Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 19, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GENERAL STEEL HOLDINGS INC | ||
Entity Central Index Key | 1,239,188 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 7.6 | ||
Trading Symbol | GSI | ||
Entity Common Stock, Shares Outstanding | 17,827,481 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash | $ 4 | $ 68 |
Other receivables | 163 | 136 |
Other receivables - related parties | 0 | 1,245 |
Prepaid expense and other | 481 | 29 |
Current assets held for sale | 1,609 | 968,931 |
TOTAL CURRENT ASSETS | 2,257 | 970,409 |
OTHER ASSETS: | ||
Investment in unconsolidated entities | 14,886 | 0 |
Other assets held for sale | 18,618 | 1,594,815 |
TOTAL OTHER ASSETS | 33,504 | 1,594,815 |
TOTAL ASSETS | 35,761 | 2,565,224 |
CURRENT LIABILITIES: | ||
Short-term loan - other | 3,600 | 0 |
Other payables and accrued liabilities | 636 | 26 |
Other payables - related parties | 42,756 | 25 |
Taxes payable | 14 | 2 |
Current liabilities held for sale | 31,155 | 2,251,360 |
TOTAL CURRENT LIABILITIES | 78,161 | 2,251,413 |
NON-CURRENT LIABILITIES HELD FOR SALE | 0 | 875,936 |
TOTAL LIABILITIES | 78,161 | 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 December 31, 2015 and 2014 | 3 | 3 |
Common stock, $0.001 par value, 40,000,000 shares authorized, 17,802,357 shares and 12,891,718 shares issued, and 17,307,895 shares and 12,397,256 shares outstanding as of December 31, 2015 and 2014, respectively (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 18 | 13 |
Treasury stock, at cost, 494,462 shares as of December 31, 2015 and 2014 (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | (840) | (840) |
Paid-in-capital | 1,208,667 | 112,186 |
Statutory reserves | 1,107 | 6,472 |
Accumulated Deficit | (1,252,810) | (463,521) |
Accumulated other comprehensive income | 2,009 | 644 |
TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY | (41,846) | (345,043) |
NONCONTROLLING INTERESTS | (554) | (217,082) |
TOTAL DEFICIENCY | (42,400) | (562,125) |
TOTAL LIABILITIES AND DEFICIENCY | $ 35,761 | $ 2,565,224 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 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 | 17,802,357 | 12,891,718 |
Common stock, shares, outstanding | 17,307,895 | 12,397,256 |
Treasury stock, shares | 494,462 | 494,462 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
GENERAL AND ADMINISTRATIVE EXPENSES | $ (10,811) | $ (8,188) |
LOSS FROM OPERATIONS | (10,811) | (8,188) |
OTHER INCOME (EXPENSE) | ||
Interest income | 0 | 315 |
Finance/interest expense | (3) | (99) |
Other (expense) income, net | (3) | 216 |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (10,814) | (7,972) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET LOSS FROM CONTINUING OPERATIONS | (10,814) | (7,972) |
DISCONTINUED OPERATIONS - Note 2(v): | ||
NET LOSS FROM OPERATIONS TO BE DISPOSED, net of applicable income taxes | (13,680) | (1,658) |
NET LOSS FROM OPERATIONS DISPOSED, net of applicable income taxes | (1,279,820) | (68,646) |
NET LOSS | (1,304,314) | (78,276) |
Less: Net loss attributable to noncontrolling interest from continuing operations | 0 | 0 |
Less: Net loss attributable to noncontrolling interest from operations to be disposed | (1,933) | (53) |
Less: Net loss attributable to noncontrolling interest from operations disposed | (513,092) | (29,500) |
NET LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | (789,289) | (48,723) |
NET LOSS | (1,304,314) | (78,276) |
OTHER COMPREHENSIVE INCOME | ||
Foreign currency translation adjustments | 93,824 | 590 |
COMPREHENSIVE LOSS | (1,210,490) | (77,686) |
Less: Comprehensive loss attributable to noncontrolling interest | (483,442) | (28,652) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ (727,048) | $ (49,034) |
WEIGHTED AVERAGE NUMBER OF SHARES | ||
Basic and Diluted (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 13,749 | 11,169 |
LOSS PER SHARE - BASIC AND DILUTED | ||
Continuing operations | $ (0.79) | $ (0.71) |
Operations to be disposed | (0.85) | (0.14) |
Operations disposed | (55.77) | (3.50) |
Net loss | $ (57.41) | $ (4.35) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | [1] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Unrestricted Reserves [Member] | Statutory Reserves [Member] | ||
BALANCE at Dec. 31, 2013 | $ (493,997) | $ 3 | $ 12 | [1] | $ (840) | $ 103,565 | $ 729 | $ (188,911) | $ (414,798) | $ 6,243 | ||
BALANCE (in shares) at Dec. 31, 2013 | 3,093 | 11,647 | [1] | (494) | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc. | (48,723) | (48,723) | ||||||||||
Net income (loss) attributable to noncontrolling interest | 0 | (29,553) | ||||||||||
Addition to special reserve | 1,056 | 451 | 605 | |||||||||
Usage of special reserve | (760) | (384) | (376) | |||||||||
Common stock transferred by CEO for compensation | 276 | 276 | ||||||||||
Common stock issued for services | 846 | 846 | ||||||||||
Common stock issued for services (in shares) | [1] | 245 | ||||||||||
Common stock issued to CEO | 7,500 | $ 1 | [1] | 7,499 | ||||||||
Common stock issued to CEO (in shares) | [1] | 1,000 | ||||||||||
Deconsolidation of a subsidiary | 640 | 226 | 414 | |||||||||
Foreign currency translation adjustments | 590 | (311) | 901 | |||||||||
BALANCE at Dec. 31, 2014 | (562,125) | $ 3 | $ 13 | [1] | $ (840) | 112,186 | 644 | (217,082) | (463,521) | 6,472 | ||
BALANCE (in shares) at Dec. 31, 2014 | 3,093 | 12,892 | [1] | (494) | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc. | (789,289) | (789,289) | ||||||||||
Net income (loss) attributable to noncontrolling interest | 0 | (515,025) | ||||||||||
Addition to special reserve | 843 | 416 | 427 | |||||||||
Usage of special reserve | (535) | (283) | (252) | |||||||||
Common stock transferred by CEO for compensation | 2,211 | 2,211 | ||||||||||
Common stock issued for services | 4,089 | $ 1 | [1] | 4,088 | ||||||||
Common stock issued for services (in shares) | [1] | 1,300 | ||||||||||
Deconsolidation of a subsidiary | 698,311 | |||||||||||
Foreign currency translation adjustments | 93,824 | 62,241 | 31,583 | |||||||||
Common stock issued to senior management | 2,101 | $ 1 | [1] | 2,100 | ||||||||
Common stock issued to senior management (in shares) | [1] | 1,010 | ||||||||||
Contribution commitment from noncontrolling interest | 489 | 489 | ||||||||||
Contribution receivable from noncontrolling interest | (489) | (489) | ||||||||||
Acquisition of Catalon | 9,846 | $ 3 | [1] | 8,317 | 1,526 | |||||||
Acquisition of Catalon (in shares) | [1] | 2,600 | ||||||||||
Sale of Steel Operations to entity under common control | 1,711,660 | 1,079,765 | (60,876) | 698,311 | (5,540) | |||||||
BALANCE at Dec. 31, 2015 | $ (42,400) | $ 3 | $ 18 | [1] | $ (840) | $ 1,208,667 | $ 2,009 | $ (554) | $ (1,252,810) | $ 1,107 | ||
BALANCE (in shares) at Dec. 31, 2015 | 3,093 | 17,802 | [1] | (494) | ||||||||
[1] | Given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (1,304,314,000) | $ (78,276,000) | |
Net loss from operations to be disposed | (13,680,000) | (1,658,000) | |
Net loss from operations disposed | (1,279,820,000) | (68,646,000) | |
Net loss from continuing operations | (10,814,000) | (7,972,000) | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities from continuing operations: | |||
Share-based compensation | 7,918,000 | 1,122,000 | |
Changes in operating assets and liabilities | |||
Other receivables | (27,000) | (35,000) | |
Other receivables - related parties | 0 | (793,000) | |
Prepaid expense and other | 29,000 | 272,000 | |
Other payables and accrued liabilities | 610,000 | (204,000) | |
Other payables - related parties | (6,463,000) | (1,370,000) | |
Taxes payable | 13,000 | 1,000 | |
Net cash (used in) provided by operating activities from operations to be disposed/ operations disposed | (7,847,000) | 146,863,000 | |
Net cash (used in) provided by operating activities | (16,581,000) | 137,884,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Loans receivable - related party | 0 | 4,540,000 | |
Net cash provided by (used in) investing activities from operations to be disposed / operations disposed | 151,249,000 | (233,546,000) | |
Net cash provided by (used in) investing activities | 151,249,000 | (229,006,000) | |
CASH FLOWS FINANCING ACTIVITIES: | |||
Proceeds from common stock issued to CEO | 0 | 7,500,000 | |
Net cash (used in) provided by financing activities from operations to be disposed / operations disposed | (148,737,000) | 63,132,000 | |
Net cash (used in) provided by financing activities | (148,737,000) | 70,632,000 | |
EFFECTS OF EXCHANGE RATE CHANGE IN CASH | 2,470,000 | 164,000 | |
DECREASE IN CASH | (11,599,000) | (20,326,000) | |
CASH, beginning of year | 11,641,000 | 31,967,000 | |
CASH, end of year | 42,000 | 11,641,000 | |
Less: cash from operations to be disposed, end of year | (38,000) | [1] | (11,573,000) |
CASH FROM CONTINUING OPERATIONS, end of year | $ 4,000 | $ 68,000 | |
[1] | As of December 31, 2015, Catalon has total cash of $24 thousand, incurred other payables of $0.9 million and other payable related party of $1.4 million. All the remaining assets and liabilities held for sale are held and for Maoming Hengda. |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 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 manufacturing sector, the Company strategically accelerated its business transformation. The Company’s transformation strategy is to pursue opportunities that offer compelling benefits to the Company’s 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, committed to a plan and authorized the Company's management to pursue the potential sale of all its ownership interest in Maoming Hengda Steel Company, Ltd. ("Maoming Hengda") and Shaanxi Longmen Iron and Steel Co., Ltd. (“Longmen Joint Venture”) in order to unlock the value in Maoming Hengda's land assets, as well as divest from and restructure the steel business. On December 30, 2015, the Company sold its equity interest in General Steel (China) Co., Ltd (“General Steel (China)”) and Longmen Joint Venture to a related party (See Notes 2(a) and 2(v)). On March 21, 2016, the Company sold its interest in Maoming Hengda thereby fully completing the divestiture of its steel manufacturing business as planned. As a result, General Steel (China) Co., Ltd. which included Longmen Joint Venture and subsidiaries’ financial information was presented as operation disposed and Maoming Hengda’s financial information was presented as operations to be disposed and assets and liabilities held for sale for the years ended December 31, 2015 and 2014 in the 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 Notes 2(a) and 2(v) for details. Longmen Joint Venture: On April 29, 2011, a 20-year Unified Management Agreement (“the Agreement”) was entered into between the Company, the Company’s former 60 605.8 3.7 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 held 4 out of 7 seats, required 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% ownership interest of Longmen Joint Venture. 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(h) “Financial instruments”, Note 2(v) “Operations held for sale and operations disposed/to be disposed”, Note 15 “Capital lease obligations” and Note 16 “Profit sharing liability”. Other Business Operations: 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. General Shengyuan IoT was still in the development stage and no revenues and significant operating expenses were incurred during the year ended December 31, 2015 and through the Filing date. The Company also established a subsidiary wholly owned by General Steel Investment Co., Ltd., Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”) in June 2015. Tongyong Shengyuan is still in the development stage and has no revenues or significant operating expenses during the year ended December 31, 2015 and through the Filing date. In October 2015, the Company completed its acquisition of an 84.5 The Company’s remaining business is primarily comprised of Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”), a trading company in which the Company received 100 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of significant accounting policies The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for 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. (a) Basis of presentation Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 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 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)*** PRC 100.0 % Catalon Chemical Corp. (“Catalon”)** U.S. 84.5 % * On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 ** See Note 1 “Organization and Operations” and Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. *** Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. Baotou Steel Prior to December 31, 2014, the Company held an 80.0% equity interest in Baotou Steel General Steel Special Steel Pipe Joint Venture Co., Ltd. (“Baotou Steel”) through General Steel (China). On December 31, 2014, the Company sold its 80.0 0.7 4.0 (b) Principles of consolidation subsidiaries The accompanying 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. (c) 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 was 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 continued 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 held 2 out of 4 seats, required a ¾ majority vote, while the Board of Directors, on which the Company held 4 out of 7 seats, required 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 prevailed, the Supervisory Committee was considered subordinate to the Board. Thus, the Board of Directors of Longmen Joint Venture continued to be the controlling decision-making body with respect to Longmen Joint Venture. The Company, which controlled 60 The Company had the obligation to absorb losses and the rights to receive benefits based on the profit allocation as stipulated by the Unified Management Agreement that were significant to the VIE. As both conditions were met, the Company was the primary beneficiary of Longmen Joint Venture and therefore, continued to consolidate Longmen Joint Venture as a VIE until its disposal on December 30, 2015. See Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. December 31, 2015 December 31, 2014 (in thousands) (in thousands) Current assets $ - $ 837,135 Plant and equipment, net - 1,537,687 Other noncurrent assets - 33,396 Total assets - 2,408,218 Total liabilities - (2,946,126) Net liabilities $ - $ (537,908) December 31, 2015 December 31, 2014 (in thousands) (in thousands) Current liabilities: Short term notes payable $ - $ 638,829 Accounts payable - 605,025 Accounts payable - related parties - 205,914 Short term loans bank - 216,940 Short term loans others - 54,524 Short term loans - related parties - 45,710 Other payables and accrued liabilities - 47,121 Other payables - related parties - 78,615 Customer deposits - 87,372 Customer deposits - related parties - 34,895 Deposit due to sales representatives - 17,871 Deposit due to sales representatives related parties - 2,509 Taxes payable - 4,026 Deferred lease income - 2,176 Capital lease obligations, current - 8,508 Intercompany payable to be eliminated - 20,155 Total current liabilities - 2,070,190 Non-current liabilities: - Long term loans - related parties - 339,549 Deferred lease income - noncurrent - 72,713 Capital lease obligations, noncurrent - 393,252 Profit sharing liability - 70,422 Total non-current liabilities - 875,936 Total liabilities of consolidated VIE $ - $ 2,946,126 For the year ended For the year ended (in thousands) (in thousands) Sales $ 1,541,564 $ 2,284,485 Gross loss $ (188,153) $ (19,496) (Loss) income from operations $ (1,189,740) $ 4,219 Net loss attributable to controlling interest $ (763,512) $ (45,425) (d) 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 Company’s equity was in deficiencies as of December 31, 2015. As December 31, 2015, the Company’s current liabilities exceed current assets by $ 75.9 In view of the near-term challenges for the steel sector, the Company strategically accelerated its business transformation. On November 4, 2015, the Company's Board of Directors (the "Board"), including the audit committee, committed to a plan and authorized the Company's management to pursue the potential sale of all its ownership interest in 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. On December 30, 2015, the Company sold its entire equity interest in General Steel (China) Co., Ltd. together with Longmen Joint Venture to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company’s Chairman. On March 21, 2016, the Company sold its entire equity interest in Maoming Hengda to a related party and completed the divestiture of its steel business as planned. Accordingly, Maoming Hengda’s assets and liabilities were presented as held for sale as of December 31, 2015 in the consolidated financial statements. The Company’s remaining businesses primarily comprised of Tianjin Shuangsi, a trading company that mainly sources overseas iron ore for steel mills. The Company received 100 As of December 31, 2015, the Company’s current liabilities was $ 78.2 1) The current liabilities of Maoming Hengda which was disposed on March 21, 2016 is expected to reduce its current liabilities by $ 28.8 2) In August 2016, the Company signed two debt cancellation agreements with two creditors and converted approximately $ 25.2 19.9 5.3 3) In August 2016, the Company had signed two offset agreements with Tianwu Tongyuan and two of its debtors to offset its payables of RMB 262.3 40.4 Cash inflow (outflow) For the twenty Current liabilities as of December 31, 2015 $ (78,161) Deconsolidation of current liabilities in Maoming Hengda in March 2016 28,820 Conversion of debt into common stock and Series B Preferred Stock in August 2016 5,313 Reduction of other payables - related parties after execution of offset agreements 40,412 Estimated operating expenses for the twenty months ended August 29, 2017 (1,200) Net projected cash need for the twenty months ended August 29, 2017 $ (4,816) The Company’s net projected outflow for the twenty months ended August 29, 2017 is expected to be at approximately $ 4.8 1) The Company is expected to cancel the shares issued to the 84.5 2.3 2) The Company is expected to raise approximately $ 2 3 The majority of the Company’s operating assets and businesses have been divested at year end and in the first quarter of 2016 as previously disclosed. The Company’s only operating entity is a new trading company received on February 16, 2016 which has limited operating history. Management has commenced a strategy to raise equity which, will be utilized to fund other strategic acquisitions. However, there can be no certainty that these additional financings will be available on acceptable terms, or at all and that future strategic acquisitions will generate enough cash or generate sufficient cash prior to the Company utilizing its cash on hand. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements for the year ended December 31, 2015 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern. (e) 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. (f) Concentration of risks and other 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. The Company has significant exposure to the price fluctuation of raw materials and energy prices as part of its normal operations. As of December 31, 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 December 31, 2015 and December 31, 2014 amounted to $ 0.04 367.2 0 1.0 0.02 One of the Company’s customers individually accounted for 15.1 96.2 10 32.1 20.5 None of the Company’s suppliers individually accounted for more than 10 10 (g) 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 $ 2.0 0.6 6.49 6.14 1.00 6.23 6.14 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. (h) 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 determined 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 was 6.5 The fair value of the profit sharing liability would 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 reporting period, the Company considered 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 were 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 Longmen Joint Venture’s 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 % 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 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 the 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 December 31, 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. (i) Cash Cash includes cash on hand and demand deposits in banks with original maturities of less than three months. Restricted cash The Company had notes payable outstanding with various banks and was required to keep certain amounts on deposit that were subject to withdrawal restrictions. The notes payable were generally short term in nature due to its maturity period of six months or less, thus restricted cash was classified as a current asset. (k) Short term investment Short-term investments are certificated deposits maintained with banks within the PRC with maturity date of less than one year. (l) Loans receivable Loans receivable, including to related parties represent interest-bearing amounts the Company expects to collect from unrelated and related parties with maturity dates of less than one year or due on demand. (m) Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers and other receivables from cash advances to employees, related parties or third parties. An allowance for doubtful accounts is established and recorded based on managements’ assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. (n) 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 expense for early submission request of payment for operations disposed amounted to $ 21.9 49.3 (o) Advances on inventory purchase Advances on inventory purchases are monies deposited or advanced to outside vendors or related parties on future inventory purchases. Due to the shortage of raw material in China, most of the Company’s vendors require a certain amount of money to be deposited with them as a guarantee that the Company will complete its purchases on a timely basis. This amount is refundable and bears no interest. The Company has legally binding contracts with its vendors, which required the deposit to be returned to the Company when the contract ends. The inventory is normally delivered within one month after the monies have been advanced. (p) Inventories Inventories are comprised of raw materials, work in progress and finished goods and are stated at the lower of cost or market using the weighted average cost method. Management reviews inventories for obsolescence and cost in excess of net realizable value at least annually and records a reserve against the inventory and additional cost of goods sold when the carrying value exceeds net realizable value. (q) Shipping and handling Shipping and handling for raw materials purchased are included in cost of goods sold. Shipping and handling cost incurred to ship finished products to customers are included in selling expenses. Shipping and handling expenses for finished goods for the years ended December 31, 2015 and 2014 amounted to $ 26.9 25.5 (r) 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 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 considered Longmen Joint Venture’s carrying amount for property and equipment not being recoverable. The Company used the undiscounted cash flow approach for the purpose of performing a recoverability test, which included future cash inflows less associated cash outflows that were directly associated with and that were 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 was identifiable cash flows. The major groupings analyses include Longmen Joint Venture, Maoming Hengda and General Steel (China). Further, the Company’s estimate of future cash flows included estimated future cash flows necessary to maintain our existing production potential over the entire period and within the various groups. The projections were based on a best estimate approach of likely outcomes. When the Company identified an impairment, the Company reduced the carrying amount of the asset to its estimated fair value based on a discounted cash flows method. During the quarter ended June 30, 2015, the Company expected 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 2 (c) and note 8 for further details. (s) 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 December 31, 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.” The Company amortizes the land use rights over the twenty-year business term because its business license had a twenty-year term. Maoming Hengda has land use rights amounting to $ 2.7 16.6 50 2054 (t) 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 Longmen Joint Venture acquired 24.1 1.2 General Steel (China) acquired 32.0 15.7 On December 28, 2015 General Steel (China) sold its 32 14.9 96.6 14.9 Total investment loss in unconsolidated subsidiaries from continuing operations amounted to $ 0 Total investment income in unconsolidated subsidiaries from operations disposed amounted to $ 0.3 0.1 (u) 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 engaged in trading transactions in which the Company act as an agent between the suppliers and the customers. The trading arrangements are such that the suppliers were the primary obligators, the Company did not have any general inventory risk, physical inventory loss risk or credit risk, and the Company did not have latitude in establishing price. Sales and cost of goods sold from these trading arrangements were recorded at the net amount retained in accordance with ASC 605-45. Sales in trading transactions, which were netted agai |
Loans receivable - held for sal
Loans receivable - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |
Loans Receivable Related Parties Disclosure [Text Block] | Note 3 Loans receivable held for sale Loans receivable, including to related parties represent amounts the Company expects to collect from unrelated and related parties upon maturity. December 31, 2015 December 31, 2014 (in thousands) (in thousands) Loan to unrelated party; due on demand; interest rate is 8.0%. $ - $ 36,001 The Company has the following loans receivable related parties held for sale due within one year as of: December 31, 2015 December 31, 2014 (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%. - 6,099 Total loans receivable related parties $ - $ 34,713 See Note 19 “Related party transactions and balances” for the nature of the relationship of related parties. Total interest income for the loans in operations disposed amounted to $ 0 8.2 |
Accounts receivable (including
Accounts receivable (including related parties), net - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Note 4 Accounts receivable (including related parties), net held for sale December 31, 2015 December 31, 2014 (in thousands) (in thousands) Accounts receivable $ 342 $ 9,804 Less: allowance for doubtful accounts - (483) Accounts receivable related parties - 8,624 Less: allowance for doubtful accounts related parties - (126) Net accounts receivable held for sale $ 342 $ 17,819 December 31, December 31, (in thousands) (in thousands) Beginning balance $ 609 $ 1,053 Charge to expense 201 368 Less: recovery - (8) Deconsolidation (769) (798) Exchange rate effect (41) (6) Ending balance $ - $ 609 |
Other receivables (including re
Other receivables (including related parties), net | 12 Months Ended |
Dec. 31, 2015 | |
Other Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 5 Other receivables (including related parties), net Other receivables, including related party receivables, net of allowance for doubtful accounts consists of the following: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Other receivables $ 174 $ 73,944 Less: allowance for doubtful accounts - (10,198) Other receivables related parties - 39,734 Less: allowance for doubtful accounts related parties - (64) Net other receivables 174 103,416 Less: other receivables held for sale (11) (102,035) Net other receivables continuing operations $ 163 $ 1,381 Movement of allowance for doubtful accounts, including related parties, is as follows: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ 10,262 $ 2,606 Charge to expense 5,007 7,670 Less: recovery (5) (6) Less: deconsolidation (15,119) - Exchange rate effect (145) (8) Ending balance - 10,262 Less: balance held for sale - (10,262) Ending balance continuing operations $ - $ - |
Inventories - held for sale
Inventories - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 6 Inventories held for sale December 31, December 31, (in thousands) (in thousands) Supplies $ - $ 18,838 Raw materials - 143,563 Finished goods - 12,301 Less: allowance for inventory valuation - (18,375) Inventories held for sale $ - $ 156,327 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 December 31, 2015 and 2014, the Company had provided allowance for inventory valuation in the amounts of $ 0 18.4 December 31, December 31, (in thousands) (in thousands) Beginning balance $ 18,375 $ 15,397 Addition 22,192 18,362 Less: write-off (18,115) (15,311) Less: inventory disposed of - Note 2(v) (22,192) - Exchange rate effect (260) (73) Ending balance $ - $ 18,375 |
Advances on inventory purchases
Advances on inventory purchases - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Advances On Inventory Purchase [Text Block] | Note 7 Advances on inventory purchases held for sale December 31, 2015 December 31, 2014 (in thousands) (in thousands) Advances on inventory purchases $ 439 $ 76,320 Less: allowance for doubtful accounts (439) (2,501) Advances on inventory purchases related parties - 45,617 Net advances on inventory purchases held for sale $ - $ 119,436 December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ 2,501 $ 105 Charge to expense - 2,395 Less recovery (462) - Less deconsolidation (1,927) - Exchange rate effect 327 1 Ending balance $ 439 $ 2,501 |
Plant and equipment, net - held
Plant and equipment, net - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 Plant and equipment, net held for sale December 31, 2015 December 31, 2014 (in thousands) (in thousands) Buildings and improvements $ 21,895 $ 279,776 Machinery 9,344 669,427 Machinery under capital lease 262 626,735 Transportation and other equipment - 22,765 Construction in progress - 342,660 Subtotal 31,501 1,941,363 Less: accumulated depreciation (14,908) (398,227) Plant and equipment, net held for sale $ 16,593 $ 1,543,136 Longmen Joint Venture was 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 December 31, 2015 December 31, 2014 (in thousands) (in thousands) Machinery $ - $ 626,735 Less: accumulated depreciation - (107,782) Carrying value of leased assets held for sale $ - $ 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 December 31, 2015 and 2014, respectively. While such assessment did not result in any impairment charges for the year ended 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 Depreciation expense from operations to be disposed for the years ended December 31, 2015 and 2014 amounted to $ 1.3 1.1 78.2 94.2 31.0 31.1 |
Intangible assets, net - held f
Intangible assets, net - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 9 Intangible assets, net held for sale December 31, 2015 December 31, 2014 (in thousands) (in thousands) Land use rights $ 2,558 $ 30,726 Mining right - 2,447 Software 10 1,058 Subtotal 2,568 34,231 Less: Accumulated amortization land use rights (535) (9,127) Accumulated amortization mining right - (1,431) Accumulated amortization software (10) (713) Subtotal (545) (11,271) Intangible assets, net held for sale $ 2,023 $ 22,960 The gross amount of the intangible assets amounted to $ 2.6 34.2 39 Total amortization expense from operations disposed for both of the years ended December 31, 2015 and 2014 amounted to $ 0.8 0.9 Total depletion expense from operations disposed for the years ended December 31, 2015 and 2014 amounted to $ 0.2 0.1 Year ending Estimated Gross carrying (in thousands) (in thousands) December 31, 2016 $ 52 $ 1,971 December 31, 2017 52 1,919 December 31, 2018 52 1,867 December 31, 2019 52 1,815 December 31, 2020 52 1,763 Thereafter 1,763 - Total $ 2,023 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 10 Debt Short-term notes payable held for sale 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 0 339.4 December 31, December 31, (in thousands) (in thousands) General Steel (China): Notes payable to various banks in China, due various dates from January to June 2015. Restricted cash required of $14.7 million as of December 31, 2014; guaranteed by third parties. These notes payable were repaid on the due dates. $ - $ 22,806 Longmen Joint Venture: Notes payable to various banks in China, due various dates from January to October 2014. $324.7 million restricted cash are secured for notes payable as of December 31, 2014, some notes are further guaranteed by third parties. These notes payable were either repaid or renewed subsequently on the due dates. - 638,829 Total short-term notes payable held for sale $ - $ 661,635 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 held for sale December 31, December 31, (in thousands) (in thousands) General Steel (China): Loans from various banks in China, due various dates from January to August 2015. Weighted average interest rate was 7.2% per annum as of December 31, 2014; some are guaranteed by third parties. These loans were either repaid or renewed subsequently on the due dates. $ - $ 40,562 Longmen Joint Venture: Loans from various banks in China, due various dates from January to November 2015. Weighted average interest rate was 7.1% per annum as of December 31, 2014; some are guaranteed by third parties; $16.3 million restricted cash and $111.8 million notes receivable were secured for the loans as of December 31, 2014; These loans were either repaid or renewed subsequently on the due dates. - 216,940 Total short-term loans bank held for sale $ - $ 257,502 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 Short-term Loan - other December 31, December 31, (in thousands) (in thousands) Longmen Joint Venture: Loans from various unrelated companies and individuals, due various dates from January to September 2015, and weighted average interest rate was 5.7% per annum as of December 31, 2014. These loans were repaid on the due dates. $ - $ 16,999 Longmen Joint Venture: Loans from financing sales. - 37,525 Maoming Hengda: Loans from one unrelated parties and one related party, due on demand, none interest bearing. 461 6,193 General Steel Investment Co., Ltd.: Loan from one unrelated parties, due to demand, the interest rate was 5% per annum as of December 31, 2015. 3,600 - Total short-term loans others 4,061 60,717 Less: short-term loans others held for sale (461) (60,717) Short-term loans others continuing operations $ 3,600 $ - All short term loans from unrelated companies are payable on demand and unsecured. As part of its working capital management, Longmen Joint Venture 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 would sell rebar to the third party companies at a certain price, and within the same month, Yuxin and Yuteng would purchase back the rebar from the third party companies at a price of 4.6 12.0 4.6 12.0 Longmen Joint Venture’s total financing sales for the years ended December 31, 2015 and 2014 amounted to $ 329.3 922.6 1.5 4.2 Short term loans - related parties held for sale December 31, December 31, (in thousands) (in thousands) General Steel China: Loans from Yangpu Capital Automobile, due on demand, and interest rates is 10% per annum. $ - $ 670 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 financing sales. - 45,582 Total short-term loans related parties held for sale $ - $ 46,380 Long-term loans - related party held for sale December 31, 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. $ - $ 339,549 As of December 31, 2015 and 2014, total assets used by the Company as collateral for the aforementioned debts were $ 0 96.9 Total interest expense, net of capitalized interest, from operations disposed amounted to $ 55.6 26.1 Capitalized interest from operations disposed amounted to $ 8.8 11.9 |
Customer deposits - held for sa
Customer deposits - held for sale | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Customer Deposits Disclosure [Text Block] | Note 11 Customer deposits held for sale 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 December 31, 2015 and 2014, customer deposits held for sale amounted to $ 0 225.6 0 132.6 |
Deposits due to sales represent
Deposits due to sales representatives - held for sale | 12 Months Ended |
Dec. 31, 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 $ 0 20.4 0 2.5 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 12 Months Ended |
Dec. 31, 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 $ 9.1 10.4 The Company paid income tax from operations disposed amounted to $ 0.2 0.2 During the years ended December 31, 2015 and 2014, the Company used $ 21.3 4.2 The Company had $ 24.4 2.5 The Company transferred $ 24.9 The Company transferred $ 3.6 The Company prepaid $ 0.5 The Company offset $ 2.6 The Company incurred unpaid equity investment in Tianwu Tongyong and investment in Maoming Hengda of $ 56.2 The Company issued $ 8.3 During the year ended December 31, 2014, the Company had receivables of $ 43 During the year ended December 31, 2014, the Company converted $ 57 During the year ended December 31, 2014, the Company capitalized $ 5.9 During the year ended December 31, 2014, the Company incurred $ 130.4 The Company had $ 0.7 |
Deferred lease income - operati
Deferred lease income - operations disposed | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | Note 14 - Deferred lease income operations disposed To compensate Longmen Joint Venture 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 disposed is amortized to income over the remaining term of the 40-year land sub-lease. For the years ended December 31, 2015 and 2014, the Company recognized $ 2.1 2.2 0 74.9 0 2.2 |
Capital lease obligations - ope
Capital lease obligations - operations disposed | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | Note 15 - Capital lease obligations operations disposed Iron and steel production facilities On April 29, 2011, Longmen Joint Venture entered into a Unified Management Agreement with Shaanxi Steel and Shaanxi Coal under which Longmen Joint Venture used 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 40 Energy-saving equipment During 2013 and 2014, 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 used the energy-saving equipment for which the vendors were 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 varied between four to six years, began 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 were accounted for as capital leases. The minimum lease payments were based on the energy cost saved during the lease periods, which was determined by the estimated annual equipment operating hours per the lease agreements. If the actual annual equipment operating hours were less than the estimated amount, the lease periods might be extended, subject to further negotiation and agreement between Longmen Joint Venture and the vendors. If the actual annual equipment operating hours exceeded the estimated amount, Longmen Joint Venture was obligated to make additional lease payments based on the additional energy cost saved during the lease period and would recognize the additional lease payments as contingent rent expense. $ 23.0 Interest expense for the years ended December 31, 2015 and 2014 on the capital lease obligations from operations disposed was $ 20.2 21.3 |
Profit sharing liability - oper
Profit sharing liability - operations disposed | 12 Months Ended |
Dec. 31, 2015 | |
Profit Sharing Liability [Abstract] | |
Profit Sharing Liability [Text Block] | Note 16 Profit sharing liability operations disposed 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 was accounted for separately from the fixed portion of the capital lease obligation (see Note 15 - “Capital lease obligation operations disposed”) and was accounted for as a derivative instrument in accordance with ASC 815-10-15-83. The estimated fair value of the profit sharing liability was 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 December 30, 2015, date of disposal of GS China, the profit sharing liability was reduced to $ 0 Payments to Shaanxi Steel for the profit sharing liability are not required until net cumulative profits are achieved. Based on the performance of the Asset Pool, no profit sharing payment was made from inception to date. |
Other income (expense) - operat
Other income (expense) - operations disposed | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Note 17 Other income (expense) operations disposed Government grant For the year ended December 31, 2015, Longmen Joint Venture received government grants totaling $ 2.1 12.8 0.2 0.03 0.8 0.1 0.9 For the year ended December 31, 2014, Longmen Joint Venture received government grants totaling $ 0.3 2.0 Lease income The deferred lease income from the reimbursement from Shaanxi Steel for the net book value of the fixed assets that were demolished and for the inefficiency costs caused by the construction and loss incurred in the beginning stages of the system production is amortized to income over the remaining sub-lease term. For the years ended December 31, 2015 and 2014, the Company recognized lease income of $ 2.1 2.2 Gain on deconsolidation of a subsidiary operations disposed On December 31, 2014, the Company sold its 80 0.7 4.0 (1.8) 11.0 0.4 2.2 0.3 1.8 |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 18 Taxes Income tax (In thousands) For the year ended For the year ended Current $ 603 $ 269 Deferred - - Total provision for income taxes $ 603 $ 269 Operations disposed (603) (269) Continuing operations $ - $ - 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 15 10 15 December 31, 2015 December 31, 2014 U.S. Statutory rates 34.0 % 34.0 % Foreign income not recognized in the U.S. (34.0) % (34.0) % China income tax rate 25.0 % 25.0 % Effect of tax rate differential of subsidiaries/VIE (9.1) % (9.5) % Effect of change in deferred tax assets valuation allowance (15.3) % (23.5) % Effect of permanent difference change in fair value of profit sharing liability 0.9 % 17.5 % Effect of permanent difference capital lease obligation for iron and steel production facilities (1.1) % (9.4) % Nondeductible expenses (0.4) % (0.4) % Total provision for income taxes* 0.0 % (0.3) % *The negative effective tax rates for the years ended December 31, 2015 and 2014 were mainly due to a consolidated loss before income tax while the Company provided 100 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 Company’s losses carried forward from operations disposed of $ 930.6 2016 4.0 2016 5 100 4.1 114.8 December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ - (A) $ - (A) (Tax assets realized) net operating losses carried forward 7,140 5,064 Effective tax rate 25 % 25 % Addition (deduction) in deferred tax asset 1,785 (B) 1,266 (B) Net operating losses carried forward for Longmen Joint 317,027 104,313 Effective tax rate 15 % 15 % Addition in deferred tax asset 47,554 (C) 15,647 (C) Temporary difference carried forward for subsidiaries subject to a 25% tax rate (991) 2,947 Effective tax rate 25 % 25 % Addition (deduction) in deferred tax asset (248) (D) 737 (D) Temporary difference carried forward for subsidiaries subject to a 15% tax rate 893,881 4,660 Effective tax rate 15 % 15 % Addition (deduction) in deferred tax asset 134,082 (E) 699 (E) Addition in valuation allowance (190,899) (F) (18,337) (F) Exchange difference 7,726 (H) (12) (H) Total (A+B+C+D+E+F+G+H) $ - $ - December 31, December 31, (in thousands) (in thousands) Beginning balance $ 114,820 $ 97,569 Current period addition 192,182 18,951 Current period reversal (1,283) (614) Disposal and sale of subsidiaries (299,499) (625) Exchange difference (2,148) (461) Ending balance held for sale $ 4,072 $ 114,820 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 year ended December 31, 2015. 100 2.7 1.6 The Company has no cumulative proportionate retained earnings from profitable subsidiaries as of December 31, 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 0 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 disposed operations amounted to $ 654.4 635.8 852.9 835.2 Taxes payable consisted of the following: December 31, 2015 December 31, 2014 (in thousands) (in thousands) VAT taxes payable $ - $ 3,147 Income taxes payable - 243 Misc. taxes 14 1,811 Totals 14 5,201 Less: taxes payable held for sale - (5,199) Taxes payable continuing operations $ 14 $ 2 |
Related party transactions and
Related party transactions and balances | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 19 Related party transactions and balances Related party transactions a. Capital lease - operations disposed: As disclosed in Notes 15 “Capital lease obligations operations disposed”, 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. December 31, December 31, (in thousands) (in thousands) Machinery $ - $ 602,878 Less: accumulated depreciation - (105,001) Carrying value of leased assets $ - $ 497,877 b. Name of related parties Relationship For the year For the year (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 76,939 $ 164,879 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding** 1,956 - Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group* 45,031 40,224 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group 23,974 112,231 Shaanxi Steel Majority shareholder of Long Steel Group 304,086 2,527 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 67,293 46,637 Shaanxi Long Steel Group Baoji Steel Rolling Co., Ltd Subsidiary of Long Steel Group 28,882 13,739 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group - 8,883 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 763 - Tianwu General Steel International Trading Co., Ltd Investee of Tongyong Shengyuan 273 - Total $ 549,197 $ 389,120 **The CEO is referred to herein as the chief executive officer of General Steel Holdings, Inc. Mr. Henry Yu. Sales to related parties in trading transactions from continuing operations, which were netted against the corresponding cost of goods sold, amounted to $ 272.9 204.2 Name of related parties Relationship For the year ended For the year ended (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 177,436 $ 382,075 Tianjin Hengying Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 45,623 Tianjin Dazhan Industry Co., Ltd. Partially owned by CEO through indirect shareholding - 2,554 Tianjin General Qiugang Pipe Co., Ltd. Partially owned by CEO through indirect shareholding - 19,422 Maoming Shengze Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 16,772 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group 89,755 166,719 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 3,446 20,009 Shaanxi Steel Majority shareholder of Long Steel Group 131,822 172,249 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group 8,049 28,424 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 44,848 39,704 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 95,261 121,304 Shaaxi Shenganda Trading Co. Ltd. Significant influence by Long Steel Group 5,871 - Others Entities either owned or have significant influence by our affiliates or management 701 - Total $ 557,189 $ 1,014,855 d. On December 30, 2015, the Company entering into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 Related party balances a. Name of related parties Relationship December 31, 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 - 6,099 Total $ - $ 34,713 *The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), 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 December 31, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 148 Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group - 5,715 Tianjin Daqiuzhuang Steel Plates Partially owned by CEO through indirect shareholding - 19 Shaanxi Steel Majority shareholder of Long Steel Group - 2,101 Others - 641 Total $ - $ 8,624 c. 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 December 31, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 165 Shaanxi Steel Majority shareholder of Long Steel Group - 35,669 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding - 1,237 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 721 Beijing Shenghua Xinyuan Metal Materials Co., Ltd. Partially owned by CEO through indirect shareholding - 313 Victory Energy Resource Co., Ltd. Partially owned by CEO through indirect shareholding - 1,101 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding - - Others Entities either owned or have significant influence by our affiliates or management - 528 Total - 39,734 Less: other receivables related parties held for sale - (38,489) Other receivables related parties continuing operations $ - $ 1,245 d. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 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 - 3,807 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding - 7,091 Others Entities either owned or have significant influence by our affiliates or management - 31 Total $ - $ 45,617 e. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Longmen Joint Venture $ - $ 64,276 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 79,886 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel - 23,726 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding - 869 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group - 11,035 Henan Xinmi Kanghua Fire Refractory Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary - 746 Beijing Daishang Trading Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary - 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) - 22,916 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding - 1,773 Others Entities either owned or have significant influence by our affiliates or management - 58 Total $ - $ 207,783 f. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel $ - $ 34,460 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 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 - 670 Total $ - $ 46,380 See Note 10 Debt for the loan details. g. 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. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Tianjin Hengying Trading Co, Ltd Partially owned by CEO through indirect shareholding $ - $ 378 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 33,968 Shaanxi Steel Majority shareholder of Long Steel Group - 44,146 Wendlar Investment & Management Group Co., Ltd Common control under CEO 28 1,196 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding - 399 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding - 3,883 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding 483 2,775 Lindenburg Investment & Management Group Co., Ltd Minority Shareholder of Catalon Chemical 1,405 - Tianjin Qiu Steel Investment Co., Ltd Partially owned by CEO through indirect shareholding 38,987 - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 23,660 - Others Entities either owned or have significant influence by our affiliates or management - 507 Total 64,563 87,252 Less: other payables related parties - held for sale (21,807) (87,227) Other payables related parties continuing operations $ 42,756 $ 25 h. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group $ - $ 10 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel - 4,467 Shaanxi Haiyan Trade Co, Ltd Significant influence by Long Steel Group - 6,844 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 23,517 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group - 57 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) - 97,721 Total $ - $ 132,616 i. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Hancheng Haiyan Trade Co., Ltd Significant influence by Long Steel Group $ - $ 652 Gansu Yulong Trading Co., Ltd. Significant influence by Long Steel Group - 1,075 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 196 Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group - 586 Total $ - $ 2,509 j. Name of related party Relationship December 31, December 31, (in thousands) (in thousands) Shaanxi Steel Majority shareholder of Long Steel Group $ - $ 339,549 The Company’s operations held for sale also provided guarantee on related parties’ bank loans amounting to $ 0 82.3 k. Deferred lease income December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ 74,889 $ 77,444 Less: Lease income realized (2,145) (2,176) Exchange rate effect (2,278) (379) Disposed on December 30, 2015 (70,466) - Ending balance $ - 74,889 Current portion (2,176) Noncurrent portion $ 72,713 For the years ended December 31, 2015 and 2014, the Company’s operations disposed realized lease income from Shaanxi Steel, a related party, amounting to $ 2.1 2.2 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 20 Equity Preferred Stock On May 18, 2007, the Company entered into a Purchase Agreement with Victory New Holdings Limited (“Victory New”), a British Virgin Islands registered company under the control of the Company’s Chairman, CEO and majority shareholder, Zuosheng Yu (aka Henry Yu), to acquire Victory New’s 30 3,092,899 8,374,000 30 2014 Equity Transactions On February 3, 2014, the Company granted 16,000 5.05 16,000 5.20 On July 14, 2014, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Zuosheng Yu, the Company's Chief Executive Officer and a member of the Company's Board of Directors, relating to a private placement of the Company's common stock, par value $ 0.001 1,000,000 7.50 7,500,000 4.50 7.35 44.7 On December 26, 2014, the Company granted 212,780 3.20 On December 31, 2014, the Company sold its 80 0.7 4.0 (1.8) 11.0 $ 0.4 2.2 0.3 1.8 (in thousands) Noncontrolling interest Total Baotou Steel Others Balance at December 31, 2013 $ (188,911) $ (281) $ (188,630) Net income (loss) attributable to noncontrolling interest (29,553) (78) (29,475) Addition to special reserve 451 - 451 Usage of special reserve (384) - (384) Deconsolidation of a subsidiary 414 414 - Foreign currency translation adjustments 901 (55) 956 Balance at December 31, 2014 $ (217,082) $ - $ (217,082) 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 3.00 84.5 13 2,600,000 85,456,588 17,091,857 one-for-five reverse stock split 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 approval by 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 consolidated financial statements and notes thereto have been retroactively restated to reflect the 1-for-5 reverse stock split effected on October 29, 2015. On December 1, 2015, the Company granted 710,500 1.33 On December 30, 2015, the Company entering into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 1.1 (in thousands) Noncontrolling interest Total Deconsolidated Others Balance at December 31, 2014 $ (217,082) $ (216,961) $ (121) Net income (loss) attributable to noncontrolling interest (515,025) (513,092) (1,933) Addition to special reserve 416 416 - Usage of special reserve (283) (283) - Contribution commitment from noncontrolling interest 489 489 - Contribution receivable from noncontrolling interest (489) (489) - Acquisition of Catalon 1,526 - 1,526 Deconsolidation of subsidiaries 698,311 698,311 - Foreign currency translation adjustments 31,583 31,609 (26) Balance at December 31, 2015 $ (554) $ - $ (554) |
Catalon Acquisition
Catalon Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 21 Catalon Acquisition On October 23, 2015, the Company completed its acquisition of an 84.5 October 23, 2015 2.6 3.20 The Company’s acquisition of Catalon was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Catalon based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. Except for cash, the Group estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by FASB with the following valuation methodologies with level 3 inputs: Other current assets, equipment and current liabilities were valued using the cost approach; Intangible asset (Honeycomb Catalyst technology) was valued using the income approach based on generally accepted relief from royalty appraisal methodology. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense. (in thousands) Fair Value Cash $ 66,980 Other current assets 3,162,107 Equipment 11,791 Intangible asset 9,026,823 Total asset 12,267,701 Total liabilities (2,421,547) Net asset acquired $ 9,846,154 In accordance of SEC Reguation S-X Rule 3-05, Catalon was not a significant subsidiary as of acquisition date therefore no separate audited financial statements are presented. Following the acquisition, the Company became aware of some of the operations issues related to Catalon. It was determined that such issues impacted the ability to operate the business and obtain any value for the related intangibles might have affected the operations of Catalon, which the Company might potentially cancel the shares that we have issued to the 84.5% original owners of Catalon. Thus, the Company does not expect Catalon to be able to produce any products or generate sales in the future. Accordingly, the Company considered its assets’ carrying amounts may not be recoverable and took an impairment charge of $ 12.2 |
Retirement plan - operations di
Retirement plan - operations disposed | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 22 Retirement plan - operations disposed 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 4.5 11.3 |
Statutory reserves
Statutory reserves | 12 Months Ended |
Dec. 31, 2015 | |
Statutory Reserves [Abstract] | |
Statutory Reserves [Text Block] | Note 23 Statutory reserves The laws and regulations of the People’s Republic of China require that before a foreign -invested enterprise distributes profits to its shareholders, it must first satisfy all tax liabilities, provision for losses in previous years, and make allocations, in proportions determined at the discretion of the board of directors, to the statutory reserves. The statutory reserves include the surplus reserve funds and the enterprise fund and these statutory reserves represent restricted retained earnings. Surplus reserve fund The Company is required to transfer 10 50 The transfer to this reserve must be made before distribution of any dividend to shareholders. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25 Special reserve Longmen Joint Venture is required by the PRC government to reserve safety and maintenance expense to the cost of production based on the actual quantity of mineral exploited. The amount of reserves is determined within the unit price range provided by Ministry of Finance of PRC. For the years ended December 31, 2015 and 2014, Longmen Joint Venture made contributions of $ 0.8 1.1 0.5 0.8 |
Commitment and contingencies
Commitment and contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 24 Commitment and contingencies Operating Lease Commitments Total rental expense from continuing operations was $ 0.1 0.7 Total rental expense from operations disposed was $ 3.1 2.6 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 25 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 had 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 (loss) from operations is generally the same as those applied at the consolidated financial statement level. (In thousands) Sales: 2015 2014 Longmen Joint Venture operation disposed $ 1,541,564 $ 2,284,485 Maoming Hengda held for sale 125 32 Baotou Steel Pipe Joint Venture operation disposed - 4,895 General Shengyuan operation disposed - - General Steel (China) operation disposed 1,377 62,184 Catalon operation to be disposed - - Total sales 1,543,066 2,351,596 Interdivision sales - (62,184) Consolidated sales 1,543,066 2,289,412 Less: operation to be disposed (125) (32) Less: operations disposed (1,542,941) (2,289,380) Total from continuing operation $ - $ - Gross profit (loss): 2015 2014 Longmen Joint Venture operation disposed $ (188,153) $ (19,496) Maoming Hengda held for sale (117) 19 Baotou Steel operation disposed - 311 General Shengyuan operation disposed - - General Steel (China) operation disposed 990 - Catalon operation to be disposed - - Total gross loss (187,280) (19,166) Interdivision gross profit - - Consolidated gross (loss) profit (187,280) (19,166) Less: operation to be disposed 117 (19) Less: operations disposed 187,163 (19,185) Total from continuing operation $ - $ - Income (loss) from operations: 2015 2014 Longmen Joint Venture operation disposed $ (1,189,740) $ 4,219 Maoming Hengda held for sale (1,351) (1,290) Baotou Steel operation disposed - (389) General Shengyuan operation disposed - - General Steel (China) operation disposed (1,380) (4,078) Catalon operation to be disposed (12,157) - Total loss from operations (1,204,628) (1,538) Reconciling item (1) (10,825) (5,165) Consolidated (loss) income from operations (1,215,453) (6,703) Less: operation to be disposed 13,511 1,290 Less: operation disposed 1,191,128 (2,775) Total from continuing operation $ (10,814) $ (8,188) Net income (loss) attributable to General Steel Holdings, Inc.: 2015 2014 Longmen Joint Venture operation disposed $ (763,512) $ (45,425) Maoming Hengda held for sale (1,471) (1,604) Baotou Steel operation disposed - (311) General Shengyuan operation disposed - - General Steel (China) operation disposed (3,208) 3,851 Catalon operation to be disposed (10,273) - Total net loss attributable to General Steel Holdings, Inc. (778,464) (43,489) Reconciling item (1) (10,825) (5,234) Consolidated net loss attributable to General Steel Holdings, Inc. (789,289) (48,723) Less: operation to be disposed 11,744 1,605 Less: operations disposed 766,731 39,146 Total from continuing operation $ (10,814) $ (7,972) Depreciation, amortization and depletion: 2015 2014 Longmen Joint Venture operation disposed $ 77,508 $ 93,094 Maoming Hengda held for sale 1,291 1,149 Baotou Steel operation disposed - 242 General Shengyuan operation disposed - General Steel (China) operation disposed 1,608 1,792 Catalon operation to be disposed - Consolidated depreciation, amortization and depletion 80,407 96,277 Less: operation to be disposed (1,291) (1,149) Less: operations disposed (79,116) (95,128) Total from continuing operation $ - - Finance/interest expenses: 2015 2014 Longmen Joint Venture operation disposed $ 93,937 $ 90,792 Maoming Hengda held for sale - 1 Baotou Steel operation disposed - - General Shengyuan operation disposed - - General Steel (China) operation disposed 3,798 5,781 Catalon operation to be disposed - - Reconciling item (1) 2 99 Consolidated interest expenses 97,737 96,673 Less: operation to be disposed - (1) Less: operations disposed (97,734) (96,573) Total from continuing operation $ 3 $ 99 Capital expenditures: 2015 2014 Longmen Joint Venture operation disposed $ 104,499 $ 239,496 Maoming Hengda held for sale 49 Baotou Steel operation disposed - 1 General Shengyuan operation disposed - - General Steel (China) operation disposed - 87 Catalon operation to be disposed - - Reconciling item (1) - - Consolidated capital expenditures 104,499 239,633 Less: operation to be disposed - (49) Less: operations disposed (104,499) (239,584) Total from continuing operation $ - $ - Total Assets as of: December 31, 2015 December 31, 2014 Longmen Joint Venture operation disposed $ - $ 2,408,218 Maoming Hengda held for sale 20,202 25,933 General Shengyuan operation disposed - - General Steel (China) operation disposed - 158,606 Catalon operation to be disposed 24 - Interdivision assets - (30,486) Reconciling item (2) 15,535 2,953 Total assets 35,761 2,565,224 Total assets held for sale (20,227) (2,563,746) Total assets from continuing operations $ 15,534 $ 1,478 (1) Reconciling item represents income or expenses of the Company, arising from General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd, Qiu Steel and Tongyong Shengyuan for the years ended December 31, 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, Qiu Steel and Tongyong as of December 31, 2015 and 2014, which are non-operating entities. |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 26 Subsequent event On January 11, 2016, the Company granted 120,000 1.66 On January 20, 2016, the Company granted 242,466 1.80 On January 20, 2016, Tongyong Shengyuan, Maoming Hengda, and GS China signed a tri-party agreement which Tongyong Shenyuan would assume the liabilities of its 99 19.9 On February 16, 2016, the Company received 100 On March 16, 2016, the Company granted 30,000 1.00 On March 21, 2016, the Company, along with its 1 100 32 331.3 51 99 328.0 50.5 262.3 40.4 65.7 10.1 262.3 40.4 20.3 71.0 On June 15, 2016, the Company granted 127,120 1.18 On August 19, 2016, the Company signed a debt cancellation agreement with GS China, a related party, in conversion of the other payables related party of approximately $ 21.6 100,000 1.10 19,565,758 1.10 On August 19, 2016, the Company signed a debt cancellation agreement with Oriental Ace Limited, an unrelated third party, in conversion of short-term loan payable of $ 3.6 nto 3,272,727 1.10 |
Schedule Of Condensed Financial
Schedule Of Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE 1 - PARENT COMPANY BALANCE SHEETS AS OF DECEMBER 31, 2015 AND 2014 (In thousands) (Unaudited) 2015 2014 ASSETS CURRENT ASSETS: Cash $ - $ 2 Other receivables 41 39 Prepaid expense 481 29 TOTAL CURRENT ASSETS 522 70 OTHER ASSETS: Intercompany receivable 77,833 89,930 TOTAL OTHER ASSETS 77,833 89,930 TOTAL ASSETS $ 78,355 $ 90,000 LIABILITIES AND DEFICIENCY CURRENT LIABILITIES: Other payables and accrued liabilities $ 100 $ 23 Taxes payable 14 1 TOTAL CURRENT LIABILITIES 114 24 OTHER LIABILITIES: Loss in excess of investment in subsidiaries 120,087 435,019 TOTAL OTHER LIABILITIES 120,087 435,019 TOTAL LIABILITIES 120,201 435,043 COMMITMENTS AND CONTINGENCIES DEFICIENCY: Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares issued and outstanding as of December 31, 2015 and 2014 3 3 Common stock, $0.001 par value, 40,000,000 shares authorized, 17,802,357 and 12,891,718 shares issued, 17,307,895 and 12,397,256 shares outstanding as of December 31, 2015 and 2014, respectively (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) 18 13 Treasury stock, at cost, 494,462 shares as of December 31, 2015 and 2014 (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) (840) (840) Paid-in-capital 1,208,667 112,186 Statutory reserves 1,107 6,472 Accumulated deficits (1,252,810) (463,521) Accumulated other comprehensive income 2,009 644 TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY (41,846) (345,043) TOTAL LIABILITIES AND DEFICIENCY $ 78,355 $ 90,000 The accompanying notes are an integral part of Schedule 1. SCHEDULE 1 - PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands) (Unaudited) 2015 2014 OPERATING EXPENSES General and administrative expenses $ (8,697) $ (2,098) Total operating expenses (8,697) (2,098) EQUITY LOSS OF SUBSIDIARIES (780,592) (46,625) NET LOSS (789,289) (48,723) FOREIGN CURRENCY TRANSLATION ADJUSTMENTS 62,241 (311) COMPREHENSIVE LOSS $ (727,048) $ (49,034) The accompanying notes are an integral part of Schedule 1. SCHEDULE 1 - PARENT COMPANY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands) (Unaudited) 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (789,289) $ (48,723) Adjustments to reconcile net loss to cash used in operating activities: Stock issued for services and compensation 7,918 1,122 Loss from subsidiaries 780,592 46,625 Changes in operating assets and liabilities Other receivables (2) - Prepaid expense 30 272 Other payables and accrued liabilities 593 17 Taxes payable 13 1 Net cash used in operating activities (145) (686) CASH FLOWS FROM INVESTING ACTIVITIES: Loan repayment from (borrowing to) subsidiaries - (6,943) Net cash used in investing activities - (6,943) CASH FLOWS FINANCING ACTIVITIES: Proceed from common stock issued to CEO - 7,500 Borrowings from subsidiaries 143 120 Net cash provided by financing activities 143 7,620 DECREASE IN CASH (2) (9) CASH, beginning of year 2 11 CASH, end of year $ - $ 2 The accompanying notes are an integral part of Schedule 1. 1. Basis of presentation Certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been omitted. The Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. 2. Restricted net assets Schedule I of Article 5-04 of Regulation S-X requires the financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 The parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the subsidiaries of General Steel Holdings, Inc. exceed 25% of the consolidated net assets of General Steel Holdings, Inc. The ability of our Chinese operating affiliates to pay dividends may be restricted due to the foreign exchange control policies and availability of cash balances of the Chinese operating subsidiaries. Because a significant portion of our operations and revenues are conducted and generated in China, a significant portion of our revenues being earned and currency received are denominated in Renminbi (RMB). RMB is subject to the exchange control regulation in China, and, as a result, we may be unable to distribute any dividends outside of China due to PRC exchange control regulations that restrict our ability to convert RMB into US Dollars. 3. Equity Preferred Stock On May 18, 2007, the Company entered into a Purchase Agreement with Victory New Holdings Limited (“Victory New”), a British Virgin Islands registered company under the control of the Company’s Chairman, CEO and majority shareholder, Zuosheng Yu (aka Henry Yu), to acquire Victory New’s 30 3,092,899 8,374,000 2014 Equity Transactions On February 3, 2014, the Company granted 16,000 5.05 On August 21, 2014, the Company granted 16,000 5.20 On July 14, 2014, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Zuosheng Yu, the Company's Chief Executive Officer and a member of the Company's Board of Directors, relating to a private placement of the Company's common stock, par value $ 0.001 1,000,000 7.50 7,500 23 4.50 7.35 44.7 On December 26, 2014, the Company granted 212,780 3.20 On December 31, 2014, the Company sold its 80 0.7 4.0 (1.8) 11.0 $0.4 million (RMB 2.2 million) noncontrolling interest in Baotou Steel was deconsolidated while $ 0.3 1.8 The following is a reconciliation of the Company’s noncontrolling interest for the year ended December 31, 2014: (in thousands) Noncontrolling interest Total Baotou Steel Others Balance at December 31, 2013 $ (188,911) $ (281) $ (188,630) Net income (loss) attributable to noncontrolling interest (29,553) (78) (29,475) Addition to special reserve 451 - 451 Usage of special reserve (384) - (384) Deconsolidation of a subsidiary 414 414 - Foreign currency translation adjustments 901 (55) 956 Balance at December 31, 2014 $ (217,082) $ - $ (217,082) 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 3.00 On October 23, 2015, the Company completed its acquisition of an 84.5 13 2,600,000 85,456,588 17,091,857 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 approval by the Secretary of State of Nevada. The reverse stock split was affected on October 29, 2015. All shares and per share amounts used in the Company’s consolidated financial statements and notes thereto have been retroactively restated to reflect the 1-for-5 reverse stock split On December 1, 2015, the Company granted 710,500 1.33 On December 30, 2015, the Company entering into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 1.1 The following is a reconciliation of the Company’s noncontrolling interest for the year ended December 31, 2015: (in thousands) Noncontrolling interest Total Deconsolidated Others Balance at December 31, 2014 $ (217,082) $ (216,961) $ (121) Net income (loss) attributable to noncontrolling interest (515,025) (513,092) (1,933) Addition to special reserve 416 416 - Usage of special reserve (283) (283) - Contribution commitment from noncontrolling interest 489 489 - Contribution receivable from noncontrolling interest (489) (489) - Acquisition of Catalon 1,526 - 1,526 Deconsolidation of subsidiaries 698,311 698,311 - Foreign currency translation adjustments 31,583 31,609 (26) Balance at December 31, 2015 $ (554) $ - $ (554) On January 11, 2016, the Company granted 120,000 1.66 On January 20, 2016, the Company granted 242,466 1.80 On March 16, 2016, the Company granted 30,000 1.00 On June 15, 2016, the Company granted 127,120 1.18 On August 19, 2016, the Company signed a debt cancellation agreement with GS China, a related party, in conversion of the other payables related party of approximately $ 21.6 100,000 1.10 19,565,758 1.10 On August 19, 2016, the Company signed a debt cancellation agreement with Oriental Ace Limited, an unrelated third party, in conversion of short-term loan payable of $ 3.6 3,272,727 1.10 |
Summary of significant accoun34
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of presentation Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 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 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)*** PRC 100.0 % Catalon Chemical Corp. (“Catalon”)** U.S. 84.5 % * On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 ** See Note 1 “Organization and Operations” and Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. *** Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. Baotou Steel Prior to December 31, 2014, the Company held an 80.0% equity interest in Baotou Steel General Steel Special Steel Pipe Joint Venture Co., Ltd. (“Baotou Steel”) through General Steel (China). On December 31, 2014, the Company sold its 80.0 0.7 4.0 |
Consolidation, Policy [Policy Text Block] | (b) Principles of consolidation subsidiaries The accompanying 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] | (c) 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 was 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 continued 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 held 2 out of 4 seats, required a ¾ majority vote, while the Board of Directors, on which the Company held 4 out of 7 seats, required 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 prevailed, the Supervisory Committee was considered subordinate to the Board. Thus, the Board of Directors of Longmen Joint Venture continued to be the controlling decision-making body with respect to Longmen Joint Venture. The Company, which controlled 60 The Company had the obligation to absorb losses and the rights to receive benefits based on the profit allocation as stipulated by the Unified Management Agreement that were significant to the VIE. As both conditions were met, the Company was the primary beneficiary of Longmen Joint Venture and therefore, continued to consolidate Longmen Joint Venture as a VIE until its disposal on December 30, 2015. See Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. December 31, 2015 December 31, 2014 (in thousands) (in thousands) Current assets $ - $ 837,135 Plant and equipment, net - 1,537,687 Other noncurrent assets - 33,396 Total assets - 2,408,218 Total liabilities - (2,946,126) Net liabilities $ - $ (537,908) December 31, 2015 December 31, 2014 (in thousands) (in thousands) Current liabilities: Short term notes payable $ - $ 638,829 Accounts payable - 605,025 Accounts payable - related parties - 205,914 Short term loans bank - 216,940 Short term loans others - 54,524 Short term loans - related parties - 45,710 Other payables and accrued liabilities - 47,121 Other payables - related parties - 78,615 Customer deposits - 87,372 Customer deposits - related parties - 34,895 Deposit due to sales representatives - 17,871 Deposit due to sales representatives related parties - 2,509 Taxes payable - 4,026 Deferred lease income - 2,176 Capital lease obligations, current - 8,508 Intercompany payable to be eliminated - 20,155 Total current liabilities - 2,070,190 Non-current liabilities: - Long term loans - related parties - 339,549 Deferred lease income - noncurrent - 72,713 Capital lease obligations, noncurrent - 393,252 Profit sharing liability - 70,422 Total non-current liabilities - 875,936 Total liabilities of consolidated VIE $ - $ 2,946,126 For the year ended For the year ended (in thousands) (in thousands) Sales $ 1,541,564 $ 2,284,485 Gross loss $ (188,153) $ (19,496) (Loss) income from operations $ (1,189,740) $ 4,219 Net loss attributable to controlling interest $ (763,512) $ (45,425) |
Liquidity Disclosure [Policy Text Block] | (d) 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 Company’s equity was in deficiencies as of December 31, 2015. As December 31, 2015, the Company’s current liabilities exceed current assets by $ 75.9 In view of the near-term challenges for the steel sector, the Company strategically accelerated its business transformation. On November 4, 2015, the Company's Board of Directors (the "Board"), including the audit committee, committed to a plan and authorized the Company's management to pursue the potential sale of all its ownership interest in 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. On December 30, 2015, the Company sold its entire equity interest in General Steel (China) Co., Ltd. together with Longmen Joint Venture to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company’s Chairman. On March 21, 2016, the Company sold its entire equity interest in Maoming Hengda to a related party and completed the divestiture of its steel business as planned. Accordingly, Maoming Hengda’s assets and liabilities were presented as held for sale as of December 31, 2015 in the consolidated financial statements. The Company’s remaining businesses primarily comprised of Tianjin Shuangsi, a trading company that mainly sources overseas iron ore for steel mills. The Company received 100 As of December 31, 2015, the Company’s current liabilities was $ 78.2 1) The current liabilities of Maoming Hengda which was disposed on March 21, 2016 is expected to reduce its current liabilities by $ 28.8 2) In August 2016, the Company signed two debt cancellation agreements with two creditors and converted approximately $ 25.2 19.9 5.3 3) In August 2016, the Company had signed two offset agreements with Tianwu Tongyuan and two of its debtors to offset its payables of RMB 262.3 40.4 Cash inflow (outflow) For the twenty Current liabilities as of December 31, 2015 $ (78,161) Deconsolidation of current liabilities in Maoming Hengda in March 2016 28,820 Conversion of debt into common stock and Series B Preferred Stock in August 2016 5,313 Reduction of other payables - related parties after execution of offset agreements 40,412 Estimated operating expenses for the twenty months ended August 29, 2017 (1,200) Net projected cash need for the twenty months ended August 29, 2017 $ (4,816) The Company’s net projected outflow for the twenty months ended August 29, 2017 is expected to be at approximately $ 4.8 1) The Company is expected to cancel the shares issued to the 84.5 2.3 2) The Company is expected to raise approximately $ 2 3 The majority of the Company’s operating assets and businesses have been divested at year end and in the first quarter of 2016 as previously disclosed. The Company’s only operating entity is a new trading company received on February 16, 2016 which has limited operating history. Management has commenced a strategy to raise equity which, will be utilized to fund other strategic acquisitions. However, there can be no certainty that these additional financings will be available on acceptable terms, or at all and that future strategic acquisitions will generate enough cash or generate sufficient cash prior to the Company utilizing its cash on hand. If management is unable to execute this plan, there would likely be a material adverse effect on the Company’s business. All of these factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements for the year ended December 31, 2015 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern. |
Use of Estimates, Policy [Policy Text Block] | (e) 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. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (f) Concentration of risks and other 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. The Company has significant exposure to the price fluctuation of raw materials and energy prices as part of its normal operations. As of December 31, 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 December 31, 2015 and December 31, 2014 amounted to $ 0.04 367.2 0 1.0 0.02 One of the Company’s customers individually accounted for 15.1 96.2 10 32.1 20.5 None of the Company’s suppliers individually accounted for more than 10 10 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (g) 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 $ 2.0 0.6 6.49 6.14 1.00 6.23 6.14 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] | (h) 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 determined 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 was 6.5 The fair value of the profit sharing liability would 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 reporting period, the Company considered 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 were 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 Longmen Joint Venture’s 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 % 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 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 the 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 December 31, 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (i) Cash Cash includes cash on hand and demand deposits in banks with original maturities of less than three months. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash The Company had notes payable outstanding with various banks and was required to keep certain amounts on deposit that were subject to withdrawal restrictions. The notes payable were generally short term in nature due to its maturity period of six months or less, thus restricted cash was classified as a current asset. |
Short Term Investment [Policy Text Block] | (k) Short term investment Short-term investments are certificated deposits maintained with banks within the PRC with maturity date of less than one year. |
Policy Loans Receivable, Policy [Policy Text Block] | (l) Loans receivable Loans receivable, including to related parties represent interest-bearing amounts the Company expects to collect from unrelated and related parties with maturity dates of less than one year or due on demand. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | (m) Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers and other receivables from cash advances to employees, related parties or third parties. An allowance for doubtful accounts is established and recorded based on managements’ assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. |
Notes Receivable [Policy Text Block] | (n) 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 expense for early submission request of payment for operations disposed amounted to $ 21.9 49.3 |
Advances On Inventory Purchase [Policy Text Block] | (o) Advances on inventory purchase Advances on inventory purchases are monies deposited or advanced to outside vendors or related parties on future inventory purchases. Due to the shortage of raw material in China, most of the Company’s vendors require a certain amount of money to be deposited with them as a guarantee that the Company will complete its purchases on a timely basis. This amount is refundable and bears no interest. The Company has legally binding contracts with its vendors, which required the deposit to be returned to the Company when the contract ends. The inventory is normally delivered within one month after the monies have been advanced. |
Inventory, Policy [Policy Text Block] | (p) Inventories Inventories are comprised of raw materials, work in progress and finished goods and are stated at the lower of cost or market using the weighted average cost method. Management reviews inventories for obsolescence and cost in excess of net realizable value at least annually and records a reserve against the inventory and additional cost of goods sold when the carrying value exceeds net realizable value. |
Shipping and Handling Cost, Policy [Policy Text Block] | (q) Shipping and handling Shipping and handling for raw materials purchased are included in cost of goods sold. Shipping and handling cost incurred to ship finished products to customers are included in selling expenses. Shipping and handling expenses for finished goods for the years ended December 31, 2015 and 2014 amounted to $ 26.9 25.5 |
Property, Plant and Equipment, Policy [Policy Text Block] | (r) 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 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 considered Longmen Joint Venture’s carrying amount for property and equipment not being recoverable. The Company used the undiscounted cash flow approach for the purpose of performing a recoverability test, which included future cash inflows less associated cash outflows that were directly associated with and that were 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 was identifiable cash flows. The major groupings analyses include Longmen Joint Venture, Maoming Hengda and General Steel (China). Further, the Company’s estimate of future cash flows included estimated future cash flows necessary to maintain our existing production potential over the entire period and within the various groups. The projections were based on a best estimate approach of likely outcomes. When the Company identified an impairment, the Company reduced the carrying amount of the asset to its estimated fair value based on a discounted cash flows method. During the quarter ended June 30, 2015, the Company expected 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 2 (c) and note 8 for further details. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | (s) 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 December 31, 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.” The Company amortizes the land use rights over the twenty-year business term because its business license had a twenty-year term. Maoming Hengda has land use rights amounting to $ 2.7 16.6 50 2054 |
Investment, Policy [Policy Text Block] | (t) 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 Longmen Joint Venture acquired 24.1 1.2 General Steel (China) acquired 32.0 15.7 On December 28, 2015 General Steel (China) sold its 32 14.9 96.6 14.9 Total investment loss in unconsolidated subsidiaries from continuing operations amounted to $ 0 Total investment income in unconsolidated subsidiaries from operations disposed amounted to $ 0.3 0.1 |
Revenue Recognition, Policy [Policy Text Block] | (u) 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 engaged in trading transactions in which the Company act as an agent between the suppliers and the customers. The trading arrangements are such that the suppliers were the primary obligators, the Company did not have any general inventory risk, physical inventory loss risk or credit risk, and the Company did not have latitude in establishing price. Sales and cost of goods sold from these trading arrangements were 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 $ 336.6 335.0 1.0 (0.5) |
Discontinued Operations, Policy [Policy Text Block] | (v) Operations held for sale and operations disposed/to be disposed 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 and operations disposed), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. December 31, December 31, (In thousands) 2015 2014 Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ 38 * $ 11,573 Restricted cash - 355,685 Notes receivable - 10,290 Restricted notes receivable - 111,801 Loans receivable - 36,001 Loan receivable related parties - 34,713 Accounts receivable, net 342 9,321 Accounts receivable - related parties, net - 8,498 Other receivables, net 11 63,610 Other receivables - related parties, net - 38,425 Inventories - 156,327 Advances on inventory purchase, net - 73,819 Advances on inventory purchase - related parties - 45,617 Prepaid expense and other - 4,774 Prepaid taxes 1,218 5,789 Short-term investment - 2,688 Total current assets held for sale 1,609 968,931 OTHER ASSETS: Property and equipment, net 16,593 1,543,136 Advances on equipment purchase - 11,438 Investment in unconsolidated entities - 16,823 Long-term deferred expense 2 458 Intangible assets, net of accumulated amortization 2,023 22,960 Total other assets held for sale 18,618 1,594,815 Total assets of the disposal group classified as held for sale $ 20,227 $ 2,563,746 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Short term notes payable $ - $ 661,635 Accounts payable 6,336 612,801 Accounts payable - related parties - 207,783 Short term loans - bank - 257,502 Short term loans - others 461 60,717 Short term loans - related parties - 46,380 Other payables and accrued liabilities 2,551 * 55,462 Other payables - related parties 21,807 * 87,227 Customer deposits - 92,974 Customer deposits - related parties - 132,616 Deposit due to sales representatives - 17,871 Deposit due to sales representatives - related parties - 2,509 Taxes payable - 5,199 Deferred lease income, current - 2,176 Capital lease obligations, current - 8,508 Total current liabilities held for sale 31,155 2,251,360 NON-CURRENT LIABILITIES HELD FOR SALE Long-term loans - related party - 339,549 Deferred lease income, noncurrent - 72,713 Capital lease obligations, noncurrent - 393,252 Profit sharing liability at fair value - 70,422 Total non-current liabilities held for sale - 875,936 Total liabilities of the disposal group classified as held for sale $ 31,155 $ 3,127,296 24 0.9 1.4 Reconciliation of the Amounts of Major Classes of Income and Losses from Operations to be Disposed Classified as Held for Sale and Disposed in the Consolidated Statements of Operations and Comprehensive Loss. For the years ended December 31, Operations to be disposed: 2015 2014 SALES $ 125 $ 32 COST OF GOODS SOLD 242 13 GROSS (LOSS) PROFIT (117) 19 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (13,394) * (1,309) LOSS FROM OPERATIONS (13,511) (1,290) OTHER INCOME (EXPENSE) Finance/interest expense - (1) (Loss) gain on disposal of equipment and intangible assets (9) 22 Other non-operating expense, net (160) (389) Other expense, net (169) (368) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (13,680) (1,658) PROVISION FOR INCOME TAXES - - NET LOSS FROM OPERATIONS TO BE DISPOSED (13,680) (1,658) Less: Net loss attributable to noncontrolling interest from operations to be disposed (1,933) (53) NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (11,747) $ (1,605) *Included an impairment charge of $ 12.2 For the years ended December 31, Operations Disposed: 2015 2014 SALES $ 993,744 $ 1,900,260 SALES - RELATED PARTIES 549,197 389,120 TOTAL SALES 1,542,941 2,289,380 COST OF GOODS SOLD 1,123,690 1,913,536 COST OF GOODS SOLD - RELATED PARTIES 606,414 395,029 TOTAL COST OF GOODS SOLD 1,730,104 2,308,565 GROSS LOSS (187,163) (19,185) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (72,827) (69,058) EXCESS OVERHEAD DURING MAINTENANCE (27,701) - IMPAIRMENT CHARGE (973,860) - CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY 70,423 91,018 (LOSS) INCOME FROM OPERATIONS (1,191,128) 2,775 OTHER INCOME (EXPENSE) Interest income 7,242 21,385 Finance/interest expense (97,734) (96,573) Loss on disposal of equipment and intangible assets (29) (1,147) Government grant 2,056 327 Income from equity investments 342 139 Foreign currency transaction (loss) gain (3,174) 786 Lease income 2,145 2,175 Gain on deconsolidated of a subsidiary - 1,795 Other non-operating income (expense), net 1,063 (39) Other expense, net (88,089) (71,152) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (1,279,217) (68,377) PROVISION FOR INCOME TAXES 603 269 NET LOSS FROM OPERATIONS DISPOSED (1,279,820) (68,646) Less: Net loss attributable to noncontrolling interest from operations disposed (513,092) (29,500) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (766,728) $ (39,146) On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $1 million to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company's Chairman. As Victory Energy Resource Limited is a related party under common control with the Company under Mr. Henry Yu, the net consideration has recognized as a contribution to capital as opposed to a gain. As of December 30, 2015, the net deficiency of GS China amounted to $ 1.0 1.0 1.0 December 31, (In thousands) 2015 CURRENT ASSETS: Cash $ 122,577 Restricted cash 12,336 Notes receivable 9,010 Loan receivable related parties 5,769 Accounts receivable, net 4,966 Accounts receivable - related parties, net 173,287 Other receivables, net 118,106 Other receivables - related parties, net 236,162 Inventories 72,024 Advances on inventory purchase, net 39,463 Advances on inventory purchase - related parties 15,968 Prepaid expense and other 26 Prepaid taxes 762 Short-term investment 2,064 Total current 812,520 OTHER ASSETS: Property and equipment, net 515,169 Advances on equipment purchase 9,140 Investment in unconsolidated entities 1,024 Long-term deferred expense 412 Intangible assets, net of accumulated amortization 19,048 Total other assets 544,793 Total assets $ 1,357,313 CURRENT LIABILITIES: Short term notes payable $ 273,632 Accounts payable 571,366 Accounts payable - related parties 465,858 Short term loans - bank 45,151 Short term loans - related parties 23,038 Other payables and accrued liabilities 93,193 Other payables - related parties 191,276 Customer deposits 42,515 Customer deposits - related parties 203,413 Taxes payable 1,849 Deferred lease income, current 2,059 Capital lease obligations, current 11,201 Total current liabilities 1,924,551 NON-CURRENT LIABILITIES HELD FOR SALE Long-term loans 702,261 Deferred lease income, noncurrent 68,407 Capital lease obligations, noncurrent 385,576 Total non-current liabilities held for sale 1,156,244 NON-CONTROLLING INTEREST (698,311) Total net deficiency (1,025,171) Net consideration (1,000) Currency translation adjustment 12,822 Total addition to paid-in capital $ (1,013,349) |
Reclassification, Policy [Policy Text Block] | (w) Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications have no effect on the accompanying consolidated statements of operations and cash flows. |
Short Term Notes Payable [Policy Text Block] | (x) Short-term notes payable Short-term notes payable are lines of credit extended by banks. The banks in-turn issue the Company a bankers acceptance note, which can be endorsed and assigned to vendors as payments for purchases. The notes payable are generally payable at a determinable period, generally three to six months. This short-term notes payable bears no interest and is guaranteed by the bank for its complete face value and usually matures within three to six-month period. The banks usually require the Company to deposit a certain amount of cash at the bank as a guarantee deposit, which is classified on the balance sheet as restricted cash. |
Customer Deposit [Policy Text Block] | (y) 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 |
Lease, Policy [Policy Text Block] | (z) Deferred lease income To reimburse Longmen Joint Venture for certain construction costs incurred as well as economic losses on suspended production to accommodate the construction of the new iron and steel making facilities on behalf of Shaanxi Steel, in the fourth quarter of 2010, Shaanxi Steel reimbursed Longmen Joint Venture for the value of assets dismantled, various site preparation costs incurred and rent under a 40-year land sub-lease that was entered into by the parties in June 2009 (the "Longmen Sub-lease"), and for the reduced production efficiency caused by the construction. Applying the lease accounting guidance, the Company had concluded that, except for the reimbursement for site preparation costs incurred, the amount of reimbursement should be deferred and recognized as a component of the land that was sub-leased during the construction, to be amortized to income over the remaining term of the 40-year sub-lease. Deferred lease income represents the remaining balance of compensation being deferred. See Note 14 - “Deferred lease income”. |
Non Controlling Interest [Policy Text Block] | (aa) Non-controlling interest Non-controlling interest mainly consists of Long Steel Group’s 40 0.9 1.3 1 15.5 |
Earnings Per Share, Policy [Policy Text Block] | (bb) Earnings (loss) per share The Company has adopted the accounting principles generally accepted in the United States regarding earnings per share (“EPS”), which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share. Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. |
Treasury Stock [Policy Text Block] | (cc) Treasury Stock Treasury stock consists of shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. As of both December 31, 2015 and 2014, the Company had repurchased 494,462 |
Income Tax, Policy [Policy Text Block] | (dd) Income taxes The Company accounts for income taxes in accordance with the accounting principles generally accepted in the United States for income taxes. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes. The accounting principles generally accepted in the United States for accounting for uncertainty in income taxes clarify the accounting and disclosure for uncertain tax positions. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended December 31, 2015, and 2014. As of December 31, 2015, the Company’s income tax returns filed for December 31, 2015, 2014, 2013, 2012 and 2011 remain subject to examination by the taxing authorities. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (ee) Share-based compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with the accounting standards regarding accounting for stock-based compensation and accounting for equity instruments that are issued to other than employees for acquiring or in conjunction with selling goods or services. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by these accounting standards. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. |
New Accounting Pronouncements, Policy [Policy Text Block] | (ff) 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 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 consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases In March 2016, the FASB issued ASU 2016-07 Investments-Equity and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The objective is to simplify investor’s accounting for equity method investments as a result of an increase in ownership level or degree of influence over the investee from prior period and requires prospective application of equity method accounting from the date when an equity investment qualifies for equity method of accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company does not expect the adoption of ASU 2016-07 to have material impact on the Company’s consolidated financial statements. In March 2016, 2016-08Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The object is to reduce the potential for diversity in practice arising from inconsistent application of the principal verse agent guidance and to reduce the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update 2014-09. Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objective is to identity, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintain or improving the usefulness of the information provided to users of financial statements. The areas for simplification include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas apply only to nonpublic entities. For public business entities, the ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the ASU is effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not expect the adoption of ASU 2016-09 to have material impact on the Company’s consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The objective is to clarify the two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for these areas. The ASU affects the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for this ASU are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by ASU 2014-09). ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The object is to address certain issues identified by the FASB-IASB Joint Transition Resource Group for Revenue Recognition. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. Management is evaluating the effect, if any, on the Company’s consolidated financial statements |
Summary of significant accoun35
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block] | The 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 % 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 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)*** PRC 100.0 % Catalon Chemical Corp. (“Catalon”)** U.S. 84.5 % * On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 ** See Note 1 “Organization and Operations” and Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. *** Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. |
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 were as follows: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Current assets $ - $ 837,135 Plant and equipment, net - 1,537,687 Other noncurrent assets - 33,396 Total assets - 2,408,218 Total liabilities - (2,946,126) Net liabilities $ - $ (537,908) |
Schedule Of Liabilities Of Variable Interest Entities and Subsidiaries [Table Text Block] | VIE and its subsidiaries’ liabilities consist of the following: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Current liabilities: Short term notes payable $ - $ 638,829 Accounts payable - 605,025 Accounts payable - related parties - 205,914 Short term loans bank - 216,940 Short term loans others - 54,524 Short term loans - related parties - 45,710 Other payables and accrued liabilities - 47,121 Other payables - related parties - 78,615 Customer deposits - 87,372 Customer deposits - related parties - 34,895 Deposit due to sales representatives - 17,871 Deposit due to sales representatives related parties - 2,509 Taxes payable - 4,026 Deferred lease income - 2,176 Capital lease obligations, current - 8,508 Intercompany payable to be eliminated - 20,155 Total current liabilities - 2,070,190 Non-current liabilities: - Long term loans - related parties - 339,549 Deferred lease income - noncurrent - 72,713 Capital lease obligations, noncurrent - 393,252 Profit sharing liability - 70,422 Total non-current liabilities - 875,936 Total liabilities of consolidated VIE $ - $ 2,946,126 |
Schedule of Line of Credit Facilities [Table Text Block] | For the year ended For the year ended (in thousands) (in thousands) Sales $ 1,541,564 $ 2,284,485 Gross loss $ (188,153) $ (19,496) (Loss) income from operations $ (1,189,740) $ 4,219 Net loss attributable to controlling interest $ (763,512) $ (45,425) |
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 disposed for the years ended December 31, 2015 and 2014: December 31, 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 |
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 Consolidated Balance Sheet. December 31, December 31, (In thousands) 2015 2014 Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ 38 * $ 11,573 Restricted cash - 355,685 Notes receivable - 10,290 Restricted notes receivable - 111,801 Loans receivable - 36,001 Loan receivable related parties - 34,713 Accounts receivable, net 342 9,321 Accounts receivable - related parties, net - 8,498 Other receivables, net 11 63,610 Other receivables - related parties, net - 38,425 Inventories - 156,327 Advances on inventory purchase, net - 73,819 Advances on inventory purchase - related parties - 45,617 Prepaid expense and other - 4,774 Prepaid taxes 1,218 5,789 Short-term investment - 2,688 Total current assets held for sale 1,609 968,931 OTHER ASSETS: Property and equipment, net 16,593 1,543,136 Advances on equipment purchase - 11,438 Investment in unconsolidated entities - 16,823 Long-term deferred expense 2 458 Intangible assets, net of accumulated amortization 2,023 22,960 Total other assets held for sale 18,618 1,594,815 Total assets of the disposal group classified as held for sale $ 20,227 $ 2,563,746 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Short term notes payable $ - $ 661,635 Accounts payable 6,336 612,801 Accounts payable - related parties - 207,783 Short term loans - bank - 257,502 Short term loans - others 461 60,717 Short term loans - related parties - 46,380 Other payables and accrued liabilities 2,551 * 55,462 Other payables - related parties 21,807 * 87,227 Customer deposits - 92,974 Customer deposits - related parties - 132,616 Deposit due to sales representatives - 17,871 Deposit due to sales representatives - related parties - 2,509 Taxes payable - 5,199 Deferred lease income, current - 2,176 Capital lease obligations, current - 8,508 Total current liabilities held for sale 31,155 2,251,360 NON-CURRENT LIABILITIES HELD FOR SALE Long-term loans - related party - 339,549 Deferred lease income, noncurrent - 72,713 Capital lease obligations, noncurrent - 393,252 Profit sharing liability at fair value - 70,422 Total non-current liabilities held for sale - 875,936 Total liabilities of the disposal group classified as held for sale $ 31,155 $ 3,127,296 *As of December 31, 2015, Catalon has total cash of $24 thousand, incurred other payables of $0.9 million and other payable related party of $1.4 million. All the remaining assets and liabilities held for sale are held and for Maoming Hengda. Reconciliation of the Amounts of Major Classes of Income and Losses from Operations to be Disposed Classified as Held for Sale and Disposed in the Consolidated Statements of Operations and Comprehensive Loss. For the years ended December 31, Operations to be disposed: 2015 2014 SALES $ 125 $ 32 COST OF GOODS SOLD 242 13 GROSS (LOSS) PROFIT (117) 19 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (13,394) * (1,309) LOSS FROM OPERATIONS (13,511) (1,290) OTHER INCOME (EXPENSE) Finance/interest expense - (1) (Loss) gain on disposal of equipment and intangible assets (9) 22 Other non-operating expense, net (160) (389) Other expense, net (169) (368) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (13,680) (1,658) PROVISION FOR INCOME TAXES - - NET LOSS FROM OPERATIONS TO BE DISPOSED (13,680) (1,658) Less: Net loss attributable to noncontrolling interest from operations to be disposed (1,933) (53) NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (11,747) $ (1,605) *Included an impairment charge of $12.2 million in December 2015 associated with Catalon intangible assets (See Note 21) For the years ended December 31, Operations Disposed: 2015 2014 SALES $ 993,744 $ 1,900,260 SALES - RELATED PARTIES 549,197 389,120 TOTAL SALES 1,542,941 2,289,380 COST OF GOODS SOLD 1,123,690 1,913,536 COST OF GOODS SOLD - RELATED PARTIES 606,414 395,029 TOTAL COST OF GOODS SOLD 1,730,104 2,308,565 GROSS LOSS (187,163) (19,185) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (72,827) (69,058) EXCESS OVERHEAD DURING MAINTENANCE (27,701) - IMPAIRMENT CHARGE (973,860) - CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY 70,423 91,018 (LOSS) INCOME FROM OPERATIONS (1,191,128) 2,775 OTHER INCOME (EXPENSE) Interest income 7,242 21,385 Finance/interest expense (97,734) (96,573) Loss on disposal of equipment and intangible assets (29) (1,147) Government grant 2,056 327 Income from equity investments 342 139 Foreign currency transaction (loss) gain (3,174) 786 Lease income 2,145 2,175 Gain on deconsolidated of a subsidiary - 1,795 Other non-operating income (expense), net 1,063 (39) Other expense, net (88,089) (71,152) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (1,279,217) (68,377) PROVISION FOR INCOME TAXES 603 269 NET LOSS FROM OPERATIONS DISPOSED (1,279,820) (68,646) Less: Net loss attributable to noncontrolling interest from operations disposed (513,092) (29,500) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (766,728) $ (39,146) On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $1 million to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company's Chairman. As Victory Energy Resource Limited is a related party under common control with the Company under Mr. Henry Yu, the net consideration has recognized as a contribution to capital as opposed to a gain. As of December 30, 2015, the net deficiency of GS China amounted to $1.0 billion and a net consideration of $1.0 million. Accordingly, the Company recorded the total amount of net consideration of $1.0 billion in additional-paid-in capital. The net deficiency of GS China as of December 30, 2015 is as follows: December 31, (In thousands) 2015 CURRENT ASSETS: Cash $ 122,577 Restricted cash 12,336 Notes receivable 9,010 Loan receivable related parties 5,769 Accounts receivable, net 4,966 Accounts receivable - related parties, net 173,287 Other receivables, net 118,106 Other receivables - related parties, net 236,162 Inventories 72,024 Advances on inventory purchase, net 39,463 Advances on inventory purchase - related parties 15,968 Prepaid expense and other 26 Prepaid taxes 762 Short-term investment 2,064 Total current 812,520 OTHER ASSETS: Property and equipment, net 515,169 Advances on equipment purchase 9,140 Investment in unconsolidated entities 1,024 Long-term deferred expense 412 Intangible assets, net of accumulated amortization 19,048 Total other assets 544,793 Total assets $ 1,357,313 CURRENT LIABILITIES: Short term notes payable $ 273,632 Accounts payable 571,366 Accounts payable - related parties 465,858 Short term loans - bank 45,151 Short term loans - related parties 23,038 Other payables and accrued liabilities 93,193 Other payables - related parties 191,276 Customer deposits 42,515 Customer deposits - related parties 203,413 Taxes payable 1,849 Deferred lease income, current 2,059 Capital lease obligations, current 11,201 Total current liabilities 1,924,551 NON-CURRENT LIABILITIES HELD FOR SALE Long-term loans 702,261 Deferred lease income, noncurrent 68,407 Capital lease obligations, noncurrent 385,576 Total non-current liabilities held for sale 1,156,244 NON-CONTROLLING INTEREST (698,311) Total net deficiency (1,025,171) Net consideration (1,000) Currency translation adjustment 12,822 Total addition to paid-in capital $ (1,013,349) |
Schedule of Estimated Cash Projections [Table Text Block] | The cash flows, taking these transactions into consideration as well as the expected cash needs to support the operations, is expected to yield the following: Cash inflow (outflow) For the twenty Current liabilities as of December 31, 2015 $ (78,161) Deconsolidation of current liabilities in Maoming Hengda in March 2016 28,820 Conversion of debt into common stock and Series B Preferred Stock in August 2016 5,313 Reduction of other payables - related parties after execution of offset agreements 40,412 Estimated operating expenses for the twenty months ended August 29, 2017 (1,200) Net projected cash need for the twenty months ended August 29, 2017 $ (4,816) |
Loans receivable - held for s36
Loans receivable - held for sale (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Loan to unrelated party; due on demand; interest rate is 8.0%. $ - $ 36,001 The Company has the following loans receivable related parties held for sale due within one year as of: December 31, 2015 December 31, 2014 (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%. - 6,099 Total loans receivable related parties $ - $ 34,713 |
Accounts receivable (includin37
Accounts receivable (including related parties), net - held for sale (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Accounts receivable $ 342 $ 9,804 Less: allowance for doubtful accounts - (483) Accounts receivable related parties - 8,624 Less: allowance for doubtful accounts related parties - (126) Net accounts receivable held for sale $ 342 $ 17,819 |
Schedule Of Allowance For Doubtful Accounts Receivable [Table Text Block] | Movement of allowance for doubtful accounts is as follows: December 31, December 31, (in thousands) (in thousands) Beginning balance $ 609 $ 1,053 Charge to expense 201 368 Less: recovery - (8) Deconsolidation (769) (798) Exchange rate effect (41) (6) Ending balance $ - $ 609 |
Other receivables (including 38
Other receivables (including related parties), net (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Other receivables $ 174 $ 73,944 Less: allowance for doubtful accounts - (10,198) Other receivables related parties - 39,734 Less: allowance for doubtful accounts related parties - (64) Net other receivables 174 103,416 Less: other receivables held for sale (11) (102,035) Net other receivables continuing operations $ 163 $ 1,381 |
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: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ 10,262 $ 2,606 Charge to expense 5,007 7,670 Less: recovery (5) (6) Less: deconsolidation (15,119) - Exchange rate effect (145) (8) Ending balance - 10,262 Less: balance held for sale - (10,262) Ending balance continuing operations $ - $ - |
Inventories - held for sale (Ta
Inventories - held for sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: December 31, December 31, (in thousands) (in thousands) Supplies $ - $ 18,838 Raw materials - 143,563 Finished goods - 12,301 Less: allowance for inventory valuation - (18,375) Inventories held for sale $ - $ 156,327 |
Summary Of Inventory Valuation Allowance [Table Text Block] | Movement of allowance for inventory valuation is as follows: December 31, December 31, (in thousands) (in thousands) Beginning balance $ 18,375 $ 15,397 Addition 22,192 18,362 Less: write-off (18,115) (15,311) Less: inventory disposed of - Note 2(v) (22,192) - Exchange rate effect (260) (73) Ending balance $ - $ 18,375 |
Advances on inventory purchas40
Advances on inventory purchases - held for sale (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Advances on inventory purchases $ 439 $ 76,320 Less: allowance for doubtful accounts (439) (2,501) Advances on inventory purchases related parties - 45,617 Net advances on inventory purchases held for sale $ - $ 119,436 |
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: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ 2,501 $ 105 Charge to expense - 2,395 Less recovery (462) - Less deconsolidation (1,927) - Exchange rate effect 327 1 Ending balance $ 439 $ 2,501 |
Plant and equipment, net - he41
Plant and equipment, net - held for sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Plant and equipment consist of the following: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Buildings and improvements $ 21,895 $ 279,776 Machinery 9,344 669,427 Machinery under capital lease 262 626,735 Transportation and other equipment - 22,765 Construction in progress - 342,660 Subtotal 31,501 1,941,363 Less: accumulated depreciation (14,908) (398,227) Plant and equipment, net held for sale $ 16,593 $ 1,543,136 |
Schedule Of Capital Lease Under Operations Held For Sale [Table Text Block] | The carrying value of assets acquired under the capital lease under operations held for sale consists of the following: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Machinery $ - $ 626,735 Less: accumulated depreciation - (107,782) Carrying value of leased assets held for sale $ - $ 518,953 |
Intangible assets, net - held42
Intangible assets, net - held for sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Land use rights $ 2,558 $ 30,726 Mining right - 2,447 Software 10 1,058 Subtotal 2,568 34,231 Less: Accumulated amortization land use rights (535) (9,127) Accumulated amortization mining right - (1,431) Accumulated amortization software (10) (713) Subtotal (545) (11,271) Intangible assets, net held for sale $ 2,023 $ 22,960 |
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) December 31, 2016 $ 52 $ 1,971 December 31, 2017 52 1,919 December 31, 2018 52 1,867 December 31, 2019 52 1,815 December 31, 2020 52 1,763 Thereafter 1,763 - Total $ 2,023 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 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. $ - $ 339,549 |
Short Term Notes Payable [Member] | |
Schedule of Short-term Debt [Table Text Block] | The Company had the following short-term notes payable held for sale as of: December 31, December 31, (in thousands) (in thousands) General Steel (China): Notes payable to various banks in China, due various dates from January to June 2015. Restricted cash required of $14.7 million as of December 31, 2014; guaranteed by third parties. These notes payable were repaid on the due dates. $ - $ 22,806 Longmen Joint Venture: Notes payable to various banks in China, due various dates from January to October 2014. $324.7 million restricted cash are secured for notes payable as of December 31, 2014, some notes are further guaranteed by third parties. These notes payable were either repaid or renewed subsequently on the due dates. - 638,829 Total short-term notes payable held for sale $ - $ 661,635 |
Due To Banks [Member] | |
Schedule of Short-term Debt [Table Text Block] | December 31, December 31, (in thousands) (in thousands) General Steel (China): Loans from various banks in China, due various dates from January to August 2015. Weighted average interest rate was 7.2% per annum as of December 31, 2014; some are guaranteed by third parties. These loans were either repaid or renewed subsequently on the due dates. $ - $ 40,562 Longmen Joint Venture: Loans from various banks in China, due various dates from January to November 2015. Weighted average interest rate was 7.1% per annum as of December 31, 2014; some are guaranteed by third parties; $16.3 million restricted cash and $111.8 million notes receivable were secured for the loans as of December 31, 2014; These loans were either repaid or renewed subsequently on the due dates. - 216,940 Total short-term loans bank held for sale $ - $ 257,502 |
Due To Related Parties [Member] | |
Schedule of Short-term Debt [Table Text Block] | December 31, December 31, (in thousands) (in thousands) General Steel China: Loans from Yangpu Capital Automobile, due on demand, and interest rates is 10% per annum. $ - $ 670 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 financing sales. - 45,582 Total short-term loans related parties held for sale $ - $ 46,380 |
Short Term Loan Other [Member] | |
Schedule of Short-term Debt [Table Text Block] | December 31, December 31, (in thousands) (in thousands) Longmen Joint Venture: Loans from various unrelated companies and individuals, due various dates from January to September 2015, and weighted average interest rate was 5.7% per annum as of December 31, 2014. These loans were repaid on the due dates. $ - $ 16,999 Longmen Joint Venture: Loans from financing sales. - 37,525 Maoming Hengda: Loans from one unrelated parties and one related party, due on demand, none interest bearing. 461 6,193 General Steel Investment Co., Ltd.: Loan from one unrelated parties, due to demand, the interest rate was 5% per annum as of December 31, 2015. 3,600 - Total short-term loans others 4,061 60,717 Less: short-term loans others held for sale (461) (60,717) Short-term loans others continuing operations $ 3,600 $ - |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 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 disposed for the years ended December 31, 2015 and 2014 are as follows: (In thousands) For the year ended For the year ended Current $ 603 $ 269 Deferred - - Total provision for income taxes $ 603 $ 269 Operations disposed (603) (269) Continuing operations $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the years ended December 31, 2015 and 2014 are as follows: December 31, 2015 December 31, 2014 U.S. Statutory rates 34.0 % 34.0 % Foreign income not recognized in the U.S. (34.0) % (34.0) % China income tax rate 25.0 % 25.0 % Effect of tax rate differential of subsidiaries/VIE (9.1) % (9.5) % Effect of change in deferred tax assets valuation allowance (15.3) % (23.5) % Effect of permanent difference change in fair value of profit sharing liability 0.9 % 17.5 % Effect of permanent difference capital lease obligation for iron and steel production facilities (1.1) % (9.4) % Nondeductible expenses (0.4) % (0.4) % Total provision for income taxes* 0.0 % (0.3) % *The negative effective tax rates for the years ended December 31, 2015 and 2014 were mainly due to a consolidated loss before income tax while the Company provided 100 |
Schedule Of Movement Of Deferred Tax Assets Carried Forward Losses [Table Text Block] | The movement of the deferred income tax assets arising from carried forward losses is as follows: December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ - (A) $ - (A) (Tax assets realized) net operating losses carried forward 7,140 5,064 Effective tax rate 25 % 25 % Addition (deduction) in deferred tax asset 1,785 (B) 1,266 (B) Net operating losses carried forward for Longmen Joint 317,027 104,313 Effective tax rate 15 % 15 % Addition in deferred tax asset 47,554 (C) 15,647 (C) Temporary difference carried forward for subsidiaries subject to a 25% tax rate (991) 2,947 Effective tax rate 25 % 25 % Addition (deduction) in deferred tax asset (248) (D) 737 (D) Temporary difference carried forward for subsidiaries subject to a 15% tax rate 893,881 4,660 Effective tax rate 15 % 15 % Addition (deduction) in deferred tax asset 134,082 (E) 699 (E) Addition in valuation allowance (190,899) (F) (18,337) (F) Exchange difference 7,726 (H) (12) (H) Total (A+B+C+D+E+F+G+H) $ - $ - |
Summary of Valuation Allowance [Table Text Block] | Movement of valuation allowance: December 31, December 31, (in thousands) (in thousands) Beginning balance $ 114,820 $ 97,569 Current period addition 192,182 18,951 Current period reversal (1,283) (614) Disposal and sale of subsidiaries (299,499) (625) Exchange difference (2,148) (461) Ending balance held for sale $ 4,072 $ 114,820 |
Related party transactions an45
Related party transactions and balances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Related Party Sales [Table Text Block] | The following chart summarized sales to related parties from operations disposed for the years ended December 31, 2015 and 2014. Name of related parties Relationship For the year For the year (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 76,939 $ 164,879 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding** 1,956 - Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group* 45,031 40,224 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group 23,974 112,231 Shaanxi Steel Majority shareholder of Long Steel Group 304,086 2,527 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel 67,293 46,637 Shaanxi Long Steel Group Baoji Steel Rolling Co., Ltd Subsidiary of Long Steel Group 28,882 13,739 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group - 8,883 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 763 - Tianwu General Steel International Trading Co., Ltd Investee of Tongyong Shengyuan 273 - Total $ 549,197 $ 389,120 *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. Mr. Henry Yu. |
Schedule Of Related Party Purchases [Table Text Block] | The following charts summarize purchases from related parties from operations disposed for the years ended December 31, 2015 and 2014. Name of related parties Relationship For the year ended For the year ended (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ 177,436 $ 382,075 Tianjin Hengying Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 45,623 Tianjin Dazhan Industry Co., Ltd. Partially owned by CEO through indirect shareholding - 2,554 Tianjin General Qiugang Pipe Co., Ltd. Partially owned by CEO through indirect shareholding - 19,422 Maoming Shengze Trading Co., Ltd. Partially owned by CEO through indirect shareholding - 16,772 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group 89,755 166,719 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group 3,446 20,009 Shaanxi Steel Majority shareholder of Long Steel Group 131,822 172,249 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group 8,049 28,424 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel 44,848 39,704 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) 95,261 121,304 Shaaxi Shenganda Trading Co. Ltd. Significant influence by Long Steel Group 5,871 - Others Entities either owned or have significant influence by our affiliates or management 701 - Total $ 557,189 $ 1,014,855 |
Schedule Of Related Party Transactions Loan Receivables From Related Party [Table Text Block] | Loans receivable related parties held for sale: Name of related parties Relationship December 31, 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 - 6,099 Total $ - $ 34,713 *The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), 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 held for sale: Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 148 Shaanxi Shenganda Trading Co., Ltd. Significant influence by Long Steel Group - 5,715 Tianjin Daqiuzhuang Steel Plates Partially owned by CEO through indirect shareholding - 19 Shaanxi Steel Majority shareholder of Long Steel Group - 2,101 Others - 641 Total $ - $ 8,624 |
Schedule Of Related Party Transactions, Other Receivables Related Parties [Table Text Block] | 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 December 31, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 165 Shaanxi Steel Majority shareholder of Long Steel Group - 35,669 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding - 1,237 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 721 Beijing Shenghua Xinyuan Metal Materials Co., Ltd. Partially owned by CEO through indirect shareholding - 313 Victory Energy Resource Co., Ltd. Partially owned by CEO through indirect shareholding - 1,101 General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding - - Others Entities either owned or have significant influence by our affiliates or management - 528 Total - 39,734 Less: other receivables related parties held for sale - (38,489) Other receivables related parties continuing operations $ - $ 1,245 |
Schedule Of Related Party Transactions, Advances On Inventory Purchase From Related Parties [Table Text Block] | Advances on inventory purchase related parties held for sale: Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 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 - 3,807 Tianjin General Qiugang Pipe Co., Ltd Partially owned by CEO through indirect shareholding - 7,091 Others Entities either owned or have significant influence by our affiliates or management - 31 Total $ - $ 45,617 |
Schedule Of Related Party Transactions, Accounts Payable Related Parties [Table Text Block] | Accounts payable - related parties held for sale: Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Longmen Joint Venture $ - $ 64,276 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 79,886 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel - 23,726 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding - 869 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group - 11,035 Henan Xinmi Kanghua Fire Refractory Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary - 746 Beijing Daishang Trading Co., Ltd Noncontrolling shareholder of Longmen Joint Venture’s subsidiary - 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) - 22,916 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding - 1,773 Others Entities either owned or have significant influence by our affiliates or management - 58 Total $ - $ 207,783 |
Schedule Of Related Party Transactions, Short Term Loans Related Parties [Table Text Block] | Short-term loans - related parties held for sale: Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel $ - $ 34,460 Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding - 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 - 670 Total $ - $ 46,380 |
Schedule Of Related Party Transactions, Other Payable Related Parties [Table Text Block] | Other payables related parties: 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. Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Tianjin Hengying Trading Co, Ltd Partially owned by CEO through indirect shareholding $ - $ 378 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 33,968 Shaanxi Steel Majority shareholder of Long Steel Group - 44,146 Wendlar Investment & Management Group Co., Ltd Common control under CEO 28 1,196 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding - 399 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding - 3,883 Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding 483 2,775 Lindenburg Investment & Management Group Co., Ltd Minority Shareholder of Catalon Chemical 1,405 - Tianjin Qiu Steel Investment Co., Ltd Partially owned by CEO through indirect shareholding 38,987 - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 23,660 - Others Entities either owned or have significant influence by our affiliates or management - 507 Total 64,563 87,252 Less: other payables related parties - held for sale (21,807) (87,227) Other payables related parties continuing operations $ 42,756 $ 25 |
Schedule Of Related Party Transactions, Customer Deposits Related Parties [Table Text Block] | Customer deposits related parties - held for sale: Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group $ - $ 10 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel - 4,467 Shaanxi Haiyan Trade Co, Ltd Significant influence by Long Steel Group - 6,844 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 23,517 Shaanxi Junlong Rolling Co., Ltd Investee of Long Steel Group - 57 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) - 97,721 Total $ - $ 132,616 |
Schedule Of Related Party Transactions, Deposits Due To Sales Representatives [Table Text Block] | Deposits due to sales representatives related parties - held for sale Name of related parties Relationship December 31, December 31, (in thousands) (in thousands) Hancheng Haiyan Trade Co., Ltd Significant influence by Long Steel Group $ - $ 652 Gansu Yulong Trading Co., Ltd. Significant influence by Long Steel Group - 1,075 Long Steel Group Noncontrolling shareholder of Longmen Joint Venture - 196 Shaanxi Yuchang Trading Co., Ltd Significant influence by Long Steel Group - 586 Total $ - $ 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: Name of related party Relationship December 31, December 31, (in thousands) (in thousands) Shaanxi Steel Majority shareholder of Long Steel Group $ - $ 339,549 |
Schedule Of Related Party Transactions, Deferred Lease Income [Table Text Block] | Deferred lease income operation disposed Deferred lease income December 31, 2015 December 31, 2014 (in thousands) (in thousands) Beginning balance $ 74,889 $ 77,444 Less: Lease income realized (2,145) (2,176) Exchange rate effect (2,278) (379) Disposed on December 30, 2015 (70,466) - Ending balance $ - 74,889 Current portion (2,176) Noncurrent portion $ 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: December 31, December 31, (in thousands) (in thousands) Machinery $ - $ 602,878 Less: accumulated depreciation - (105,001) Carrying value of leased assets $ - $ 497,877 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule Of Non Controlling Interests By Legal Entity [Table Text Block] | The following is a reconciliation of the Company’s noncontrolling interest for the year ended December 31, 2014: (in thousands) Noncontrolling interest Total Baotou Steel Others Balance at December 31, 2013 $ (188,911) $ (281) $ (188,630) Net income (loss) attributable to noncontrolling interest (29,553) (78) (29,475) Addition to special reserve 451 - 451 Usage of special reserve (384) - (384) Deconsolidation of a subsidiary 414 414 - Foreign currency translation adjustments 901 (55) 956 Balance at December 31, 2014 $ (217,082) $ - $ (217,082) The following is a reconciliation of the Company’s noncontrolling interest for the year ended December 31, 2015: (in thousands) Noncontrolling interest Total Deconsolidated Others Balance at December 31, 2014 $ (217,082) $ (216,961) $ (121) Net income (loss) attributable to noncontrolling interest (515,025) (513,092) (1,933) Addition to special reserve 416 416 - Usage of special reserve (283) (283) - Contribution commitment from noncontrolling interest 489 489 - Contribution receivable from noncontrolling interest (489) (489) - Acquisition of Catalon 1,526 - 1,526 Deconsolidation of subsidiaries 698,311 698,311 - Foreign currency translation adjustments 31,583 31,609 (26) Balance at December 31, 2015 $ (554) $ - $ (554) |
Catalon Acquisition (Tables)
Catalon Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Fair Value Cash $ 66,980 Other current assets 3,162,107 Equipment 11,791 Intangible asset 9,026,823 Total asset 12,267,701 Total liabilities (2,421,547) Net asset acquired $ 9,846,154 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following represents results of division operations for the years ended December 31, 2015 and 2014: (In thousands) Sales: 2015 2014 Longmen Joint Venture operation disposed $ 1,541,564 $ 2,284,485 Maoming Hengda held for sale 125 32 Baotou Steel Pipe Joint Venture operation disposed - 4,895 General Shengyuan operation disposed - - General Steel (China) operation disposed 1,377 62,184 Catalon operation to be disposed - - Total sales 1,543,066 2,351,596 Interdivision sales - (62,184) Consolidated sales 1,543,066 2,289,412 Less: operation to be disposed (125) (32) Less: operations disposed (1,542,941) (2,289,380) Total from continuing operation $ - $ - Gross profit (loss): 2015 2014 Longmen Joint Venture operation disposed $ (188,153) $ (19,496) Maoming Hengda held for sale (117) 19 Baotou Steel operation disposed - 311 General Shengyuan operation disposed - - General Steel (China) operation disposed 990 - Catalon operation to be disposed - - Total gross loss (187,280) (19,166) Interdivision gross profit - - Consolidated gross (loss) profit (187,280) (19,166) Less: operation to be disposed 117 (19) Less: operations disposed 187,163 (19,185) Total from continuing operation $ - $ - Income (loss) from operations: 2015 2014 Longmen Joint Venture operation disposed $ (1,189,740) $ 4,219 Maoming Hengda held for sale (1,351) (1,290) Baotou Steel operation disposed - (389) General Shengyuan operation disposed - - General Steel (China) operation disposed (1,380) (4,078) Catalon operation to be disposed (12,157) - Total loss from operations (1,204,628) (1,538) Reconciling item (1) (10,825) (5,165) Consolidated (loss) income from operations (1,215,453) (6,703) Less: operation to be disposed 13,511 1,290 Less: operation disposed 1,191,128 (2,775) Total from continuing operation $ (10,814) $ (8,188) Net income (loss) attributable to General Steel Holdings, Inc.: 2015 2014 Longmen Joint Venture operation disposed $ (763,512) $ (45,425) Maoming Hengda held for sale (1,471) (1,604) Baotou Steel operation disposed - (311) General Shengyuan operation disposed - - General Steel (China) operation disposed (3,208) 3,851 Catalon operation to be disposed (10,273) - Total net loss attributable to General Steel Holdings, Inc. (778,464) (43,489) Reconciling item (1) (10,825) (5,234) Consolidated net loss attributable to General Steel Holdings, Inc. (789,289) (48,723) Less: operation to be disposed 11,744 1,605 Less: operations disposed 766,731 39,146 Total from continuing operation $ (10,814) $ (7,972) Depreciation, amortization and depletion: 2015 2014 Longmen Joint Venture operation disposed $ 77,508 $ 93,094 Maoming Hengda held for sale 1,291 1,149 Baotou Steel operation disposed - 242 General Shengyuan operation disposed - General Steel (China) operation disposed 1,608 1,792 Catalon operation to be disposed - Consolidated depreciation, amortization and depletion 80,407 96,277 Less: operation to be disposed (1,291) (1,149) Less: operations disposed (79,116) (95,128) Total from continuing operation $ - - Finance/interest expenses: 2015 2014 Longmen Joint Venture operation disposed $ 93,937 $ 90,792 Maoming Hengda held for sale - 1 Baotou Steel operation disposed - - General Shengyuan operation disposed - - General Steel (China) operation disposed 3,798 5,781 Catalon operation to be disposed - - Reconciling item (1) 2 99 Consolidated interest expenses 97,737 96,673 Less: operation to be disposed - (1) Less: operations disposed (97,734) (96,573) Total from continuing operation $ 3 $ 99 Capital expenditures: 2015 2014 Longmen Joint Venture operation disposed $ 104,499 $ 239,496 Maoming Hengda held for sale 49 Baotou Steel operation disposed - 1 General Shengyuan operation disposed - - General Steel (China) operation disposed - 87 Catalon operation to be disposed - - Reconciling item (1) - - Consolidated capital expenditures 104,499 239,633 Less: operation to be disposed - (49) Less: operations disposed (104,499) (239,584) Total from continuing operation $ - $ - Total Assets as of: December 31, 2015 December 31, 2014 Longmen Joint Venture operation disposed $ - $ 2,408,218 Maoming Hengda held for sale 20,202 25,933 General Shengyuan operation disposed - - General Steel (China) operation disposed - 158,606 Catalon operation to be disposed 24 - Interdivision assets - (30,486) Reconciling item (2) 15,535 2,953 Total assets 35,761 2,565,224 Total assets held for sale (20,227) (2,563,746) Total assets from continuing operations $ 15,534 $ 1,478 (1) Reconciling item represents income or expenses of the Company, arising from General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd, Qiu Steel and Tongyong Shengyuan for the years ended December 31, 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, Qiu Steel and Tongyong as of December 31, 2015 and 2014, which are non-operating entities. |
Organization and Operations (De
Organization and Operations (Details Textual) $ in Millions, ¥ in Billions | 12 Months Ended | ||||||
Dec. 31, 2015 | Feb. 16, 2016 | Oct. 31, 2015 | Dec. 31, 2014 | Apr. 29, 2011USD ($) | Apr. 29, 2011CNY (¥) | ||
Unified Management Agreement, Economic Interest Decreased | 36.00% | ||||||
Catalon Chemical Corp [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% | [1] | 24.10% | 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% | ||||||
Tianjin Shuangsi Trading Co [Member] | Subsequent Event [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||
[1] | On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $1 million to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company's Chairman. As a result of this transaction, the Company met the criteria under ASC 810-10-40-4 to deconsolidate General Steel (China), General Shengyuan, Yangpu Shengtong, Qiu Steel, and Longmen Joint Venture and subsidiaries at disposal date. The disposed entities’ net loss through the disposal date were consolidated and presented as operations disposed for the years ended December 31, 2015 and 2014 in the consolidated financial statements. Certain prior period data has been reclassified to conform to the current year presentation and to reflect the results of operations disposed. See Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. |
Summary of significant accoun50
Summary of significant accounting policies (Details) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | 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 | [1] | PRC | |||
Equity Method Investment, Ownership Percentage | [1] | 100.00% | |||
General Steel (China) Co., Ltd. ("General Steel (China)") [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | [2] | PRC | |||
Equity Method Investment, Ownership Percentage | [2] | 100.00% | |||
Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan”) [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | [2] | PRC | |||
Equity Method Investment, Ownership Percentage | [2] | 70.00% | |||
Yangpu Shengtong Investment Co., Ltd. ("Yangpu Shengtong") [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | [2] | PRC | |||
Equity Method Investment, Ownership Percentage | [2] | 99.10% | |||
Tianjin Qiu Steel Investment Co., Ltd. ("Qiu Steel") [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | [2] | PRC | |||
Equity Method Investment, Ownership Percentage | [2] | 98.70% | |||
Longmen Joint Venture [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | [2] | PRC | |||
Equity Method Investment, Ownership Percentage | 60.00% | [2] | 24.10% | 60.00% | |
Maoming Hengda Steel Company, Ltd. ("Maoming Hengda") [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | [3] | PRC | |||
Equity Method Investment, Ownership Percentage | [3] | 99.00% | |||
Catalon Chemical Corp [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Entity Incorporation, State Country Name | U.S. | ||||
Equity Method Investment, Ownership Percentage | 84.50% | ||||
[1] | Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. | ||||
[2] | On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $1 million to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company's Chairman. As a result of this transaction, the Company met the criteria under ASC 810-10-40-4 to deconsolidate General Steel (China), General Shengyuan, Yangpu Shengtong, Qiu Steel, and Longmen Joint Venture and subsidiaries at disposal date. The disposed entities’ net loss through the disposal date were consolidated and presented as operations disposed for the years ended December 31, 2015 and 2014 in the consolidated financial statements. Certain prior period data has been reclassified to conform to the current year presentation and to reflect the results of operations disposed. See Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. | ||||
[3] | See Note 1 “Organization and Operations” and Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. |
Summary of significant accoun51
Summary of significant accounting policies (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Line Items] | ||
Current assets | $ 2,257 | $ 970,409 |
Plant and equipment, net | 16,593 | 1,543,136 |
Total assets | 35,761 | 2,565,224 |
Total liabilities | (78,161) | (3,127,349) |
Variable Interest Entities and Subsidiary [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Current assets | 0 | 837,135 |
Plant and equipment, net | 0 | 1,537,687 |
Other noncurrent assets | 0 | 33,396 |
Total assets | 0 | 2,408,218 |
Total liabilities | 0 | (2,946,126) |
Net liabilities | $ 0 | $ (537,908) |
Summary of significant accoun52
Summary of significant accounting policies (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current liabilities: | ||
Short term loans - others | $ 3,600 | $ 0 |
Other payables and accrued liabilities | 636 | 26 |
Other payables - related parties | 42,756 | 25 |
Taxes payable | 14 | 2 |
Deferred lease income | 0 | 2,176 |
Total current liabilities | 78,161 | 2,251,413 |
Non-current liabilities: | ||
Deferred lease income - noncurrent | 72,713 | |
Profit sharing liability | 70,422 | |
TOTAL LIABILITIES | 78,161 | 3,127,349 |
Variable Interest Entities and Subsidiary [Member] | ||
Current liabilities: | ||
Short term notes payable | 0 | 638,829 |
Accounts payable | 0 | 605,025 |
Accounts payable - related parties | 0 | 205,914 |
Short term loans - bank | 0 | 216,940 |
Short term loans - others | 0 | 54,524 |
Short term loans - related parties | 0 | 45,710 |
Other payables and accrued liabilities | 0 | 47,121 |
Other payables - related parties | 0 | 78,615 |
Customer deposits | 0 | 87,372 |
Customer deposits - related parties | 0 | 34,895 |
Deposit due to sales representatives | 0 | 17,871 |
Deposit due to sales representatives - related parties | 0 | 2,509 |
Taxes payable | 0 | 4,026 |
Deferred lease income | 0 | 2,176 |
Capital lease obligations, current | 0 | 8,508 |
Intercompany payable to be eliminated | 0 | 20,155 |
Total current liabilities | 0 | 2,070,190 |
Non-current liabilities: | ||
Long term loans - related parties | 0 | 339,549 |
Deferred lease income - noncurrent | 0 | 72,713 |
Capital lease obligations, noncurrent | 0 | 393,252 |
Profit sharing liability | 0 | 70,422 |
Total non-current liabilities | 0 | 875,936 |
TOTAL LIABILITIES | $ 0 | $ 2,946,126 |
Summary of significant accoun53
Summary of significant accounting policies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Gross loss | $ (187,280) | $ (19,166) |
(Loss) income from operations | (10,811) | (8,188) |
Net loss attributable to controlling interest | (789,289) | (48,723) |
Variable Interest Entities and Subsidiary [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Sales | 1,541,564 | 2,284,485 |
Gross loss | (188,153) | (19,496) |
(Loss) income from operations | (1,189,740) | 4,219 |
Net loss attributable to controlling interest | $ (763,512) | $ (45,425) |
Summary of significant accoun54
Summary of significant accounting policies (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current liabilities as of December 31, 2015 | $ (78,161) | $ (2,251,413) |
Net projected cash need for the twenty months ended August 29, 2017 | 4,800 | |
Maoming Hengda Steel Company Ltd [Member] | ||
Current liabilities as of December 31, 2015 | (78,161) | |
Deconsolidation of current liabilities in Maoming Hengda in March 2016 | 28,820 | |
Conversion of debt into common stock and Series B Preferred Stock in August 2016 | 5,313 | |
Reduction of other payables - related parties after execution of offset agreements | 40,412 | |
Estimated operating expenses for the twenty months ended August 29, 2017 | (1,200) | |
Net projected cash need for the twenty months ended August 29, 2017 | $ (4,816) |
Summary of significant accoun55
Summary of significant accounting policies (Details 5) $ 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 accoun56
Summary of significant accounting policies (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 accoun57
Summary of significant accounting policies (Details 8) | 12 Months Ended |
Dec. 31, 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 accoun58
Summary of significant accounting policies (Details 9) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
CURRENT ASSETS: | |||
Cash | $ 38 | [1] | $ 11,573 |
Restricted cash | 0 | 355,685 | |
Notes receivable | 0 | 10,290 | |
Restricted notes receivable | 0 | 111,801 | |
Loan receivable | 0 | 36,001 | |
Loan receivable - related parties | 0 | 34,713 | |
Accounts receivable, net | 342 | 9,321 | |
Accounts receivable - related parties, net | 0 | 8,498 | |
Other receivables, net | 11 | 63,610 | |
Other receivables - related parties, net | 0 | 38,425 | |
Inventories | 0 | 156,327 | |
Advances on inventory purchase, net | 0 | 73,819 | |
Advances on inventory purchase - related parties | 0 | 45,617 | |
Prepaid expense and other | 0 | 4,774 | |
Prepaid taxes | 1,218 | 5,789 | |
Short-term investment | 0 | 2,688 | |
Total current | 1,609 | 968,931 | |
OTHER ASSETS: | |||
Property and equipment, net | 16,593 | 1,543,136 | |
Advances on equipment purchase | 0 | 11,438 | |
Investment in unconsolidated entities | 0 | 16,823 | |
Long-term deferred expense | 2 | 458 | |
Intangible assets, net of accumulated amortization | 2,023 | 22,960 | |
Total other assets | 18,618 | 1,594,815 | |
Total assets | 20,227 | 2,563,746 | |
CURRENT LIABILITIES: | |||
Short term notes payable | 0 | 661,635 | |
Accounts payable | 6,336 | 612,801 | |
Accounts payable - related parties | 0 | 207,783 | |
Short term loans - bank | 0 | 257,502 | |
Short term loans - others | 461 | 60,717 | |
Short term loans - related parties | 0 | 46,380 | |
Other payables and accrued liabilities | 2,551 | [1] | 55,462 |
Other payables - related parties | 21,807 | [1] | 87,227 |
Customer deposits | 0 | 92,974 | |
Customer deposits - related parties | 0 | 132,616 | |
Deposit due to sales representatives | 0 | 17,871 | |
Deposit due to sales representatives - related parties | 0 | 2,509 | |
Taxes payable | 0 | 5,199 | |
Deferred lease income, current | 0 | 2,176 | |
Capital lease obligations, current | 0 | 8,508 | |
Total current liabilities | 31,155 | 2,251,360 | |
NON-CURRENT LIABILITIES HELD FOR SALE | |||
Long-term loans | 0 | 339,549 | |
Deferred lease income, noncurrent | 0 | 72,713 | |
Capital lease obligations, noncurrent | 0 | 393,252 | |
Profit sharing liability at fair value | 0 | 70,422 | |
Total non-current liabilities held for sale | 0 | 875,936 | |
Total liabilities of the disposal group classified as held for sale | 31,155 | $ 3,127,296 | |
Operation Disposed [Member] | |||
CURRENT ASSETS: | |||
Cash | 122,577 | ||
Restricted cash | 12,336 | ||
Notes receivable | 9,010 | ||
Loan receivable - related parties | 5,769 | ||
Accounts receivable, net | 4,966 | ||
Accounts receivable - related parties, net | 173,287 | ||
Other receivables, net | 118,106 | ||
Other receivables - related parties, net | 236,162 | ||
Inventories | 72,024 | ||
Advances on inventory purchase, net | 39,463 | ||
Advances on inventory purchase - related parties | 15,968 | ||
Prepaid expense and other | 26 | ||
Prepaid taxes | 762 | ||
Short-term investment | 2,064 | ||
Total current | 812,520 | ||
OTHER ASSETS: | |||
Property and equipment, net | 515,169 | ||
Advances on equipment purchase | 9,140 | ||
Investment in unconsolidated entities | 1,024 | ||
Long-term deferred expense | 412 | ||
Intangible assets, net of accumulated amortization | 19,048 | ||
Total other assets | 544,793 | ||
Total assets | 1,357,313 | ||
CURRENT LIABILITIES: | |||
Short term notes payable | 273,632 | ||
Accounts payable | 571,366 | ||
Accounts payable - related parties | 465,858 | ||
Short term loans - bank | 45,151 | ||
Short term loans - related parties | 23,038 | ||
Other payables and accrued liabilities | 93,193 | ||
Other payables - related parties | 191,276 | ||
Customer deposits | 42,515 | ||
Customer deposits - related parties | 203,413 | ||
Taxes payable | 1,849 | ||
Deferred lease income, current | 2,059 | ||
Capital lease obligations, current | 11,201 | ||
Total current liabilities | 1,924,551 | ||
NON-CURRENT LIABILITIES HELD FOR SALE | |||
Long-term loans | 702,261 | ||
Deferred lease income, noncurrent | 68,407 | ||
Capital lease obligations, noncurrent | 385,576 | ||
Total non-current liabilities held for sale | 1,156,244 | ||
NON-CONTROLLING INTEREST | (698,311) | ||
Total net deficiency | (1,025,171) | ||
Net consideration | (1,000) | ||
Currency translation adjustment | 12,822 | ||
Total addition to paid-in capital | $ (1,013,349) | ||
[1] | As of December 31, 2015, Catalon has total cash of $24 thousand, incurred other payables of $0.9 million and other payable related party of $1.4 million. All the remaining assets and liabilities held for sale are held and for Maoming Hengda. |
Summary of significant accoun59
Summary of significant accounting policies (Details 10) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Summary Of Significant Accounting Policies [Line Items] | |||
SALES - RELATED PARTIES | $ 549,197 | $ 389,120 | |
OTHER INCOME (EXPENSE) | |||
Finance/interest expense | (55,600) | (26,100) | |
PROVISION FOR INCOME TAXES | 603 | 269 | |
NET LOSS FROM OPERATIONS TO BE DISPOSED | (1,279,820) | (68,646) | |
Less: Net loss attributable to noncontrolling interest from operations disposed | (513,092) | (29,500) | |
Operations Disposed [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
SALES | 993,744 | 1,900,260 | |
SALES - RELATED PARTIES | 549,197 | 389,120 | |
TOTAL SALES | 1,542,941 | 2,289,380 | |
COST OF GOODS SOLD | 1,123,690 | 1,913,536 | |
COST OF GOODS SOLD - RELATED PARTIES | 606,414 | 395,029 | |
TOTAL COST OF GOODS SOLD | 1,730,104 | 2,308,565 | |
GROSS (LOSS) PROFIT | (187,163) | (19,185) | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (72,827) | (69,058) | |
EXCESS OVERHEAD DURING MAINTENANCE | (27,701) | 0 | |
IMPAIRMENT CHARGE | (973,860) | 0 | |
CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY | 70,423 | 91,018 | |
(LOSS) INCOME FROM OPERATIONS | (1,191,128) | 2,775 | |
OTHER INCOME (EXPENSE) | |||
Interest income | 7,242 | 21,385 | |
Finance/interest expense | (97,734) | (96,573) | |
Loss on disposal of equipment and intangible assets | (29) | (1,147) | |
Government grant | 2,056 | 327 | |
Income from equity investments | 342 | 139 | |
Foreign currency transaction (loss) gain | (3,174) | 786 | |
Lease income | 2,145 | 2,175 | |
Gain on deconsolidated of a subsidiary | 0 | 1,795 | |
Other non-operating income (expense), net | 1,063 | (39) | |
Other expense, net | (88,089) | (71,152) | |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (1,279,217) | (68,377) | |
PROVISION FOR INCOME TAXES | 603 | 269 | |
NET LOSS FROM OPERATIONS TO BE DISPOSED | (1,279,820) | (68,646) | |
Less: Net loss attributable to noncontrolling interest from operations disposed | (513,092) | (29,500) | |
NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | (766,728) | (39,146) | |
Operations to be disposed [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
SALES | 125 | 32 | |
COST OF GOODS SOLD | 242 | 13 | |
GROSS (LOSS) PROFIT | (117) | 19 | |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (13,394) | [1] | (1,309) |
(LOSS) INCOME FROM OPERATIONS | (13,511) | (1,290) | |
OTHER INCOME (EXPENSE) | |||
Finance/interest expense | 0 | (1) | |
Loss on disposal of equipment and intangible assets | (9) | 22 | |
Other non-operating income (expense), net | (160) | (389) | |
Other expense, net | (169) | (368) | |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (13,680) | (1,658) | |
PROVISION FOR INCOME TAXES | 0 | 0 | |
NET LOSS FROM OPERATIONS TO BE DISPOSED | (13,680) | (1,658) | |
Less: Net loss attributable to noncontrolling interest from operations disposed | (1,933) | (53) | |
NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ (11,747) | $ (1,605) | |
[1] | Included an impairment charge of $12.2 million in December 2015 associated with Catalon intangible assets (See Note 21) |
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 | 12 Months Ended | |||||||||||||||||||
Aug. 31, 2016USD ($) | Nov. 22, 2014 | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)¥ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares¥ / sharesshares | Dec. 31, 2013 | Dec. 31, 2016USD ($) | Aug. 31, 2016CNY (¥) | Mar. 21, 2016USD ($) | Feb. 16, 2016 | Jan. 20, 2016 | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 30, 2015USD ($) | Dec. 31, 2014CNY (¥)¥ / sharesshares | Apr. 29, 2011 | |||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Working Capital | $ 75,900,000 | $ 75,900,000 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent, Total | $ 2,000,000 | $ 600,000 | ||||||||||||||||||||
Foreign Currency Exchange Translation Rate Balance Sheet Items | (per share) | $ 1 | $ 1 | ¥ 6.49 | ¥ 6.14 | ||||||||||||||||||
Foreign Currency Exchange Average Translation Rate | ¥ / shares | $ 6.23 | $ 6.14 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Profit Sharing Liability | 110,600,000 | $ 110,600,000 | ||||||||||||||||||||
Gain Loss On Change In Fair Value Of Profit Sharing Liability | $ 12,900,000 | 91,000,000 | ||||||||||||||||||||
Shipping, Handling and Transportation Costs | $ 26,900,000 | $ 25,500,000 | ||||||||||||||||||||
Treasury Stock, Shares | shares | 494,462 | 494,462 | 494,462 | 494,462 | 494,462 | 494,462 | ||||||||||||||||
Due from Related Parties | $ 0 | $ 0 | $ 39,734,000 | $ 39,734,000 | ||||||||||||||||||
Decreased Percentage Of Estimated Future Results | 40.00% | 0.40% | ||||||||||||||||||||
Decreased Percentage Of Profit Sharing | 1.75% | |||||||||||||||||||||
Gross Loss | $ (187,280,000) | $ (19,166,000) | ||||||||||||||||||||
Impairment of plant and equipment | $ 973,900,000 | $ 12,200,000 | ||||||||||||||||||||
Projected Selling Price Percentage | 19.00% | |||||||||||||||||||||
Reduction in Forecast Percentage | 12.00% | |||||||||||||||||||||
Investment Income, Net, Total | $ 300,000 | $ 100,000 | ||||||||||||||||||||
Profit Sharing Period | 11 years 3 months 29 days | |||||||||||||||||||||
Liabilities, Current, Total | 78,161,000 | 78,161,000 | $ 2,251,413,000 | 2,251,413,000 | ||||||||||||||||||
Net Projected Cash | 4,800,000 | 4,800,000 | ||||||||||||||||||||
Other Accounts Payable and Accrued Liabilities | 636,000 | 636,000 | 26,000 | 26,000 | ||||||||||||||||||
Other Payable Related Parties | 42,756,000 | 42,756,000 | 25,000 | 25,000 | ||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | (1,252,810,000) | (1,252,810,000) | (463,521,000) | (463,521,000) | ||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 14,886,000 | $ 14,886,000 | 0 | 0 | ||||||||||||||||||
Scenario, Forecast [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Capital Units, Adjustment for Market Changes | $ 0 | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 5,300,000 | |||||||||||||||||||||
Catalon Chemical Corp [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.50% | 15.50% | 15.50% | |||||||||||||||||||
Cash and Cash Equivalents Including Restricted Cash | $ 24,000 | $ 24,000 | ||||||||||||||||||||
Related Party Transaction, Due from (to) Related Party, Total | 2,300,000 | 2,300,000 | ||||||||||||||||||||
Other Accounts Payable and Accrued Liabilities | 900,000 | 900,000 | ||||||||||||||||||||
Other Payable Related Parties | 1,400,000 | $ 1,400,000 | ||||||||||||||||||||
Convertible Common Stock [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 25,200,000 | |||||||||||||||||||||
Series B Preferred Stock [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 19,900,000 | |||||||||||||||||||||
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% | |||||||||||||||||||||
Market Conditions Three [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Interest and Debt Expense, Total | 21,900,000 | 49,300,000 | ||||||||||||||||||||
ASC 605-45, Revenue Recognition [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Cost of Goods Sold | 336,600,000 | 335,000,000 | ||||||||||||||||||||
Gross Loss | $ 1,000,000 | $ (500,000) | ||||||||||||||||||||
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] | ||||||||||||||||||||||
Cash and Cash Equivalents Including Restricted Cash | $ 367,200,000 | 367,200,000 | ||||||||||||||||||||
Concentration Risk, Percentage | 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. | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Proceeds From Sale Of Equity Interest | $ 40,400,000 | ¥ 262.3 | ||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 5.00% | 5.00% | 5.00% | |||||||||||||||||||
Percentage Of Ownership, Significant Influence | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
Value Added Tax Rate | 17.00% | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 3,000,000 | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 3.00% | 3.00% | 3.00% | |||||||||||||||||||
Percentage Of Ownership, Significant Influence | 20.00% | 20.00% | 20.00% | |||||||||||||||||||
Value Added Tax Rate | 13.00% | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,000,000 | |||||||||||||||||||||
Customer One [Member] | Sales [Member] | Customer Concentration Risk [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Concentration Risk, Percentage | 15.10% | 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] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Concentration Risk, Percentage | 96.20% | 32.10% | ||||||||||||||||||||
One Suppliers [Member] | Purchases [Member] | Supplier Concentration Risk [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Concentration Risk, Percentage | 10.00% | |||||||||||||||||||||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Deposits Assets | $ 0 | $ 0 | $ 1,000,000 | 1,000,000 | ||||||||||||||||||
PRC Bank [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Cash and Cash Equivalents Including Restricted Cash | 40,000 | 40,000 | $ 367,200,000 | $ 367,200,000 | ||||||||||||||||||
US And Hongkong Bank [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Cash Surrender Value of Life Insurance | $ 20,000 | $ 20,000 | ||||||||||||||||||||
Longmen Joint Venture [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 60.00% | [1] | 60.00% | [1] | 24.10% | 24.10% | 60.00% | [1] | 24.10% | 60.00% | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | 40.00% | 40.00% | |||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 1,200,000 | $ 1,200,000 | ||||||||||||||||||||
Maoming Hengda Steel Company Ltd [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [2] | 99.00% | 99.00% | 99.00% | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | 1.00% | 1.00% | |||||||||||||||||||
Finite lived Intangible Asset Acquired | $ 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 | 2,054 | |||||||||||||||||||||
Liabilities, Current, Total | $ 78,161,000 | 78,161,000 | ||||||||||||||||||||
Net Projected Cash | $ (4,816,000) | $ (4,816,000) | ||||||||||||||||||||
Maoming Hengda Steel Company Ltd [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | |||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||||||||||||||||||||
Liabilities, Current, Total | $ 28,800,000 | |||||||||||||||||||||
Baotou Iron and Steel Group [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Percentage Of Equity Interest Sold | 80.00% | 80.00% | 80.00% | |||||||||||||||||||
Proceeds From Sale Of Equity Interest | $ 700,000 | $ 700,000 | ¥ 4 | |||||||||||||||||||
Yangpu Shengtong Investment Co Ltd [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 99.10% | 99.10% | 99.10% | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.90% | 0.90% | 0.90% | |||||||||||||||||||
Tianjin Qiu Steel Investment Co Ltd [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 98.70% | 98.70% | 98.70% | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.30% | 1.30% | 1.30% | |||||||||||||||||||
Tianwu General Steel Material Trading Co Ltd [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | ||||||||||||||||
Due from Related Parties | $ 14,900,000 | $ 14,900,000 | ¥ 96.6 | |||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 14,900,000 | 14,900,000 | $ 15,700,000 | $ 15,700,000 | ||||||||||||||||||
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 | ¥ 14.6 | |||||||||||||||||||
General Steel (China) [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Equity Method Investment, Quoted Market Value | $ 1,000,000 | |||||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | 1,000,000,000 | |||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Net Consideration | 1,000,000 | |||||||||||||||||||||
Additional Paid in Capital, Net Consideration | $ 1,000,000,000 | |||||||||||||||||||||
Tianjin Shuangsi [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Liabilities, Current, Total | $ 78,200,000 | $ 78,200,000 | ||||||||||||||||||||
Tianjin Shuangsi [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||||||
[1] | On December 30, 2015, the Company entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $1 million to Victory Energy Resource Limited, a HK registered company indirectly-owned by Henry Yu, the Company's Chairman. As a result of this transaction, the Company met the criteria under ASC 810-10-40-4 to deconsolidate General Steel (China), General Shengyuan, Yangpu Shengtong, Qiu Steel, and Longmen Joint Venture and subsidiaries at disposal date. The disposed entities’ net loss through the disposal date were consolidated and presented as operations disposed for the years ended December 31, 2015 and 2014 in the consolidated financial statements. Certain prior period data has been reclassified to conform to the current year presentation and to reflect the results of operations disposed. See Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. | |||||||||||||||||||||
[2] | See Note 1 “Organization and Operations” and Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. |
Loans receivable - held for s61
Loans receivable - held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Loan to unrelated party | $ 0 | $ 36,001 |
Loans receivable - held for s62
Loans receivable - held for sale (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Loans receivable - related parties | $ 0 | $ 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 | $ 0 | $ 6,099 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Loans receivable - held for s63
Loans receivable - held for sale (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Interest Income Related Party | $ 0 | $ 8.2 |
Long Steel Group [Member] | ||
Related Party Transaction [Line Items] | ||
Loans Receivable Maturity Date | due on demand | |
Loans Receivable Interest Rate Stated Percentage | 8.00% | |
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% | |
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% | |
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% |
Accounts receivable (includin64
Accounts receivable (including related parties), net - held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 342 | $ 9,804 |
Less: allowance for doubtful accounts | 0 | (483) |
Accounts receivable - related parties | 0 | 8,624 |
Less: allowance for doubtful accounts - related parties | 0 | (126) |
Net accounts receivable - held for sale | $ 342 | $ 17,819 |
Accounts receivable (includin65
Accounts receivable (including related parties), net - held for sale (Details 1) - Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 609 | $ 1,053 |
Charge to expense | 201 | 368 |
Less recovery | 0 | (8) |
Deconsolidation | (769) | (798) |
Exchange rate effect | (41) | (6) |
Ending balance | $ 0 | $ 609 |
Other receivables (including 66
Other receivables (including related parties), net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other receivables | $ 174 | $ 73,944 |
Less: allowance for doubtful accounts | 0 | (10,198) |
Other receivables - related parties | 0 | 39,734 |
Less: allowance for doubtful accounts - related parties | 0 | (64) |
Net other receivables | 174 | 103,416 |
Less: other receivables, net held for sale | (11) | (102,035) |
Net other receivables - continuing operations | $ 163 | $ 1,381 |
Other receivables (including 67
Other receivables (including related parties), net (Details 1) - Other Receivables [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 10,262 | $ 2,606 |
Charge to expense | 5,007 | 7,670 |
Less recovery | (5) | (6) |
Less: deconsolidation | (15,119) | 0 |
Exchange rate effect | (145) | (8) |
Ending balance | 0 | 10,262 |
Less: balance held for sale | 0 | (10,262) |
Ending balance - continuing operations | $ 0 | $ 0 |
Inventories - held for sale (De
Inventories - held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Line Items] | |||
Supplies | $ 0 | $ 18,838 | |
Raw materials | 0 | 143,563 | |
Finished goods | 0 | 12,301 | |
Less: allowance for inventory valuation | 0 | (18,375) | $ (15,397) |
Inventories - held for sale | $ 0 | $ 156,327 |
Inventories - held for sale (69
Inventories - held for sale (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | ||
Beginning balance | $ 18,375 | $ 15,397 |
Addition | 22,192 | 18,362 |
Less: write-off | (18,115) | (15,311) |
Less: inventory disposed of - Note 2(v) | (22,192) | 0 |
Exchange rate effect | (260) | (73) |
Ending balance | $ 0 | $ 18,375 |
Inventories - held for sale (70
Inventories - held for sale (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Valuation Reserves | $ 0 | $ 18,375 | $ 15,397 |
Advances on inventory purchas71
Advances on inventory purchases - held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Advances on inventory purchases [Line Items] | ||
Advances on inventory purchases | $ 439 | $ 76,320 |
Less: allowance for doubtful accounts | (439) | (2,501) |
Advances on inventory purchases - related parties | 0 | 45,617 |
Net advances on inventory purchases - held for sale | $ 0 | $ 119,436 |
Advances on inventory purchas72
Advances on inventory purchases - held for sale (Details 1) - Advances On Inventory Purchases [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Advances on inventory purchases [Line Items] | ||
Beginning balance | $ 2,501 | $ 105 |
Charge to expense | 0 | 2,395 |
Less recovery | (462) | 0 |
Less deconsolidation | (1,927) | 0 |
Exchange rate effect | 327 | 1 |
Ending balance | $ 439 | $ 2,501 |
Plant and equipment, net - he73
Plant and equipment, net - held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Buildings and improvements | $ 21,895 | $ 279,776 |
Machinery | 9,344 | 669,427 |
Machinery under capital lease | 262 | 626,735 |
Transportation and other equipment | 0 | 22,765 |
Construction in progress | 0 | 342,660 |
Subtotal | 31,501 | 1,941,363 |
Less: accumulated depreciation | (14,908) | (398,227) |
Plant and equipment, net - held for sale | $ 16,593 | $ 1,543,136 |
Plant and equipment, net - he74
Plant and equipment, net - held for sale (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Machinery | $ 262 | $ 626,735 |
Machinery and Equipment [Member] | Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Machinery | 0 | 626,735 |
Less: accumulated depreciation | 0 | (107,782) |
Carrying value of leased assets - held for sale | $ 0 | $ 518,953 |
Plant and equipment, net - he75
Plant and equipment, net - held for sale (Details Textual) $ in Millions, ¥ in Billions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2015CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Lease Expiration Date | Apr. 30, 2031 | |||
Impairment of Long-Lived Assets to be Disposed of | $ 973.9 | ¥ 6 | ||
Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Depreciation | $ 78.2 | $ 94.2 | ||
Segment To Be Disposed Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Depreciation | 1.3 | 1.1 | ||
Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 31 | $ 31.1 |
Intangible assets, net - held76
Intangible assets, net - held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 2,568 | $ 34,231 |
Less: Accumulated amortization | (545) | (11,271) |
Less: intangible assets, net held for sale | 2,023 | 22,960 |
Land use rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,558 | 30,726 |
Less: Accumulated amortization | (535) | (9,127) |
Mining right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 2,447 |
Less: Accumulated amortization | 0 | (1,431) |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 10 | 1,058 |
Less: Accumulated amortization | $ (10) | $ (713) |
Intangible assets, net - held77
Intangible assets, net - held for sale (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Estimated amortization and depletion expenses, December 31, 2016 | $ 52 |
Estimated amortization and depletion expenses, December 31, 2017 | 52 |
Estimated amortization and depletion expenses, December 31, 2018 | 52 |
Estimated amortization and depletion expenses, December 31, 2019 | 52 |
Estimated amortization and depletion expenses, December 31, 2020 | 52 |
Estimated amortization and depletion expenses, Thereafter | 1,763 |
Estimated amortization and depletion expenses, Total | 2,023 |
Gross carrying amount, December 31, 2016 | 1,971 |
Gross carrying amount, December 31, 2017 | 1,919 |
Gross carrying amount, December 31, 2018 | 1,867 |
Gross carrying amount, December 31, 2019 | 1,815 |
Gross carrying amount, December 31, 2020 | 1,763 |
Gross carrying amount, Thereafter | $ 0 |
Intangible assets, net - held78
Intangible assets, net - held for sale (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 39 years | |
Finite-Lived Intangible Assets, Gross | $ 2,568 | $ 34,231 |
Discontinued Operations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 800 | 900 |
Depletion | $ 200 | $ 100 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term notes payable | $ 0 | $ 661,635 |
General Steel China Notes Payable To China Agricultural Bank [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term notes payable | 0 | 22,806 |
Longmen Joint Venture Notes Payable To Various Banks In China [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term notes payable | $ 0 | $ 638,829 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term loans - bank | $ 0 | $ 257,502 |
General Steel China Loans From Various Banks In China [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - bank | 0 | 40,562 |
Longmen Joint Venture Loans from various banks in China [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - bank | $ 0 | $ 216,940 |
Debt (Details 2)
Debt (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term loans - others | $ 4,061 | $ 60,717 |
Less: short-term loans - others - held for sale | (461) | (60,717) |
Short-term loans - others - continuing operations | 3,600 | 0 |
Longmen Joint Venture Loans from various unrelated companies and individuals [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 0 | 16,999 |
Longmen Joint Venture Loans from financing sales [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 0 | 37,525 |
Maoming Hengda Loans from one unrelated parties and one related party [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 461 | 6,193 |
General Steel (China): Loan from unrelated party [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | $ 3,600 | $ 0 |
Debt (Details 3)
Debt (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | $ 0 | $ 46,380 |
General Steel China Loans From Yangpu Capital Automobile [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | 0 | 670 |
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 Loans From Financing Sales [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - related parties | $ 0 | $ 45,582 |
Debt (Details 4)
Debt (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Longmen Joint Venture: Loans from Shaanxi Steel Group | $ 0 | $ 339,549 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Percentage Of Transaction Fee | 0.05% | |
Short Term Borrowings, Default | $ 4.7 | |
Financing Sales | $ 329.3 | 922.6 |
Financial Services Costs | 1.5 | 4.2 |
Debt Instrument, Collateral Amount | 0 | 96.9 |
Disposal Group, Including Discontinued Operation, Interest Expense | 55.6 | 26.1 |
Disposal Group, Including Discontinued Operation, Restricted Notes Receivable Guarantee For Notes Payable | 0 | 339.4 |
Disposal Group Including Discontinued Operation Interest Costs Capitalized | $ 8.8 | 11.9 |
General Steel China Notes Payable To Various Banks In China [Member] | ||
Debt Instrument [Line Items] | ||
Restricted Cash and Cash Equivalents Guarantee For Notes Payable | $ 14.7 | |
Debt Instrument Maturity Dates | due various dates from January to June 2015 | |
Longmen Joint Venture Loans From Various Unrelated Companies and Individuals [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Dates | due various dates from January to September 2015 | |
Debt, Weighted Average Interest Rate | 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 | $ 324.7 | |
Debt Instrument Maturity Dates | due various dates from January to October 2014 | |
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 Yangpu Capital Automobile [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Dates | due on demand | |
Debt, Weighted Average Interest Rate | 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% | |
Longmen Joint Venture Loans from various banks in China [Member] | ||
Debt Instrument [Line Items] | ||
Restricted Cash and Cash Equivalents Guarantee For Notes Payable | 16.3 | |
Restricted Notes Receivable Guarantee For Notes Payable | $ 111.8 | |
Debt Instrument Maturity Dates | due various dates from January to November 2015. | |
Debt, Weighted Average Interest Rate | 7.10% | |
General Steel China Loans From Various Banks In China [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Dates | due various dates from January to August 2015 | |
Debt, Weighted Average Interest Rate | 7.20% | |
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 to demand | |
Debt, Weighted Average Interest Rate | 5.00% | |
Maoming Hengda Loans From One Unrelated Parties and One Related Party [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Dates | due on demand | |
Maximum [Member] | Longmen Joint Venture Loans From Financing Sales [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 12.00% | |
Maximum [Member] | Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 8.00% | |
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% | |
Minimum [Member] | Longmen Joint Venture Loans From Financing Sales [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 4.60% | |
Minimum [Member] | Longmen Joint Venture Loans From Shaanxi Steel Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.60% | |
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% |
Customer deposits - held for 85
Customer deposits - held for sale (Details Textual) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Customer Deposits [Line Items] | ||
Customer Deposits Including Related Parties | $ 0 | $ 132.6 |
Disposal Group Including Discontinued Operation Customer Deposits | $ 0 | $ 225.6 |
Deposits due to sales represe86
Deposits due to sales representatives - held for sale (Details Textual) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits Due To Sales Representative Including Related Parties | $ 0 | $ 20.4 |
Due to Related Parties, Current | $ 0 | $ 2.5 |
Supplemental disclosure of ca87
Supplemental disclosure of cash flow information (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 23, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||||
Interest Paid, Net | $ 9,100 | $ 10,400 | ||
Income Taxes Paid | 200 | 200 | ||
Disposal Of Equipment Value | 43,000 | |||
Inventory Productions, Equipment Conversion | 57,000 | |||
Inventory Utilized In Plant and Equipment Construction | 21,300 | 4,200 | ||
Repayment Of Accounts Payable Related Party | 24,900 | |||
Construction in Progress Expenditures Incurred but Not yet Paid | 130,400 | |||
Notes Receivable Converted To Cash | 24,400 | 2,500 | ||
Stock Issued During Period, Value, Issued for Services | 4,089 | 846 | ||
Liabilities Assumed | 3,600 | |||
Other Receivable Assumed | 2,600 | |||
Unpaid Equity Investment | 56,200 | |||
Stock Issued | $ 8,300 | |||
Fair Value of Assets Acquired | 5,900 | |||
Receivable from Sale of Baotou Steel Operation | $ 700 | |||
Common Stock [Member] | ||||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||||
Stock Issued During Period, Value, Issued for Services | [1] | 1 | ||
Consultant [Member] | Common Stock [Member] | ||||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||||
Stock Issued During Period, Value, Issued for Services | $ 500 | |||
[1] | Given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015 |
Deferred lease income - opera88
Deferred lease income - operations disposed (Details Textual) $ in Thousands, ¥ in Millions | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2010USD ($) | Dec. 31, 2010CNY (¥) | Mar. 31, 2011USD ($) | Mar. 31, 2011CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | 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 | $ 2,100 | $ 2,200 | |||||||||
Deferred Revenue, Leases, Net, Total | 0 | 74,889 | $ 77,444 | ||||||||
Deferred Revenue, Leases, Current | $ 0 | $ 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 - o89
Capital lease obligations - operations disposed (Details Textual) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 29, 2011 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2011 | |
Schedule Of Capital Leased Obligation [Line Items] | |||||
Interest Expense On Minimum Lease Payments | $ 20.2 | $ 21.3 | |||
Shaanxi Iron and Steel Group [Member] | |||||
Schedule Of Capital Leased Obligation [Line Items] | |||||
Capital Lease Agreement Term | 20 years | 20 years | |||
Classification Of Lease, Percentage Base | 75.00% | ||||
Unified Management Agreement, Percentage Of Pretax Profit | 40.00% | ||||
Unified Management Agreement, Cost Of Asset | $ 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 - op90
Profit sharing liability - operations disposed (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Profit Sharing Liability | $ 110,600,000 | |
General Steel China [Member] | ||
Profit Sharing Liability | $ 0 |
Other income (expense) - oper91
Other income (expense) - operations disposed (Details Textual) $ in Thousands, ¥ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2014CNY (¥) | |
Retained Earnings (Accumulated Deficit), Total | $ (1,252,810) | $ (463,521) | |||
Capital Leases, Income Statement, Lease Revenue, Total | 2,100 | 2,200 | |||
Government [Member] | Longmen Joint Venture [Member] | |||||
Revenue from Grants | 2,100 | ¥ 12.8 | $ 300 | ¥ 2 | |
Government [Member] | Longmen Joint Venture [Member] | Local Business Growth Awards [Member] | |||||
Revenue from Grants | 200 | ||||
Government [Member] | Longmen Joint Venture [Member] | Technology Innovation Award [Member] | |||||
Revenue from Grants | 30 | ||||
Government [Member] | Longmen Joint Venture [Member] | Technology Upgrade Fund [Member] | |||||
Revenue from Grants | 800 | ||||
Government [Member] | Longmen Joint Venture [Member] | Bank loan Interest Reimbursement [Member] | |||||
Revenue from Grants | 100 | ||||
Government [Member] | Longmen Joint Venture [Member] | Unemployment Insurance Grants [Member] | |||||
Revenue from Grants | $ 900 | ||||
Baotou Steel [Member] | |||||
Percentage Of Equity Interest Sold | 80.00% | 80.00% | |||
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | $ 300 | ||||
Deconsolidation, Gain (Loss), Amount | 1,800 | ||||
Noncontrolling Interest, independent third-party valuation, Amount | 400 | ¥ 2.2 | |||
Proceeds from Divestiture of Businesses | 700 | ¥ 4 | |||
Retained Earnings (Accumulated Deficit), Total | $ (1,800) | ¥ 11 |
Taxes (Details)
Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes [Line Items] | ||
Current | $ 603 | $ 269 |
Deferred | 0 | 0 |
Total provision for income taxes | 603 | 269 |
Operations disposed | (603) | (269) |
Continuing operations | $ 0 | $ 0 |
Taxes (Details 1)
Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Taxes [Line Items] | |||
U.S. Statutory rates | 34.00% | 34.00% | |
Foreign income not recognized in the U.S. | (34.00%) | (34.00%) | |
China income tax rate | 25.00% | 25.00% | |
Effect of tax rate differential of subsidiaries/VIE | (9.10%) | (9.50%) | |
Effect of change in deferred tax assets valuation allowance | (15.30%) | (23.50%) | |
Effect of permanent difference - change in fair value of profit sharing liability | 0.90% | 17.50% | |
Effect of permanent difference - capital lease obligation for iron and steel production facilities | (1.10%) | (9.40%) | |
Nondeductible expenses | (0.40%) | (0.40%) | |
Total provision for income taxes | [1] | 0.00% | (0.30%) |
[1] | The negative effective tax rates for the years ended December 31, 2015 and 2014 were mainly due to a consolidated loss before income tax while the Company provided 100% valuation allowance for the deferred tax assets at subsidiaries with losses and incurred income tax expenses in our profitable subsidiaries. |
Taxes (Details 2)
Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Taxes [Line Items] | |||
Beginning balance | $ 0 | $ 0 | |
Effective tax rate | [1] | 0.00% | (0.30%) |
Addition in valuation allowance | $ (190,899) | $ (18,337) | |
Exchange difference | 7,726 | (12) | |
Net operating losses carried forward | 7,140 | 5,064 | |
Total (A+B+C+D+E+F+G+H) | $ 0 | $ 0 | |
Subsidiaries [Member] | |||
Taxes [Line Items] | |||
Effective tax rate | 25.00% | 25.00% | |
Addition (deduction) in deferred tax asset | $ 1,785 | $ 1,266 | |
Longmen Joint Venture and Subsidiaries [Member] | |||
Taxes [Line Items] | |||
Effective tax rate | 15.00% | 15.00% | |
Addition (deduction) in deferred tax asset | $ 47,554 | $ 15,647 | |
Net operating losses carried forward | $ 317,027 | $ 104,313 | |
Subsidiaries One [Member] | |||
Taxes [Line Items] | |||
Effective tax rate | 25.00% | 25.00% | |
Addition (deduction) in deferred tax asset | $ (248) | $ 737 | |
Deferred Tax Assets, Other Loss Carryforwards | $ (991) | $ 2,947 | |
Subsidiaries Two [Member] | |||
Taxes [Line Items] | |||
Effective tax rate | 15.00% | 15.00% | |
Addition (deduction) in deferred tax asset | $ 134,082 | $ 699 | |
Deferred Tax Assets, Other Loss Carryforwards | $ 893,881 | $ 4,660 | |
[1] | The negative effective tax rates for the years ended December 31, 2015 and 2014 were mainly due to a consolidated loss before income tax while the Company provided 100% valuation allowance for the deferred tax assets at subsidiaries with losses and incurred income tax expenses in our profitable subsidiaries. |
Taxes (Details 3)
Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes [Line Items] | ||
Beginning balance | $ 114,820 | $ 97,569 |
Current period addition | 192,182 | 18,951 |
Current period reversal | (1,283) | (614) |
Disposal and sale of subsidiaries | (299,499) | (625) |
Exchange difference | (2,148) | (461) |
Ending balance - held for sale | $ 4,072 | $ 114,820 |
Taxes (Details 4)
Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Taxes [Line Items] | ||
VAT taxes payable | $ 0 | $ 3,147 |
Income taxes payable | 0 | 243 |
Misc. taxes | 14 | 1,811 |
Totals | 14 | 5,201 |
Less: taxes payable held for sale | 0 | (5,199) |
Taxes payable - continuing operations | $ 14 | $ 2 |
Taxes (Details Textual)
Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | [1] | 0.00% | (0.30%) | ||
Percentage Of Deferred Tax Asset | 100.00% | ||||
Net operating losses carried forward | $ 7,140 | $ 5,064 | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 190,899 | 18,337 | |||
Value Added Tax Receivable | 0 | 3,200 | |||
Deferred Tax Assets, Valuation Allowance | $ 4,072 | $ 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 $8.0 million, which may be available to reduce future years taxable income. | ||||
Deferred Tax Asset Valuation Allowance Percentage | 100.00% | 100.00% | [1] | ||
Tax Rate Concession Percentage | 15.00% | ||||
Deferred Tax Assets Valuation Period | 5 years | ||||
Continuing Operations [Member] | |||||
Taxes [Line Items] | |||||
Value Added Tax On Sales | $ 654,400 | $ 852,900 | |||
Value Added Tax On Purchases | 635,800 | 835,200 | |||
Discontinued Operations [Member] | |||||
Taxes [Line Items] | |||||
Net operating losses carried forward | 930,600 | ||||
Deferred Tax Assets, Valuation Allowance | $ 4,100 | $ 114,800 | |||
Operating Loss Carryforwards, Date Expiration | 2,016 | ||||
Segment To Be Disposed Operations [Member] | |||||
Taxes [Line Items] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 4,000 | ||||
Operating Loss Carryforwards, Date Expiration | 2,016 | ||||
UNITED STATES [Member] | |||||
Taxes [Line Items] | |||||
Percentage Of Deferred Tax Asset | 100.00% | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 1,600 | ||||
Deferred Tax Assets, Valuation Allowance | $ 2,700 | ||||
Subsidiaries [Member] | |||||
Taxes [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 25.00% | 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% | ||||
[1] | The negative effective tax rates for the years ended December 31, 2015 and 2014 were mainly due to a consolidated loss before income tax while the Company provided 100% valuation allowance for the deferred tax assets at subsidiaries with losses and incurred income tax expenses in our profitable subsidiaries. |
Related party transactions an98
Related party transactions and balances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Machinery | $ 262 | $ 626,735 |
Shaanxi Coal and Shaanxi Steel [Member] | ||
Related Party Transaction [Line Items] | ||
Machinery | 0 | 602,878 |
Less: accumulated depreciation | 0 | (105,001) |
Carrying value of leased assets | $ 0 | $ 497,877 |
Related party transactions an99
Related party transactions and balances (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 549,197 | $ 389,120 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Revenue from Related Parties | $ 76,939 | 164,879 | |
Tianjin Dazhan Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Revenue from Related Parties | [2] | $ 1,956 | 0 |
Shaanxi Haiyan Trade Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [3] | Significant influence by Long Steel Group | |
Revenue from Related Parties | [3] | $ 45,031 | 40,224 |
Shaanxi Shenganda Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Revenue from Related Parties | $ 23,974 | 112,231 | |
Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | ||
Revenue from Related Parties | $ 304,086 | 2,527 | |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | ||
Revenue from Related Parties | $ 67,293 | 46,637 | |
Shaanxi Long Steel Group Baoji Steel Rolling Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Subsidiary of Long Steel Group | ||
Revenue from Related Parties | $ 28,882 | 13,739 | |
Shaanxi Junlong Rolling Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Investee of Long Steel Group | ||
Revenue from Related Parties | $ 0 | 8,883 | |
Tianjin Hengying Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Revenue from Related Parties | $ 763 | 0 | |
Tianwu General Steel International Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Investee of Tongyong Shengyuan | ||
Revenue from Related Parties | $ 273 | $ 0 | |
Shaanxi Coal and Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [2] | Partially owned by CEO through indirect shareholding | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), 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. Mr. Henry Yu. | ||
[3] | 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. |
Related party transactions a100
Related party transactions and balances (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 557,189 | $ 1,014,855 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Related Party Transaction, Purchases from Related Party | $ 177,436 | 382,075 | |
Hancheng Haiyan Coking Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Related Party Transaction, Purchases from Related Party | $ 89,755 | 166,719 | |
Xi'an Pinghe Metallurgical Raw Material Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | ||
Related Party Transaction, Purchases from Related Party | $ 3,446 | 20,009 | |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | ||
Related Party Transaction, Purchases from Related Party | $ 44,848 | 39,704 | |
Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | ||
Related Party Transaction, Purchases from Related Party | $ 131,822 | 172,249 | |
Tianjin Dazhan Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Related Party Transaction, Purchases from Related Party | $ 0 | 2,554 | |
Shaanxi Huafu New Energy Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by the Long Steel Group | ||
Related Party Transaction, Purchases from Related Party | $ 8,049 | 28,424 | |
Tianwu General Steel Material Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Investee of General Steel (China) | ||
Related Party Transaction, Purchases from Related Party | $ 95,261 | 121,304 | |
Tianjin General Qiugang Pipe Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Related Party Transaction, Purchases from Related Party | $ 0 | 19,422 | |
Tianjin Hengying Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Related Party Transaction, Purchases from Related Party | $ 0 | 45,623 | |
Maoming Shengze Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Related Party Transaction, Purchases from Related Party | $ 0 | 16,772 | |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | ||
Related Party Transaction, Purchases from Related Party | $ 701 | 0 | |
Shaaxi Shenganda Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Related Party Transaction, Purchases from Related Party | $ 5,871 | $ 0 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a101
Related party transactions and balances (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Loans receivable - related parties | $ 0 | $ 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 | 13,997 |
Tianjin Dazhan Industry 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 | 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 | $ 0 | $ 6,099 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a102
Related party transactions and balances (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Accounts receivable - related parties | $ 0 | $ 8,624 |
Long Steel Group [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | |
Accounts receivable - related parties | $ 0 | 148 |
Shaanxi Shenganda Trading Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Significant influence by Long Steel Group | |
Accounts receivable - related parties | $ 0 | 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 | $ 0 | 19 |
Shaanxi Steel [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Majority shareholder of Long Steel Group | |
Accounts receivable - related parties | $ 0 | 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 | $ 641 |
Related party transactions a103
Related party transactions and balances (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Other receivables - related parties | $ 0 | $ 39,734 | |
Less: other receivables - related parties held for sale | 0 | (38,489) | |
Other receivables - related parties - continuing operations | $ 0 | 1,245 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Other receivables - related parties | $ 0 | 165 | |
Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | ||
Other receivables - related parties | $ 0 | 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 | $ 0 | 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 | $ 0 | 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 | $ 0 | 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 | $ 0 | 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 | $ 0 | 528 | |
General Steel China Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other receivables - related parties | $ 0 | $ 0 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a104
Related party transactions and balances (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Advances on inventory purchase - related parties | $ 0 | $ 45,617 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Advances on inventory purchase - related parties | $ 0 | 7,139 | |
Shaanxi Shenganda Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Advances on inventory purchase - related parties | $ 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 | $ 0 | 3,807 | |
Tianjin General Qiugang Pipe Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Advances on inventory purchase - related parties | $ 0 | 7,091 | |
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 | $ 0 | $ 31 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a105
Related party transactions and balances (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Accounts payable - related parties | $ 0 | $ 207,783 | |
Hancheng Haiyan Coking Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Accounts payable - related parties | $ 0 | 64,276 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Accounts payable - related parties | $ 0 | 79,886 | |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | ||
Accounts payable - related parties | $ 0 | 23,726 | |
Tianjin Dazhan Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Accounts payable - related parties | $ 0 | 869 | |
Xi'an Pinghe Metallurgical Raw Material Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | ||
Accounts payable - related parties | $ 0 | 11,035 | |
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 | $ 0 | 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 | $ 0 | 36 | |
Tianjin General Qiugang Pipe Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Accounts payable - related parties | $ 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 | $ 0 | 22,916 | |
Maoming Shengze Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Accounts payable - related parties | $ 0 | 1,773 | |
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 | $ 0 | $ 58 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a106
Related party transactions and balances (Details 8) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Short term loans - related parties | $ 0 | $ 46,380 | |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | ||
Short term loans - related parties | $ 0 | 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 | $ 0 | 3,039 | |
Tianjin Dazhan Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Short term loans - related parties | $ 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 | $ 0 | $ 670 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a107
Related party transactions and balances (Details 9) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Other payables - related parties | $ 64,563 | $ 87,252 | |
Less: other payables - related parties held for sale | (21,807) | (87,227) | |
Other payables - related parties - continuing operations | $ 42,756 | 25 | |
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 | $ 0 | 378 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Other payables - related parties | $ 0 | 33,968 | |
Shaanxi Steel [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Majority shareholder of Long Steel Group | ||
Other payables - related parties | $ 0 | 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 | $ 28 | 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 | $ 0 | 399 | |
Tianjin Dazhan Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 0 | 3,883 | |
Maoming Shengze Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other payables - related parties | $ 483 | 2,775 | |
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 | $ 0 | 507 | |
Lindenburg Investment Management Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Minority Shareholder of Catalon Chemical | ||
Other payables - related parties | $ 1,405 | 0 | |
Tianjin Qiu Steel Investment Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other payables - related parties | $ 38,987 | 0 | |
General Steel China Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other payables - related parties | $ 23,660 | $ 0 | |
[1] | The Company reclassified advances for inventory purchase - related parties related to trading transactions, as noted in Note 2(l), to loans receivable - related parties due to their interest-bearing nature. |
Related party transactions a108
Related party transactions and balances (Details 10) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Customer deposits - related parties | $ 0 | $ 132,616 | |
Shaanxi Yuchang Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Significant influence by Long Steel Group | ||
Customer deposits - related parties | $ 0 | 10 | |
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Shareholder of Shaanxi Steel | ||
Customer deposits - related parties | $ 0 | 4,467 | |
Shaanxi Haiyan Trade Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | [1] | Significant influence by Long Steel Group | |
Customer deposits - related parties | $ 0 | 6,844 | |
Long Steel Group [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | ||
Customer deposits - related parties | $ 0 | 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 | $ 0 | 57 | |
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 | $ 0 | $ 97,721 | |
[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. |
Related party transactions a109
Related party transactions and balances (Details 11) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Deposit due to sales representatives - related parties | $ 0 | $ 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 | $ 0 | 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 | 1,075 |
Long Steel Group [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | |
Deposit due to sales representatives - related parties | $ 0 | 196 |
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 | $ 0 | $ 586 |
Related party transactions a110
Related party transactions and balances (Details 12) - Shaanxi Steel [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Related Party Relationship | Majority shareholder of Long Steel Group | |
Long-term loans - related party | $ 0 | $ 339,549 |
Related party transactions a111
Related party transactions and balances (Details 13) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Beginning balance | $ 74,889 | $ 77,444 |
Less: Lease income realized | (2,100) | (2,200) |
Exchange rate effect | (2,278) | (379) |
Disposed on December 30, 2015 | (70,466) | 0 |
Ending balance | 0 | 74,889 |
Current portion | $ 0 | (2,176) |
Noncurrent portion | $ 72,713 |
Related party transactions a112
Related party transactions and balances (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Related Party Loans Secured | $ 0 | $ 82.3 |
Capital Leases, Income Statement, Lease Revenue | 2.1 | 2.2 |
Continuing Operations [Member] | ||
Related Party Transaction [Line Items] | ||
Cost Of Goods Sold From Related Parties | 272.9 | 204.2 |
Victory Energy Resource Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Sale of Stock, Consideration Received on Transaction | 1 | |
Shaanxi Steel [Member] | Discontinued Operations [Member] | ||
Related Party Transaction [Line Items] | ||
Capital Leases, Income Statement, Lease Revenue | $ 2.1 | $ 2.2 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ (217,082) | |
Net income (loss) attributable to noncontrolling interest | 0 | $ 0 |
Usage of special reserve | (535) | (760) |
Contribution commitment from noncontrolling interest | 489 | |
Contribution receivable from noncontrolling interest | (489) | |
Deconsolidation of a subsidiary | 640 | |
Balance | (554) | (217,082) |
Noncontrolling Interest [Member] | ||
Balance | (217,082) | (188,911) |
Net income (loss) attributable to noncontrolling interest | (515,025) | (29,553) |
Addition to special reserve | 416 | 451 |
Usage of special reserve | (283) | (384) |
Contribution commitment from noncontrolling interest | 489 | |
Contribution receivable from noncontrolling interest | (489) | |
Acquisition of Catalon | 1,526 | |
Deconsolidation of a subsidiary | 698,311 | 414 |
Foreign currency translation adjustments | 31,583 | 901 |
Balance | (554) | (217,082) |
Baotou Steel [Member] | Noncontrolling Interest [Member] | ||
Balance | 0 | (281) |
Net income (loss) attributable to noncontrolling interest | (78) | |
Addition to special reserve | 0 | |
Usage of special reserve | 0 | |
Deconsolidation of a subsidiary | 414 | |
Foreign currency translation adjustments | (55) | |
Balance | 0 | |
Non Controlling Interest Others Excluding Baotou Steel [Member] | Noncontrolling Interest [Member] | ||
Balance | (217,082) | (188,630) |
Net income (loss) attributable to noncontrolling interest | (29,475) | |
Addition to special reserve | 451 | |
Usage of special reserve | (384) | |
Deconsolidation of a subsidiary | 0 | |
Foreign currency translation adjustments | 956 | |
Balance | (217,082) | |
Non Controlling Interest Others [Member] | Noncontrolling Interest [Member] | ||
Balance | (121) | |
Net income (loss) attributable to noncontrolling interest | (1,933) | |
Addition to special reserve | 0 | |
Usage of special reserve | 0 | |
Contribution commitment from noncontrolling interest | 0 | |
Contribution receivable from noncontrolling interest | 0 | |
Acquisition of Catalon | 1,526 | |
Deconsolidation of a subsidiary | 0 | |
Foreign currency translation adjustments | (26) | |
Balance | (554) | (121) |
Non Controlling Interest Deconsolidated Subsidiaries [Member] | Noncontrolling Interest [Member] | ||
Balance | (216,961) | |
Net income (loss) attributable to noncontrolling interest | (513,092) | |
Addition to special reserve | 416 | |
Usage of special reserve | (283) | |
Contribution commitment from noncontrolling interest | 489 | |
Contribution receivable from noncontrolling interest | (489) | |
Acquisition of Catalon | 0 | |
Deconsolidation of a subsidiary | 698,311 | |
Foreign currency translation adjustments | 31,609 | |
Balance | $ 0 | $ (216,961) |
Equity (Details Textual)
Equity (Details Textual) $ / shares in Units, ¥ in Millions | Dec. 01, 2015$ / sharesshares | Jun. 09, 2015$ / sharesshares | Apr. 14, 2015$ / sharesshares | Dec. 26, 2014$ / sharesshares | Jul. 14, 2014USD ($)$ / sharesshares | Jul. 11, 2014$ / shares | Feb. 03, 2014$ / sharesshares | Dec. 30, 2015USD ($) | Oct. 29, 2015 | Oct. 23, 2015$ / sharesshares | Jul. 17, 2015$ / sharesshares | Aug. 21, 2014$ / sharesshares | May 18, 2007USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014CNY (¥)shares | Dec. 31, 2014CNY (¥)shares | Mar. 05, 2014$ / shares |
Stock Issued During Period, Shares, Issued for Services | 100,000 | 212,780 | 16,000 | 1,200,000 | 16,000 | |||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 4.9 | $ 3.20 | $ 5.05 | $ 3 | $ 5.20 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 7.50 | |||||||||||||||||
Common Stock, Par Or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,500,000 | $ 0 | $ 7,500,000 | |||||||||||||||
Retained Earnings (Accumulated Deficit), Total | $ | $ (1,252,810,000) | $ (463,521,000) | ||||||||||||||||
Common Stock, Shares, Issued | 17,802,357 | 12,891,718 | 12,891,718 | |||||||||||||||
Common Stock, Shares, Outstanding | 17,307,895 | 12,397,256 | 12,397,256 | |||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 reverse stock split | |||||||||||||||||
Stockholders Equity Attributable to Noncontrolling Interest | $ | $ (554,000) | $ (217,082,000) | ||||||||||||||||
General Steel China [Member] | ||||||||||||||||||
Proceeds from Divestiture of Businesses | $ | $ 1,000,000 | |||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | $ | 1,000,000,000 | |||||||||||||||||
Gain (Loss) on Disposition of Business | $ | $ 1,100,000 | |||||||||||||||||
Consultant [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 300,000 | 300,000 | ||||||||||||||||
Baotou Steel [Member] | ||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | $ (1,800,000) | ¥ 11 | ||||||||||||||||
Gain (Loss) on Disposition of Business | $ | 1,800,000 | |||||||||||||||||
Stockholders Equity Attributable to Noncontrolling Interest | $ 400,000 | ¥ 2.2 | ||||||||||||||||
Senior Management and Director [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 710,500 | 299,600 | ||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.33 | $ 3.85 | ||||||||||||||||
Zuosheng Yu [Member] | ||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 7.35 | $ 4.50 | ||||||||||||||||
Common Stock, Par Or Stated Value Per Share | $ / shares | $ 0.001 | |||||||||||||||||
Percentage Of Stock Owned Under Subscription Agreement | 44.70% | |||||||||||||||||
Tianjin Shuangjie Liansheng Rolled Steel Co Ltd [Member] | ||||||||||||||||||
Percentage Of Equity Interest Sold | 80.00% | 80.00% | ||||||||||||||||
Proceeds from Divestiture of Businesses | $ 700,000 | ¥ 4 | ||||||||||||||||
Victory New Holdings Limited [Member] | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||||||||||
Victory New Holdings Limited [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,092,899 | |||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ | $ 8,374,000 | |||||||||||||||||
Catalon Chemical Crop [Member] | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 13,000,000 | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 3.20 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 84.50% | |||||||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 2,600,000 | |||||||||||||||||
Stockholders' Equity, Reverse Stock Split | one-for-five reverse stock split | |||||||||||||||||
Catalon Chemical Crop [Member] | Maximum [Member] | ||||||||||||||||||
Common Stock, Shares, Issued | 85,456,588 | |||||||||||||||||
Common Stock, Shares, Outstanding | 85,456,588 | |||||||||||||||||
Catalon Chemical Crop [Member] | Minimum [Member] | ||||||||||||||||||
Common Stock, Shares, Issued | 17,091,857 | |||||||||||||||||
Common Stock, Shares, Outstanding | 17,091,857 |
Catalon Acquisition (Details)
Catalon Acquisition (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 66,980 |
Other current assets | 3,162,107 |
Equipment | 11,791 |
Intangible asset | 9,026,823 |
Total asset | 12,267,701 |
Total liabilities | (2,421,547) |
Net asset acquired | $ 9,846,154 |
Catalon Acquisition (Details Te
Catalon Acquisition (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Oct. 23, 2015 | Dec. 31, 2015 | Jul. 17, 2015 | Apr. 14, 2015 | Dec. 26, 2014 | Aug. 21, 2014 | Feb. 03, 2014 | |
Business Acquisition [Line Items] | |||||||
Shares Issued, Price Per Share | $ 3 | $ 4.9 | $ 3.20 | $ 5.20 | $ 5.05 | ||
Catalon Chemical Crop [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 84.50% | ||||||
Business Acquisition, Effective Date of Acquisition | Oct. 23, 2015 | ||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 2,600,000 | ||||||
Shares Issued, Price Per Share | $ 3.20 | ||||||
Asset Impairment Charges, Total | $ 12.2 |
Retirement plan - operations117
Retirement plan - operations disposed (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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% | |
Discontinued Operations [Member] | ||
Pension Expense | $ 4.5 | $ 11.3 |
Statutory reserves (Details Tex
Statutory reserves (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Contributions To Statutory Reserve Fund Percentage | 10.00% | |
Maximum Percentage Of Reserve Fund Balance | 50.00% | |
Minimum Percentage Of Reserve Fund Balance | 25.00% | |
Contributions To Special Reserve | $ 0.8 | $ 1.1 |
Utilization Of Special Reserve | $ 0.5 | $ 0.8 |
Commitment and contingencies (D
Commitment and contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitment And Contingencies [Line Items] | ||
Operating Leases, Rent Expense | $ 0.1 | $ 0.7 |
Disposal Group, Including Discontinued Operation, Operating Expense | $ 3.1 | $ 2.6 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Sales: | |||
Sales | $ 1,543,066 | $ 2,351,596 | |
Gross profit (loss): | |||
Gross profit (loss) | (187,280) | (19,166) | |
Income (loss) from operations: | |||
Income (loss) from operations | (10,811) | (8,188) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (789,289) | (48,723) | |
Finance/interest expenses: | |||
Less: operation to be disposed \ operations disposed | (55,600) | (26,100) | |
Total Assets as of: | |||
Total assets | 35,761 | 2,565,224 | |
Segment To Be Disposed Operation [Member] | |||
Sales: | |||
Less: operation to be disposed \ operations disposed | (125) | (32) | |
Gross profit (loss): | |||
Less: operation to be disposed \ operations disposed | 117 | (19) | |
Income (loss) from operations: | |||
Less: operation to be disposed \ operations disposed | 13,511 | 1,290 | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Less: operation to be disposed \ operations disposed | 11,744 | 1,605 | |
Depreciation, amortization and depletion: | |||
Less: operation to be disposed \ operations disposed | (1,291) | (1,149) | |
Finance/interest expenses: | |||
Less: operation to be disposed \ operations disposed | 0 | (1) | |
Capital expenditures: | |||
Less: operation to be disposed \ operations disposed | 0 | (49) | |
Operations Disposed [Member] | |||
Sales: | |||
Less: operation to be disposed \ operations disposed | (1,542,941) | (2,289,380) | |
Gross profit (loss): | |||
Less: operation to be disposed \ operations disposed | 187,163 | 19,185 | |
Income (loss) from operations: | |||
Less: operation to be disposed \ operations disposed | 1,191,128 | (2,775) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Less: operation to be disposed \ operations disposed | 766,728 | 39,146 | |
Depreciation, amortization and depletion: | |||
Less: operation to be disposed \ operations disposed | (79,116) | (95,128) | |
Finance/interest expenses: | |||
Less: operation to be disposed \ operations disposed | (97,734) | (96,573) | |
Capital expenditures: | |||
Less: operation to be disposed \ operations disposed | (104,499) | (239,584) | |
Total Assets as of: | |||
Total assets | (20,227) | (2,563,746) | |
Continuing Operations [Member] | |||
Sales: | |||
Sales | 0 | 0 | |
Gross profit (loss): | |||
Gross profit (loss) | 0 | 0 | |
Income (loss) from operations: | |||
Income (loss) from operations | (10,814) | (8,188) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (10,814) | (7,972) | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 0 | 0 | |
Finance/interest expenses: | |||
Finance/interest expenses | 3 | 99 | |
Capital expenditures: | |||
Capital expenditures | 0 | 0 | |
Total Assets as of: | |||
Total assets | 15,534 | 1,478 | |
Corporate Segment [Member] | |||
Sales: | |||
Sales | 1,543,066 | 2,289,412 | |
Gross profit (loss): | |||
Gross profit (loss) | (187,280) | (19,166) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (789,289) | (48,723) | |
Intersegment Eliminations [Member] | |||
Sales: | |||
Sales | 0 | (62,184) | |
Gross profit (loss): | |||
Gross profit (loss) | 0 | 0 | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | [1] | (10,825) | (5,234) |
Total Assets as of: | |||
Interdivision Assets | 0 | (30,486) | |
Operating Segments [Member] | |||
Income (loss) from operations: | |||
Income (loss) from operations | (1,215,453) | (6,703) | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 80,407 | 96,277 | |
Finance/interest expenses: | |||
Finance/interest expenses | 97,737 | 96,673 | |
Capital expenditures: | |||
Capital expenditures | 104,499 | 239,633 | |
Segment Reconciling Items [Member] | |||
Income (loss) from operations: | |||
Income (loss) from operations | [1] | (10,825) | (5,165) |
Finance/interest expenses: | |||
Finance/interest expenses | [1] | 2 | 99 |
Capital expenditures: | |||
Capital expenditures | 0 | 0 | |
Total Assets as of: | |||
Reconciling item | [2] | 15,535 | 2,953 |
Longmen Joint Venture - held for sale [Member] | |||
Sales: | |||
Sales | 1,541,564 | 2,284,485 | |
Gross profit (loss): | |||
Gross profit (loss) | (188,153) | (19,496) | |
Income (loss) from operations: | |||
Income (loss) from operations | (1,189,740) | 4,219 | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (763,512) | (45,425) | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 77,508 | 93,094 | |
Finance/interest expenses: | |||
Finance/interest expenses | 93,937 | 90,792 | |
Capital expenditures: | |||
Capital expenditures | 104,499 | 239,496 | |
Total Assets as of: | |||
Segment Reporting Assets | 0 | 2,408,218 | |
Maoming Hengda - held for sale [Member] | |||
Sales: | |||
Sales | 125 | 32 | |
Gross profit (loss): | |||
Gross profit (loss) | (117) | 19 | |
Income (loss) from operations: | |||
Income (loss) from operations | (1,351) | (1,290) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (1,471) | (1,604) | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 1,291 | 1,149 | |
Finance/interest expenses: | |||
Finance/interest expenses | 0 | 1 | |
Capital expenditures: | |||
Capital expenditures | 0 | 49 | |
Total Assets as of: | |||
Segment Reporting Assets | 20,202 | 25,933 | |
Baotou Steel - held for sale [Member] | |||
Sales: | |||
Sales | 0 | 4,895 | |
Gross profit (loss): | |||
Gross profit (loss) | 0 | 311 | |
Income (loss) from operations: | |||
Income (loss) from operations | 0 | (389) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | 0 | (311) | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 0 | 242 | |
Finance/interest expenses: | |||
Finance/interest expenses | 0 | 0 | |
Capital expenditures: | |||
Capital expenditures | 0 | 1 | |
General Steel (China) - operation disposed [Member] | |||
Sales: | |||
Sales | 1,377 | 62,184 | |
Gross profit (loss): | |||
Gross profit (loss) | 990 | 0 | |
Income (loss) from operations: | |||
Income (loss) from operations | (1,380) | (4,078) | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (3,208) | 3,851 | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 1,608 | 1,792 | |
Finance/interest expenses: | |||
Finance/interest expenses | 3,798 | 5,781 | |
Capital expenditures: | |||
Capital expenditures | 0 | 87 | |
Total Assets as of: | |||
Segment Reporting Assets | 0 | 158,606 | |
General Shengyuan - operation disposed [Member] | |||
Sales: | |||
Sales | 0 | 0 | |
Gross profit (loss): | |||
Gross profit (loss) | 0 | 0 | |
Income (loss) from operations: | |||
Income (loss) from operations | 0 | 0 | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | 0 | 0 | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 0 | ||
Finance/interest expenses: | |||
Finance/interest expenses | 0 | 0 | |
Capital expenditures: | |||
Capital expenditures | 0 | 0 | |
Total Assets as of: | |||
Segment Reporting Assets | 0 | 0 | |
Catalon Chemical Crop [Member] | |||
Sales: | |||
Sales | 0 | 0 | |
Gross profit (loss): | |||
Gross profit (loss) | 0 | 0 | |
Income (loss) from operations: | |||
Income (loss) from operations | (12,157) | 0 | |
Net loss attributable to General Steel Holdings, Inc.: | |||
Net loss attributable to General Steel Holdings, Inc. | (10,273) | 0 | |
Depreciation, amortization and depletion: | |||
Depreciation, amortization and depletion | 0 | ||
Finance/interest expenses: | |||
Finance/interest expenses | 0 | 0 | |
Capital expenditures: | |||
Capital expenditures | 0 | 0 | |
Total Assets as of: | |||
Segment Reporting Assets | $ 24 | $ 0 | |
[1] | Reconciling item represents income or expenses of the Company, arising from General Steel Investment Co., Ltd, Yangpu Shengtong Investment Co., Ltd, Qiu Steel and Tongyong Shengyuan for the years ended December 31, 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, Qiu Steel and Tongyong as of December 31, 2015 and 2014, which are non-operating entities. |
Subsequent event (Details Textu
Subsequent event (Details Textual) $ / shares in Units, $ in Thousands, ¥ in Millions | Jan. 11, 2016$ / sharesshares | Apr. 14, 2015$ / sharesshares | Dec. 26, 2014$ / sharesshares | Feb. 03, 2014$ / sharesshares | Aug. 19, 2016USD ($)$ / sharesshares | Jun. 15, 2016$ / sharesshares | Mar. 21, 2016USD ($) | Mar. 21, 2016CNY (¥) | Mar. 16, 2016$ / sharesshares | Jan. 20, 2016USD ($)$ / sharesshares | Jul. 17, 2015$ / sharesshares | Aug. 21, 2014$ / sharesshares | Dec. 31, 2015USD ($) | Aug. 10, 2016USD ($) | Aug. 10, 2016CNY (¥) | Mar. 21, 2016CNY (¥) | Feb. 16, 2016 | Dec. 31, 2014USD ($) | |
Stock Issued During Period, Shares, Issued for Services | shares | 100,000 | 212,780 | 16,000 | 1,200,000 | 16,000 | ||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 4.9 | $ 3.20 | $ 5.05 | $ 3 | $ 5.20 | ||||||||||||||
Liabilities Assumed | $ 3,600 | ||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | $ (1,252,810) | $ (463,521) | |||||||||||||||||
Maoming Hengda Steel Company Ltd [Member] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 99.00% | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 1.00% | ||||||||||||||||||
Parent Company [Member] | |||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | $ (1,252,810) | $ (463,521) | |||||||||||||||||
Tianwu Tongyuan [Member] | Scenario, Forecast [Member] | |||||||||||||||||||
Balance Proceeds Receivable Current | $ 40,400 | ¥ 262.3 | |||||||||||||||||
Financial Advisory and Research Coverage Services [Member] | Scenario, Forecast [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 127,120 | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.18 | ||||||||||||||||||
GS China [Member] | Scenario, Forecast [Member] | |||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.10 | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 21,600 | ||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 100,000 | ||||||||||||||||||
GS China [Member] | Series B Preferred Stock [Member] | Scenario, Forecast [Member] | |||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.10 | ||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 19,565,758 | ||||||||||||||||||
Oriental Ace Limited [Member] | Scenario, Forecast [Member] | |||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.10 | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,600 | ||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,272,727 | ||||||||||||||||||
Subsequent Event [Member] | Maoming Hengda Steel Company Ltd [Member] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | ||||||||||||||||||
Liabilities Assumed | $ 19,900 | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 100.00% | 100.00% | |||||||||||||||||
Subsequent Event [Member] | Tianwu Tongyong [Member] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | |||||||||||||||||
Equity Method Investments | $ 51,000 | ¥ 331.3 | |||||||||||||||||
Subsequent Event [Member] | Tianjin Shuangsi [Member] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||||||||||||||
Subsequent Event [Member] | General Steel China Notes Payable To China Agricultural Bank [Member] | |||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | 20,300 | ||||||||||||||||||
Additional Paid in Capital, Net Consideration | 71,000 | ||||||||||||||||||
Subsequent Event [Member] | Parent Company [Member] | |||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 50,500 | ||||||||||||||||||
Subsequent Event [Member] | Parent Company [Member] | Maoming Hengda Steel Company Ltd [Member] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | 99.00% | |||||||||||||||||
Proceeds from Sale of Equity Method Investments | ¥ | ¥ 328 | ||||||||||||||||||
Subsequent Event [Member] | Tianwu Tongyuan [Member] | |||||||||||||||||||
Disposal Of Equity Method Investments, Proceeds Receivable | $ 40,400 | ¥ 262.3 | |||||||||||||||||
Balance Proceeds Receivable Current | $ 10,100 | ¥ 65.7 | |||||||||||||||||
Subsequent Event [Member] | Investor Relation Consulting Services [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 120,000 | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.66 | ||||||||||||||||||
Subsequent Event [Member] | Financial Reporting Consulting Services [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 242,466 | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.80 | ||||||||||||||||||
Subsequent Event [Member] | Financial Advisory and Research Coverage Services [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 30,000 | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1 | ||||||||||||||||||
Subsequent Event [Member] | Noncontrolling Interest [Member] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 1.00% | 1.00% | |||||||||||||||||
[1] | See Note 1 “Organization and Operations” and Note 2(v) “Summary of significant accounting policies operations held for sale and operations disposed/to be disposed” for details. |
PARENT COMPANY BALANCE SHEETS (
PARENT COMPANY BALANCE SHEETS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash | $ 4 | $ 68 |
Other receivables | 163 | 136 |
Prepaid expense | 481 | 29 |
TOTAL CURRENT ASSETS | 2,257 | 970,409 |
OTHER ASSETS: | ||
TOTAL OTHER ASSETS | 33,504 | 1,594,815 |
TOTAL ASSETS | 35,761 | 2,565,224 |
CURRENT LIABILITIES: | ||
Other payables and accrued liabilities | 636 | 26 |
Taxes payable | 14 | 2 |
TOTAL CURRENT LIABILITIES | 78,161 | 2,251,413 |
OTHER LIABILITIES: | ||
TOTAL LIABILITIES | 78,161 | 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 December 31, 2015 and 2014 | 3 | 3 |
Common stock, $0.001 par value, 40,000,000 shares authorized, 17,802,357 and 12,891,718 shares issued, 17,307,895 and 12,397,256 shares outstanding as of December 31, 2015 and 2014, respectively (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 18 | 13 |
Treasury stock, at cost, 494,462 shares as of December 31, 2015 and 2014 (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | (840) | (840) |
Paid-in-capital | 1,208,667 | 112,186 |
Statutory reserves | 1,107 | 6,472 |
Accumulated deficits | (1,252,810) | (463,521) |
Accumulated other comprehensive income | 2,009 | 644 |
TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY | (41,846) | (345,043) |
TOTAL LIABILITIES AND DEFICIENCY | 35,761 | 2,565,224 |
Parent Company [Member] | ||
CURRENT ASSETS: | ||
Cash | 0 | 2 |
Other receivables | 41 | 39 |
Prepaid expense | 481 | 29 |
TOTAL CURRENT ASSETS | 522 | 70 |
OTHER ASSETS: | ||
Intercompany receivable | 77,833 | 89,930 |
TOTAL OTHER ASSETS | 77,833 | 89,930 |
TOTAL ASSETS | 78,355 | 90,000 |
CURRENT LIABILITIES: | ||
Other payables and accrued liabilities | 100 | 23 |
Taxes payable | 14 | 1 |
TOTAL CURRENT LIABILITIES | 114 | 24 |
OTHER LIABILITIES: | ||
Loss in excess of investment in subsidiaries | 120,087 | 435,019 |
TOTAL OTHER LIABILITIES | 120,087 | 435,019 |
TOTAL LIABILITIES | 120,201 | 435,043 |
COMMITMENTS AND CONTINGENCIES | ||
DEFICIENCY: | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares issued and outstanding as of December 31, 2015 and 2014 | 3 | 3 |
Common stock, $0.001 par value, 40,000,000 shares authorized, 17,802,357 and 12,891,718 shares issued, 17,307,895 and 12,397,256 shares outstanding as of December 31, 2015 and 2014, respectively (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 18 | 13 |
Treasury stock, at cost, 494,462 shares as of December 31, 2015 and 2014 (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | (840) | (840) |
Paid-in-capital | 1,208,667 | 112,186 |
Statutory reserves | 1,107 | 6,472 |
Accumulated deficits | (1,252,810) | (463,521) |
Accumulated other comprehensive income | 2,009 | 644 |
TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY | (41,846) | (345,043) |
TOTAL LIABILITIES AND DEFICIENCY | $ 78,355 | $ 90,000 |
PARENT COMPANY BALANCE SHEET123
PARENT COMPANY BALANCE SHEETS (Details Textual) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Par Or Stated Value 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 Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 17,802,357 | 12,891,718 |
Common Stock, Shares, Outstanding | 17,307,895 | 12,397,256 |
Treasury Stock, Shares | 494,462 | 494,462 |
Parent Company [Member] | ||
Preferred Stock, Par Or Stated Value 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 Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 17,802,357 | 12,891,718 |
Common Stock, Shares, Outstanding | 17,307,895 | 12,397,256 |
Treasury Stock, Shares | 494,462 | 494,462 |
PARENT COMPANY STATEMENTS OF OP
PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
OTHER INCOME | ||
NET LOSS | $ (1,304,314) | $ (78,276) |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | 93,824 | 590 |
COMPREHENSIVE LOSS | (1,210,490) | (77,686) |
Parent Company [Member] | ||
OPERATING EXPENSES | ||
General and administrative expenses | (8,697) | (2,098) |
Total operating expenses | (8,697) | (2,098) |
OTHER INCOME | ||
EQUITY LOSS OF SUBSIDIARIES | (780,592) | (46,625) |
NET LOSS | (789,289) | (48,723) |
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS | 62,241 | (311) |
COMPREHENSIVE LOSS | $ (727,048) | $ (49,034) |
PARENT COMPANY STATEMENTS OF CA
PARENT COMPANY STATEMENTS OF CASH FLOWS (Details 2) - USD ($) | Jul. 14, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (1,304,314,000) | $ (78,276,000) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Stock issued for services and compensation | 7,918,000 | 1,122,000 | |
Changes in operating assets and liabilities | |||
Other receivables | (27,000) | (35,000) | |
Prepaid expense | 29,000 | 272,000 | |
Other payables and accrued liabilities | 610,000 | (204,000) | |
CASH FLOWS FINANCING ACTIVITIES: | |||
Proceed from common stock issued to CEO | $ 7,500,000 | 0 | 7,500,000 |
DECREASE IN CASH | (11,599,000) | (20,326,000) | |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | (789,289,000) | (48,723,000) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Stock issued for services and compensation | 7,918,000 | 1,122,000 | |
Loss from subsidiaries | 780,592,000 | 46,625,000 | |
Changes in operating assets and liabilities | |||
Other receivables | (2,000) | 0 | |
Prepaid expense | 30,000 | 272,000 | |
Other payables and accrued liabilities | 593,000 | 17,000 | |
Taxes payable | 13,000 | 1,000 | |
Net cash used in operating activities | (145,000) | (686,000) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Loan repayment from (borrowing to) subsidiaries | 0 | (6,943,000) | |
Net cash used in investing activities | 0 | (6,943,000) | |
CASH FLOWS FINANCING ACTIVITIES: | |||
Proceed from common stock issued to CEO | 0 | 7,500,000 | |
Borrowings from subsidiaries | 143,000 | 120,000 | |
Net cash provided by financing activities | 143,000 | 7,620,000 | |
DECREASE IN CASH | (2,000) | (9,000) | |
CASH, beginning of year | 2,000 | 11,000 | |
CASH, end of year | $ 0 | $ 2,000 |
Schedule of Financial Informati
Schedule of Financial Information of Parent Company - Restricted net assets (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Percentage Of Consolidated Net Asset | 25.00% |
Schedule of Financial Inform127
Schedule of Financial Information of Parent Company - Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ (217,082) | |
Net income (loss) attributable to noncontrolling interest | 0 | $ 0 |
Usage of special reserve | (535) | (760) |
Contribution commitment from noncontrolling interest | 489 | |
Contribution receivable from noncontrolling interest | (489) | |
Deconsolidation of a subsidiary | 640 | |
Balance | (554) | (217,082) |
Noncontrolling Interest [Member] | ||
Balance | (217,082) | (188,911) |
Net income (loss) attributable to noncontrolling interest | (515,025) | (29,553) |
Addition to special reserve | 416 | 451 |
Usage of special reserve | (283) | (384) |
Contribution commitment from noncontrolling interest | 489 | |
Contribution receivable from noncontrolling interest | (489) | |
Acquisition of Catalon | (1,526) | |
Deconsolidation of a subsidiary | 698,311 | 414 |
Foreign currency translation adjustments | 31,583 | 901 |
Balance | (554) | (217,082) |
Noncontrolling Interest [Member] | Non Controlling Interest Others [Member] | ||
Balance | (121) | |
Net income (loss) attributable to noncontrolling interest | (1,933) | |
Addition to special reserve | 0 | |
Usage of special reserve | 0 | |
Contribution commitment from noncontrolling interest | 0 | |
Contribution receivable from noncontrolling interest | 0 | |
Acquisition of Catalon | (1,526) | |
Deconsolidation of a subsidiary | 0 | |
Foreign currency translation adjustments | (26) | |
Balance | (554) | (121) |
Noncontrolling Interest [Member] | Baotou Steel [Member] | ||
Balance | 0 | (281) |
Net income (loss) attributable to noncontrolling interest | (78) | |
Addition to special reserve | 0 | |
Usage of special reserve | 0 | |
Deconsolidation of a subsidiary | 414 | |
Foreign currency translation adjustments | (55) | |
Balance | 0 | |
Noncontrolling Interest [Member] | Non Controlling Interest Others Excluding Baotou Steel [Member] | ||
Balance | (217,082) | (188,630) |
Net income (loss) attributable to noncontrolling interest | (29,475) | |
Addition to special reserve | 451 | |
Usage of special reserve | (384) | |
Deconsolidation of a subsidiary | 0 | |
Foreign currency translation adjustments | 956 | |
Balance | (217,082) | |
Noncontrolling Interest [Member] | Non Controlling Interest Deconsolidated Subsidiaries [Member] | ||
Balance | (216,961) | |
Net income (loss) attributable to noncontrolling interest | (513,092) | |
Addition to special reserve | 416 | |
Usage of special reserve | (283) | |
Contribution commitment from noncontrolling interest | 489 | |
Contribution receivable from noncontrolling interest | (489) | |
Acquisition of Catalon | 0 | |
Deconsolidation of a subsidiary | 698,311 | |
Foreign currency translation adjustments | 31,609 | |
Balance | $ 0 | $ (216,961) |
Schedule of Financial Inform128
Schedule of Financial Information of Parent Company - Equity (Details Textual) $ / shares in Units, ¥ in Millions | Dec. 01, 2015$ / sharesshares | Jun. 09, 2015$ / sharesshares | Apr. 14, 2015$ / sharesshares | Dec. 26, 2014$ / sharesshares | Jul. 14, 2014USD ($)$ / sharesshares | Feb. 03, 2014$ / sharesshares | Dec. 30, 2015USD ($) | Oct. 29, 2015 | Oct. 23, 2015shares | Jul. 17, 2015$ / sharesshares | Dec. 26, 2014$ / sharesshares | Oct. 23, 2014USD ($)$ / sharesshares | Aug. 21, 2014$ / sharesshares | May 18, 2007USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014CNY (¥) | Dec. 31, 2014CNY (¥)shares | Jul. 11, 2014$ / shares | Mar. 05, 2014$ / shares |
Noncontrolling Interest, Decrease from Deconsolidation | $ | $ 640,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 100,000 | 212,780 | 16,000 | 1,200,000 | 16,000 | |||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 4.9 | $ 3.20 | $ 5.05 | $ 3 | $ 3.20 | $ 5.20 | ||||||||||||||
Common Stock, Par Or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 7.50 | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,500,000 | $ 0 | $ 7,500,000 | |||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | $ | (1,252,810,000) | (463,521,000) | ||||||||||||||||||
Stockholders Equity Attributable to Noncontrolling Interest | $ | $ (554,000) | $ (217,082,000) | ||||||||||||||||||
Common Stock, Shares, Issued | 17,802,357 | 12,891,718 | 12,891,718 | |||||||||||||||||
Common Stock, Shares, Outstanding | 17,307,895 | 12,397,256 | 12,397,256 | |||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-5 reverse stock split | |||||||||||||||||||
Subscription Agreement [Member] | ||||||||||||||||||||
Common Stock, Par Or Stated Value Per Share | $ / shares | $ 0.001 | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||||||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 7.50 | $ 7.35 | $ 4.50 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,500,000 | |||||||||||||||||||
Percentage Of Stock Owned Under Subscription Agreement | 44.70% | 23.00% | ||||||||||||||||||
Baotou Steel [Member] | ||||||||||||||||||||
Noncontrolling Interest, Decrease from Deconsolidation | $ | $ 300,000 | |||||||||||||||||||
Percentage Of Equity Interest Sold | 80.00% | 80.00% | ||||||||||||||||||
Deconsolidation, Gain (Loss), Amount | $ | $ 1,800,000 | |||||||||||||||||||
Proceeds from Divestiture of Businesses | 700,000 | ¥ 4 | ||||||||||||||||||
Retained Earnings (Accumulated Deficit), Total | (1,800,000) | ¥ 11 | ||||||||||||||||||
Stockholders Equity Attributable to Noncontrolling Interest | $ 400,000 | ¥ 2.2 | ||||||||||||||||||
Senior Management Personnel [Member] | ||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 710,500 | 299,600 | 212,780 | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.33 | $ 3.85 | $ 3.20 | $ 3.20 | ||||||||||||||||
Payment Shares [Member] | ||||||||||||||||||||
Common Stock, Shares, Issued | 85,456,588 | |||||||||||||||||||
Common Stock, Shares, Outstanding | 85,456,588 | |||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 17,091,857 | |||||||||||||||||||
Payment Shares [Member] | Catalon Chemical Corp [Member] | ||||||||||||||||||||
Sale Of Equity Interest Percentage | 84.50% | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 13,000,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 2,600,000 | |||||||||||||||||||
Victory New Holdings Limited [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||||||||||||
Victory New Holdings Limited [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,092,899 | |||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ | $ 8,374,000 | |||||||||||||||||||
Victory Energy Resource Limited [Member] | ||||||||||||||||||||
Proceeds From Sale Of Equity Interest | $ | $ 1,000,000 | |||||||||||||||||||
Deconsolidation, Gain (Loss), Amount | $ | $ 1,100,000,000 |
Schedule Of Financial Inform129
Schedule Of Financial Information of Parent Company - Subsequent events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jan. 11, 2016 | Apr. 14, 2015 | Dec. 26, 2014 | Feb. 03, 2014 | Aug. 19, 2016 | Jun. 15, 2016 | Mar. 16, 2016 | Jan. 20, 2016 | Jul. 17, 2015 | Aug. 21, 2014 |
Stock Issued During Period, Shares, Issued for Services | 100,000 | 212,780 | 16,000 | 1,200,000 | 16,000 | |||||
Shares Issued, Price Per Share | $ 4.9 | $ 3.20 | $ 5.05 | $ 3 | $ 5.20 | |||||
Financial Reporting Consulting Services [Member] | Scenario, Forecast [Member] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 127,120 | |||||||||
Shares Issued, Price Per Share | $ 1.18 | |||||||||
GS China [Member] | Scenario, Forecast [Member] | ||||||||||
Shares Issued, Price Per Share | $ 1.10 | |||||||||
Debt Conversion, Original Debt, Amount | $ 21.6 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 100,000 | |||||||||
GS China [Member] | Series B Preferred Stock [Member] | Scenario, Forecast [Member] | ||||||||||
Shares Issued, Price Per Share | $ 1.10 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 19,565,758 | |||||||||
Oriental Ace Limited [Member] | Scenario, Forecast [Member] | ||||||||||
Shares Issued, Price Per Share | $ 1.10 | |||||||||
Debt Conversion, Original Debt, Amount | $ 3.6 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,272,727 | |||||||||
Subsequent Event [Member] | Investor Relation Consulting Services [Member] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 120,000 | |||||||||
Shares Issued, Price Per Share | $ 1.66 | |||||||||
Subsequent Event [Member] | Financial Reporting Consulting Services [Member] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 242,466 | |||||||||
Shares Issued, Price Per Share | $ 1.80 | |||||||||
Subsequent Event [Member] | Financial Advisory and Research Coverage Services [Member] | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 30,000 | |||||||||
Shares Issued, Price Per Share | $ 1 |