 | ||||||||||
Deferred Revenue, Leases, Current | $ 2,096 | $ 2,096 | $ 2,176 | |||||||||||
Longmen Joint Venture [Member] | ||||||||||||||
Deferred Lease Income [Line Items] | ||||||||||||||
Deferred Revenue Leases Reimbursement For Dismantled Assets | $ 11,400 | ¥ 70.1 | ||||||||||||
Deferred Revenue Leases Reimbursement For Loss Of Efficiency | $ 29,900 | ¥ 183.1 | ||||||||||||
Deferred Revenue Leases Reimbursement For Trial Production Costs | $ 14,600 | ¥ 89.3 | $ 14,600 | ¥ 89.5 | ||||||||||
Deferred Revenue Leases Deferred Depreciation Cost Free Use Period | $ 7,200 | ¥ 43.9 |
Capital lease obligations - h90
Capital lease obligations - held for sale (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Capital Lease Obligation Minimum Lease Payments, 2016 | $ 12,155 |
Capital Lease Obligation Minimum Lease Payments, 2017 | 182,305 |
Capital Lease Obligation Minimum Lease Payments, 2018 | 31,065 |
Capital Lease Obligation Minimum Lease Payments,2019 | 28,883 |
Capital Lease Obligation Minimum Lease Payments,2020 | 27,886 |
Capital Lease Obligation Minimum Lease Payments, Thereafter | 291,909 |
Capital Lease Obligation Minimum Lease Payments, Total minimum lease payments | 574,203 |
Capital Lease Obligation Minimum Lease Payments, Ending balance | 399,373 |
Capital Lease Obligation Minimum Lease Payments, Less: amounts representing interest | $ (174,830) |
Capital lease obligations - h91
Capital lease obligations - held for sale (Details Textual) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 29, 2011 | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015CNY (¥) | Sep. 30, 2014USD ($) | Sep. 30, 2015CNY (¥) | |
Schedule Of Capital Leased Obligation [Line Items] | |||||||
Interest Expense On Minimum Lease Payments | $ 5 | $ 5.2 | $ 15.3 | $ 16 | |||
Shaanxi Iron and Steel Group [Member] | |||||||
Schedule Of Capital Leased Obligation [Line Items] | |||||||
Capital Lease Agreement Term | 20 years | ||||||
Classification Of Lease, Percentage Base | 75.00% | ||||||
Unified Management Agreement, Percentage Of Pretax Profit | 40.00% | 40.00% | |||||
Unified Management Agreement, Cost Of Asset | $ 2.3 | $ 2.3 | ¥ 14.6 | ||||
Energy Saving Equipment [Member] | |||||||
Schedule Of Capital Leased Obligation [Line Items] | |||||||
Capital Lease Obligations Incurred | $ 23 | ¥ 146.5 |
Profit sharing liability - he92
Profit sharing liability - held for sale (Details Textual) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Profit Sharing Liability | $ 0 | $ 110,600,000 |
Taxes (Details)
Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Taxes [Line Items] | ||||
Current | $ 80 | $ 93 | $ 221 | $ 205 |
Deferred | 0 | 0 | 0 | 0 |
Accounts receivable - related parties - continuing operations | $ 80 | $ 93 | $ 221 | $ 205 |
Taxes (Details 1)
Taxes (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Taxes [Line Items] | ||
Beginning balance | $ 114,820 | $ 97,569 |
Current period addition | 136,710 | 18,951 |
Current period reversal | (977) | (614) |
Deconsolidation of Baotou Steel | 0 | (625) |
Exchange difference | (8,258) | (461) |
Ending balance | 242,295 | 114,820 |
Less: balance held for sale | (239,871) | (112,215) |
Ending balance - continuing operations | $ 2,424 | $ 2,605 |
Taxes (Details 2)
Taxes (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Taxes [Line Items] | ||
VAT taxes payable | $ 4,858 | $ 3,147 |
Income taxes payable | 235 | 243 |
Misc. taxes | 1,891 | 1,811 |
Totals | 6,984 | 5,201 |
Less: taxes payable held for sale | (5,842) | (4,026) |
Taxes payable - continuing operations | $ 1,142 | $ 1,175 |
Taxes (Details Textual)
Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Taxes [Line Items] | ||||||
Percentage Of Deferred Tax Asset | 100.00% | 100.00% | ||||
Value Added Tax Receivable | $ 3,200 | $ 3,200 | $ 3,200 | |||
Value Added Tax On Sales | 182,900 | $ 200,600 | 522,000 | $ 511,900 | ||
Value Added Tax On Purchases | 178,300 | 193,800 | 504,400 | 500,900 | ||
Deferred Tax Assets, Valuation Allowance | 242,295 | $ 242,295 | 114,820 | $ 97,569 | ||
Tax Initiative Extension Period | 10 years | |||||
Operating Loss Carryforwards, Date Expiration | The net operating loss carry forwards for United States income taxes amounted to $6.0 million, which may be available to reduce future years’ taxable income. | |||||
Tax Rate Concession Percentage | 15.00% | |||||
Deferred Tax Assets Valuation Period | 5 years | |||||
Continuing Operations [Member] | ||||||
Taxes [Line Items] | ||||||
Value Added Tax On Sales | 39,900 | 17,000 | $ 49,400 | 37,200 | ||
Value Added Tax On Purchases | 39,900 | $ 17,000 | 49,400 | $ 36,300 | ||
Deferred Tax Assets, Valuation Allowance | 2,400 | 2,400 | 2,600 | |||
Discontinued Operations [Member] | ||||||
Taxes [Line Items] | ||||||
Net operating losses carried forward | 863,500 | 863,500 | ||||
Deferred Tax Assets, Valuation Allowance | $ 239,900 | $ 239,900 | $ 112,200 | |||
UNITED STATES [Member] | ||||||
Taxes [Line Items] | ||||||
Percentage Of Deferred Tax Asset | 100.00% | 100.00% | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 900 | |||||
Deferred Tax Assets, Valuation Allowance | $ 2,000 | $ 2,000 | ||||
Subsidiaries [Member] | ||||||
Taxes [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.00% | |||||
Subsidiaries [Member] | Longmen Joint Venture [Member] | ||||||
Taxes [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 15.00% | |||||
Maximum [Member] | ||||||
Taxes [Line Items] | ||||||
Value Added Tax Rate | 17.00% | |||||
Minimum [Member] | ||||||
Taxes [Line Items] | ||||||
Value Added Tax Rate | 13.00% |
Related party transactions an97
Related party transactions and balances (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Machinery | $ 294,157 | $ 626,735 |
Shaanxi Coal and Shaanxi Steel [Member] | ||
Related Party Transaction [Line Items] | ||
Machinery | 283,168 | 602,878 |
Less: accumulated depreciation | (117,349) | (105,001) |
Carrying value of leased assets | $ 165,819 | $ 497,877 |
Related party transactions an98
Related party transactions and balances (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Related Party Transaction [Line Items] | |||||||
Revenue from Related Parties | $ 187,955 | $ 106,680 | $ 319,276 | $ 268,262 | |||
Long Steel Group [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | |||||
Revenue from Related Parties | $ 19,874 | 45,200 | $ 69,404 | 115,150 | |||
Sichuan Yutai Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Significant influence by Long Steel Group | [1] | Significant influence by Long Steel Group | ||||
Revenue from Related Parties | $ 1,365 | [1] | 0 | [1] | $ 1,365 | 0 | |
Tianjin Dazhan Industry Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | [2] | Partially owned by CEO through indirect shareholding | [3] | |||
Revenue from Related Parties | $ 1,969 | [2] | 0 | [2] | $ 1,969 | 0 | |
Shaanxi Haiyan Trade Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | |||||
Revenue from Related Parties | $ 16,939 | 22,126 | $ 45,339 | 22,946 | |||
Shaanxi Shenganda Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | |||||
Revenue from Related Parties | $ 7,280 | 22,216 | $ 24,138 | 69,919 | |||
Shaanxi Steel [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | |||||
Revenue from Related Parties | $ 79,702 | 734 | $ 80,421 | 1,831 | |||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | |||||
Revenue from Related Parties | $ 31,746 | 14,406 | $ 67,560 | 35,795 | |||
Shaanxi Long Steel Group Baoji Steel Rolling Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Subsidiary of Long Steel Group | Subsidiary of Long Steel Group | |||||
Revenue from Related Parties | $ 29,080 | $ 1,998 | $ 29,080 | 13,733 | |||
Shaanxi Junlong Rolling Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Investee of Long Steel Group | ||||||
Revenue from Related Parties | $ 0 | $ 8,888 | |||||
[1] | Long Steel Group has the ability to significantly influence the operating and financial decisions of the entity through equity ownership either directly or through key employees, commercial contractual terms, or the ability to assign management personnel. | ||||||
[2] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. | ||||||
[3] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions an99
Related party transactions and balances (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Related Party Transaction [Line Items] | |||||||
Purchases from Related Party | $ 165,762 | $ 144,806 | $ 537,851 | $ 640,355 | |||
Less: purchases from operations to be disposed | (156,046) | (122,952) | (498,573) | (564,369) | |||
Purchases from related parties - continuing operations | $ 9,716 | 21,854 | $ 39,278 | 75,986 | |||
Long Steel Group [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | |||||
Purchases from Related Party | $ 111,458 | 27,649 | $ 294,258 | 279,925 | |||
Hancheng Haiyan Coking Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | Noncontrolling shareholder of Long Steel Group | |||||
Purchases from Related Party | $ 34,220 | 41,690 | $ 91,286 | 125,957 | |||
Xi'an Pinghe Metallurgical Raw Material Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | Noncontrolling shareholder of Long Steel Group | |||||
Purchases from Related Party | $ 4,091 | 32,536 | $ 5,165 | 38,456 | |||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | |||||
Purchases from Related Party | $ 835 | 13,441 | $ 3,486 | 14,385 | |||
Shaanxi Steel [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | |||||
Purchases from Related Party | $ 10,479 | 0 | |||||
Tianjin Dazhan Industry Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | [1] | Partially owned by CEO through indirect shareholding | [2] | |||
Purchases from Related Party | $ 6,283 | 0 | |||||
Wendlar Tianjin Industry Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||||||
Purchases from Related Party | $ 14,794 | 0 | |||||
Shaanxi Huafu New Energy Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Significant influence by the Long Steel Group | Significant influence by the Long Steel Group | |||||
Purchases from Related Party | $ 5,442 | 7,636 | $ 19,542 | 21,857 | |||
Tianwu General Steel Material Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Investee of General Steel (China) | ||||||
Purchases from Related Party | $ 73,646 | 83,649 | |||||
Tianjin General Qiugang Pipe Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |||||
Purchases from Related Party | $ 9,716 | 5,090 | $ 18,201 | 13,618 | |||
Tianjin Hengying Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | [2] | Partially owned by CEO through indirect shareholding | |||||
Purchases from Related Party | $ 0 | 45,604 | |||||
Maoming Shengze Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |||||
Purchases from Related Party | $ 0 | $ 16,764 | $ 0 | 16,764 | |||
Others [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | ||||||
Purchases from Related Party | $ 711 | $ 140 | |||||
[1] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. | ||||||
[2] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a100
Related party transactions and balances (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||||
Related Party Transaction [Line Items] | ||||||
Loans receivable - related parties | $ 5,874 | $ 5,874 | $ 34,713 | |||
Tianjin Hengying Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | ||||
Loans receivable - related parties | [1] | $ 0 | $ 0 | 13,997 | ||
Tianjin Dazhan Industry Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | [2] | Partially owned by CEO through indirect shareholding | [1] | ||
Loans receivable - related parties | [1] | $ 0 | $ 0 | 14,617 | ||
Beijing Shenghua Xinyuan Metal Materials Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||||
Loans receivable - related parties | $ 5,874 | $ 5,874 | $ 6,099 | |||
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. | |||||
[2] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. |
Related party transactions a101
Related party transactions and balances (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Accounts receivable - related parties | $ 4,291 | $ 4,291 | $ 8,624 |
Less: accounts receivables - related parties held for sale | (3,624) | (3,624) | (7,964) |
Accounts receivable - related parties - continuing operations | $ 667 | $ 667 | 660 |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | |
Accounts receivable - related parties | $ 1,796 | $ 1,796 | 148 |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | |
Accounts receivable - related parties | $ 649 | $ 649 | 0 |
Shaanxi Shenganda Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | |
Accounts receivable - related parties | $ 68 | $ 68 | 5,715 |
Tianjin Daqiuzhuang Steel Plates [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Accounts receivable - related parties | $ 18 | $ 18 | 19 |
Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | |
Accounts receivable - related parties | $ 1,760 | $ 1,760 | 2,101 |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | ||
Accounts receivable - related parties | $ 0 | $ 0 | $ 641 |
Related party transactions a102
Related party transactions and balances (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Other receivables - related parties | $ 42,450 | $ 42,450 | $ 39,734 | |
Less: other receivables - related parties held for sale | (37,767) | (37,767) | (35,854) | |
Other receivables - related parties - continuing operations | $ 4,683 | $ 4,683 | 3,880 | |
Long Steel Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | ||
Other receivables - related parties | $ 1,846 | $ 1,846 | 165 | |
Shaanxi Steel [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | ||
Other receivables - related parties | $ 1,098 | $ 1,098 | 35,669 | |
Tianjin General Quigang Pipe Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||
Other receivables - related parties | 1,178 | $ 1,178 | 1,237 | |
Tianjin Hengying Trading Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | ||
Other receivables - related parties | 1,348 | $ 1,348 | 721 | |
Beijing Shenhua Xinyuan Metal Materials Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||
Other receivables - related parties | 742 | $ 742 | 313 | |
Victory Energy Resource Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||
Other receivables - related parties | 1,101 | $ 1,101 | 1,101 | |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | |||
Other receivables - related parties | $ 320 | $ 320 | 528 | |
Shaanxi Shenganda Trading Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | ||
Other receivables - related parties | $ 34,817 | $ 34,817 | $ 0 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a103
Related party transactions and balances (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||
Advances on inventory purchase - related parties | $ 11,391 | $ 11,391 | $ 45,617 | |
Less: advances on inventory purchase - related parties held for sale | (11,391) | (11,391) | (38,560) | |
Advances on inventory purchase - related parties - continuing operations | $ 0 | $ 0 | 7,057 | |
Long Steel Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | ||
Advances on inventory purchase - related parties | $ 7,469 | $ 7,469 | 7,139 | |
Shaanxi Shenganda Trading Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | ||
Advances on inventory purchase - related parties | $ 0 | $ 0 | 27,549 | |
Tianjin Hengying Trading Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | ||
Advances on inventory purchase - related parties | $ 3,860 | $ 3,860 | 3,807 | |
Tianjin General Qiugang Pipe Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||
Advances on inventory purchase - related parties | $ 32 | $ 32 | 7,091 | |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | ||
Advances on inventory purchase - related parties | $ 11 | $ 11 | 0 | |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | |||
Advances on inventory purchase - related parties | $ 19 | $ 19 | $ 31 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a104
Related party transactions and balances (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||||
Related Party Transaction [Line Items] | ||||||
Accounts payable - related parties | $ 269,325 | $ 269,325 | $ 207,783 | |||
Less: accounts payable - related parties held for sale | (265,214) | (265,214) | (205,914) | |||
Accounts payable - related parties - continuing operations | $ 4,111 | $ 4,111 | 1,869 | |||
Hancheng Haiyan Coking Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | Noncontrolling shareholder of Long Steel Group | ||||
Accounts payable - related parties | $ 53,003 | $ 53,003 | 64,276 | |||
Long Steel Group [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | ||||
Accounts payable - related parties | $ 120,258 | $ 120,258 | 79,886 | |||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | ||||
Accounts payable - related parties | $ 4,360 | $ 4,360 | 23,726 | |||
Tianjin Dazhan Industry Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | [1] | Partially owned by CEO through indirect shareholding | [2] | ||
Accounts payable - related parties | $ 837 | $ 837 | 869 | |||
Xi'an Pinghe Metallurgical Raw Material Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | Noncontrolling shareholder of Long Steel Group | ||||
Accounts payable - related parties | $ 3,396 | $ 3,396 | 11,035 | |||
Tianjin Hengying Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | [2] | Partially owned by CEO through indirect shareholding | ||||
Accounts payable - related parties | 1 | $ 1 | 1 | |||
Henan Xinmi Kanghua Fire Refractory Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture’s subsidiary | |||||
Accounts payable - related parties | 1,046 | $ 1,046 | 746 | |||
Beijing Daishang Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture’s subsidiary | |||||
Accounts payable - related parties | $ 34 | $ 34 | 36 | |||
Tianjin General Qiugang Pipe Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Accounts payable - related parties | $ 0 | $ 0 | 2,462 | |||
Tianwu General Steel Material Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Investee of General Steel (China) | |||||
Accounts payable - related parties | $ 10,423 | $ 10,423 | 22,916 | |||
Maoming Shengze Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Accounts payable - related parties | $ 4,111 | $ 4,111 | 1,773 | |||
Shaanxi Steel [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | ||||
Accounts payable - related parties | $ 71,832 | $ 71,832 | 0 | |||
Others [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | |||||
Accounts payable - related parties | $ 24 | $ 24 | $ 57 | |||
[1] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. | |||||
[2] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a105
Related party transactions and balances (Details 8) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||||
Related Party Transaction [Line Items] | ||||||
Short term loans - related parties | $ 350,747 | $ 350,747 | $ 46,380 | |||
Less: short-term loans - related parties held for sale | (345,712) | (345,712) | (45,710) | |||
Short-term loans - related parties - continuing operations | 5,035 | $ 5,035 | 670 | |||
Shaanxi Steel Group Hanzhong Steel Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Subsidiary of Shaanxi Steel | |||||
Short term loans - related parties | $ 7,845 | $ 7,845 | 0 | |||
Shaanxi Steel [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | ||||
Short term loans - related parties | $ 296,977 | $ 296,977 | 0 | |||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | ||||
Short term loans - related parties | $ 40,890 | $ 40,890 | 34,460 | |||
Tianjin Hengying Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | ||||
Short term loans - related parties | $ 4,391 | $ 4,391 | 3,039 | |||
Tianjin Dazhan Industry Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | [2] | Partially owned by CEO through indirect shareholding | [1] | ||
Short term loans - related parties | $ 0 | $ 0 | 8,211 | |||
Yangpu Capital Automobile [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||||
Short term loans - related parties | $ 644 | $ 644 | $ 670 | |||
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. | |||||
[2] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. |
Related party transactions a106
Related party transactions and balances (Details 9) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||||
Related Party Transaction [Line Items] | ||||||
Other payables - related parties | $ 60,286 | $ 60,286 | $ 87,252 | |||
Less: other payables - related parties held for sale | (34,850) | (34,850) | (81,390) | |||
Other payables - related parties - continuing operations | 25,436 | $ 25,436 | 5,862 | |||
Tianjin Hengying Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | ||||
Other payables - related parties | $ 3,543 | $ 3,543 | 378 | |||
Long Steel Group [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | ||||
Other payables - related parties | $ 4,613 | $ 4,613 | 33,968 | |||
Shaanxi Steel [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | ||||
Other payables - related parties | $ 17,996 | $ 17,996 | 44,146 | |||
Wendlar Investment Management Group Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Common control under CEO | |||||
Other payables - related parties | 1,202 | $ 1,202 | 1,196 | |||
Yangpu Capital Automobile [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||||
Other payables - related parties | $ 433 | $ 433 | 399 | |||
Tianjin Dazhan Industry Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | [2] | Partially owned by CEO through indirect shareholding | [1] | ||
Other payables - related parties | $ 2,932 | $ 2,932 | 3,883 | |||
Maoming Shengze Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Other payables - related parties | $ 522 | $ 522 | 2,775 | |||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | ||||
Other payables - related parties | $ 8,502 | $ 8,502 | 0 | |||
Teamlink Investment Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |||||
Other payables - related parties | 20,500 | $ 20,500 | 0 | |||
Others [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | |||||
Other payables - related parties | $ 43 | $ 43 | $ 507 | |||
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in note 2(g), to loans receivable - related parties due to their interest-bearing nature. | |||||
[2] | The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. as of June 30, 2015, but Mr. Henry Yu has resigned and is no longer the CEO, although remains Chairman of the Board, as of the date of this filing. Ms. Yunshan Li is the current CEO. |
Related party transactions a107
Related party transactions and balances (Details 10) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Customer deposits - related parties | $ 87,941 | $ 87,941 | $ 132,616 |
Less: customer deposits - related parties held for sale | (74,008) | (74,008) | (34,895) |
Customer deposits - related parties - continuing operations | 13,933 | $ 13,933 | 97,721 |
Shaanxi Yuchang Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Customer deposits - related parties | $ 10 | $ 10 | 10 |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | |
Customer deposits - related parties | $ 1,763 | $ 1,763 | 4,467 |
Shaanxi Haiyan Trade Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | |
Customer deposits - related parties | $ 0 | $ 0 | 6,844 |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | |
Customer deposits - related parties | $ 16,814 | $ 16,814 | 23,517 |
Shaanxi Junlong Rolling Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Investee of Long Steel Group | ||
Customer deposits - related parties | $ 15 | $ 15 | 57 |
Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | |
Customer deposits - related parties | $ 55,406 | $ 55,406 | 0 |
Tianwu General Steel Material Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Investee of General Steel (China) | ||
Customer deposits - related parties | $ 13,933 | $ 13,933 | $ 97,721 |
Related party transactions a108
Related party transactions and balances (Details 11) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Deposit due to sales representatives - related parties | $ 2,291 | $ 2,291 | $ 2,509 |
Hancheng Haiyan Trade Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Deposit due to sales representatives - related parties | 1,632 | $ 1,632 | 652 |
Gansu Yulong Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Deposit due to sales representatives - related parties | $ 0 | $ 0 | 1,075 |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | |
Deposit due to sales representatives - related parties | $ 0 | $ 0 | 196 |
Chengdu Yusheng Steel Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Subsidiary of Long Steel Group | ||
Deposit due to sales representatives - related parties | 94 | $ 94 | 0 |
Shaanxi Yuchang Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Deposit due to sales representatives - related parties | $ 565 | $ 565 | $ 586 |
Related party transactions a109
Related party transactions and balances (Details 12) - Shaanxi Steel [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | |
Long-term loans - related party | $ 339,437 | $ 339,437 | $ 339,549 |
Related party transactions a110
Related party transactions and balances (Details 13) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Beginning balance | $ 74,889 | $ 77,444 | $ 77,444 | ||
Less: Lease income realized | $ (500) | $ (500) | (1,621) | $ (1,600) | (2,176) |
Exchange rate effect | (2,709) | (379) | |||
Ending balance | 70,559 | 70,559 | 74,889 | ||
Current portion | (2,096) | (2,096) | (2,176) | ||
Noncurrent portion | $ 68,463 | $ 68,463 | $ 72,713 |
Related party transactions a111
Related party transactions and balances (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Related Party Loans Secured | $ 70.9 | $ 70.9 | $ 82.3 | ||
Continuing Operations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost Of Goods Sold From Related Parties | 58.1 | $ 49.2 | 30 | $ 2,015 | |
Shaanxi Steel [Member] | Discontinued Operations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Capital Leases, Income Statement, Lease Revenue | $ 0.5 | $ 0.5 | $ 1.6 | $ 1.6 |
Equity (Details Textual)
Equity (Details Textual) - $ / shares | Jun. 09, 2015 | Apr. 14, 2015 | Jul. 17, 2015 |
Stock Issued During Period, Shares, Issued for Services | 100,000 | 1,200,000 | |
Shares Issued, Price Per Share | $ 4.9 | $ 3 | |
Senior Management and Director [Member] | |||
Stock Issued During Period, Shares, Issued for Services | 299,600 | ||
Shares Issued, Price Per Share | $ 3.85 |
Retirement plan - operations113
Retirement plan - operations held for sale (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Contribution Plan Employer Matching Contribution Percent Criteria One | 20.00% | |||
Defined Contribution Plan Employer Matching Contribution Percent Criteria Two | 12.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8.00% | |||
Pension Expense | $ 3.3 | $ 5 | $ 9.3 | $ 10.8 |
Commitment and contingencies (D
Commitment and contingencies (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Operating Leased Assets [Line Items] | |
Minimum lease payment, 2016 | $ 1,937 |
Minimum lease payment, 2017 | 1,937 |
Minimum lease payment, 2018 | 1,507 |
Minimum lease payment, 2019 | 1,200 |
Minimum lease payment, 2020 | 1,200 |
Minimum lease payment, Years after | 39,188 |
Total minimum payments required | 46,969 |
Less: minimum payments required of operations to be disposed | (45,190) |
Minimum payments required - continuing operations | $ 1,779 |
Commitment and contingencies115
Commitment and contingencies (Details 1) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 70,919 |
Line of credit [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 63,074 |
Guaranty Obligations, Guaranty Due Date | Various from October 2015 to May 2016 |
Bank loans [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 7,845 |
Guaranty Obligations, Guaranty Due Date | April 2,016 |
Commitment and contingencies116
Commitment and contingencies (Details 2) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 70,919 |
Long Steel Group [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 56,484 |
Guaranty Obligations, Guaranty Due Date | Various from January to May 2016 |
Shaanxi Haiyan Coke Group Co., Ltd | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Current Carrying Value | $ 14,435 |
Guaranty Obligations, Guaranty Due Date | Various from October 2015 to April 2016 |
Commitment and contingencies117
Commitment and contingencies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commitment And Contingencies [Line Items] | ||||
Operating Leases, Rent Expense | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.6 |
Contractual Obligation | 70.9 | 70.9 | ||
Disposal Group, Including Discontinued Operation, Operating Expense | 0.6 | $ 0.7 | 1.1 | $ 1.8 |
Commitments [Member] | ||||
Commitment And Contingencies [Line Items] | ||||
Contractual Obligation | $ 7.2 | $ 7.2 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Sales: | ||||||
Sales | $ 1,173 | $ (267) | $ 1,175 | $ (714) | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | (2,213) | (2,332) | (5,796) | (7,697) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | (60,481) | (3,490) | (720,661) | (58,073) | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 1,934 | 1,344 | ||||
Total Assets as of: | ||||||
Total assets | 1,124,706 | 2,565,224 | 1,124,706 | 2,565,224 | $ 2,565,224 | |
Corporate Segment [Member] | ||||||
Sales: | ||||||
Sales | 530,258 | 583,172 | 1,387,027 | 1,765,434 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | (47,579) | 9,610 | (143,995) | 15,143 | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | (70,880) | 10,309 | (1,132,612) | (24,896) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | (57,809) | (1,125) | (715,987) | (53,750) | ||
Intersegment Eliminations [Member] | ||||||
Sales: | ||||||
Sales | 0 | (20,335) | 0 | (20,388) | ||
Gross profit (loss): | ||||||
Gross profit (loss) | 0 | 0 | 0 | 0 | ||
Total Assets as of: | ||||||
Interdivision Assets | (32,418) | (30,486) | (32,418) | (30,486) | ||
Operating Segments [Member] | ||||||
Sales: | ||||||
Sales | 530,258 | 562,837 | 1,387,027 | 1,745,046 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | (47,579) | 9,610 | (143,995) | 15,143 | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | (73,549) | 7,903 | (1,137,283) | (29,435) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | (60,481) | (3,490) | (720,661) | (58,073) | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 15,371 | 23,908 | 71,972 | 71,696 | ||
Finance/interest expenses: | ||||||
Finance/interest expenses | 22,035 | 19,422 | 72,180 | 74,736 | ||
Capital expenditures: | ||||||
Capital expenditures | 45,737 | 5,113 | 85,911 | 117,826 | ||
Segment Reconciling Items [Member] | ||||||
Income (loss) from operations: | ||||||
Income (loss) from operations | [1] | (2,669) | (2,406) | (4,671) | (4,539) | |
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | [1] | (2,672) | (2,365) | (4,674) | (4,323) | |
Finance/interest expenses: | ||||||
Finance/interest expenses | [1] | 1 | 2 | 3 | 98 | |
Capital expenditures: | ||||||
Reconciling item | [1] | 0 | 0 | 0 | 0 | |
Total Assets as of: | ||||||
Reconciling item | [2] | 5,656 | 2,953 | 5,656 | 2,953 | |
Longmen Joint Venture - held for sale [Member] | ||||||
Sales: | ||||||
Sales | 528,903 | 559,332 | 1,385,661 | 1,740,645 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | (48,748) | 9,779 | (145,117) | 15,734 | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | (71,083) | 10,513 | (1,130,403) | (20,706) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | (56,738) | (2,613) | (712,262) | (48,775) | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 14,465 | 22,960 | 69,109 | 69,268 | ||
Finance/interest expenses: | ||||||
Finance/interest expenses | 21,282 | 17,831 | 69,086 | 69,952 | ||
Capital expenditures: | ||||||
Capital expenditures | 45,737 | 5,096 | 85,911 | 117,695 | ||
Total Assets as of: | ||||||
Segment Reporting Assets | 1,036,236 | 2,408,218 | 1,036,236 | 2,408,218 | ||
Maoming Hengda - held for sale [Member] | ||||||
Sales: | ||||||
Sales | 182 | 1,122 | 191 | 1,373 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | (4) | (80) | (53) | (35) | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | (253) | (248) | (1,084) | (824) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | (292) | (318) | (1,213) | (978) | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 310 | 437 | 924 | 899 | ||
Finance/interest expenses: | ||||||
Finance/interest expenses | 0 | 1 | 0 | 1 | ||
Capital expenditures: | ||||||
Capital expenditures | 0 | 16 | 0 | 48 | ||
Total Assets as of: | ||||||
Segment Reporting Assets | 20,774 | 25,933 | 20,774 | 25,933 | ||
Baotou Steel - held for sale [Member] | ||||||
Sales: | ||||||
Sales | 0 | 2,383 | 0 | 3,028 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | 0 | 178 | 0 | 158 | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | 0 | (30) | 0 | (207) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | 0 | (24) | 0 | (165) | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 0 | 64 | 0 | 185 | ||
Finance/interest expenses: | ||||||
Finance/interest expenses | 0 | 0 | 0 | 0 | ||
Capital expenditures: | ||||||
Capital expenditures | 0 | 1 | 0 | 1 | ||
General Steel (China) - continuing operation [Member] | ||||||
Sales: | ||||||
Sales | 1,173 | 20,335 | 1,175 | 20,388 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | 1,173 | (267) | 1,175 | (714) | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | 456 | 74 | (1,125) | (3,159) | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | (779) | 1,830 | (2,512) | (3,832) | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 596 | 447 | 1,939 | 1,344 | ||
Finance/interest expenses: | ||||||
Finance/interest expenses | 752 | 1,588 | 3,091 | 4,685 | ||
Capital expenditures: | ||||||
Capital expenditures | 0 | 0 | 0 | 82 | ||
Total Assets as of: | ||||||
Segment Reporting Assets | 93,360 | 158,606 | 93,360 | 158,606 | ||
General Shengyuan - continuing operation [Member] | ||||||
Sales: | ||||||
Sales | 0 | 0 | 0 | 0 | ||
Gross profit (loss): | ||||||
Gross profit (loss) | 0 | 0 | 0 | 0 | ||
Income (loss) from operations: | ||||||
Income (loss) from operations | 0 | 0 | 0 | 0 | ||
Net loss attributable to General Steel Holdings, Inc.: | ||||||
Net loss attributable to General Steel Holdings, Inc. | 0 | 0 | 0 | 0 | ||
Depreciation, amortization and depletion: | ||||||
Depreciation, amortization and depletion | 0 | 0 | 0 | 0 | ||
Finance/interest expenses: | ||||||
Finance/interest expenses | 0 | 0 | 0 | 0 | ||
Capital expenditures: | ||||||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Total Assets as of: | ||||||
Segment Reporting Assets | $ 1,098 | $ 0 | $ 1,098 | $ 0 | ||
[1] | Reconciling item represents income or expenses of the Company, arising from General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd and Qiu Steel for the three and nine months ended September 30, 2015 and 2014, which are non-operating entities. | |||||
[2] | Reconciling item represents assets held at General Steel Holdings, Inc., General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd and Qiu Steel as of September 30, 2015 and December 31, 2014, which are non-operating entities. |
Subsequent event (Details Textu
Subsequent event (Details Textual) - USD ($) | 1 Months Ended | ||||
Nov. 30, 2015 | Oct. 23, 2015 | Oct. 29, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Common Stock, Par Or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Common Stock, Shares, Outstanding | 13,996,856 | 12,397,256 | |||
Subsequent Event [Member] | Catalon Chemical Corp [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 84.50% | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 13,000,000 | ||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 2,600,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | $ 16,596,856 | ||||
Common Stock, Par Or Stated Value Per Share | $ 0.001 | ||||
Subsequent Event, Description | 13.7 million | ||||
Subsequent Event [Member] | Catalon Chemical Corp [Member] | Maximum [Member] | |||||
Common Stock, Shares, Outstanding | 83,000,000 | ||||
Subsequent Event [Member] | Catalon Chemical Corp [Member] | Minimum [Member] | |||||
Common Stock, Shares, Outstanding | 17,000,000 | ||||
Subsequent Event [Member] | Catalon Chemical Corp [Member] | Common Stock [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | $ 82,984,282 |