Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 08, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | GENERAL STEEL HOLDINGS INC | |
Entity Central Index Key | 1,239,188 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | GSIH | |
Entity Common Stock, Shares Outstanding | 16,800,361 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash | $ 8 | $ 4 |
Accounts receivables - related party | 13,050 | 0 |
Other receivables, net | 2 | 163 |
Other receivables - related parties | 71,970 | 0 |
Prepaid expense | 0 | 481 |
Current assets held for sale | 0 | 1,609 |
TOTAL CURRENT ASSETS | 85,030 | 2,257 |
OTHER ASSETS: | ||
Plant and equipment, net | 1 | 0 |
Investment in unconsolidated entities | 14,197 | 14,886 |
Other assets held for sale | 0 | 18,618 |
TOTAL OTHER ASSETS | 14,198 | 33,504 |
TOTAL ASSETS | 99,228 | 35,761 |
CURRENT LIABILITIES: | ||
Short-term loan - other | 3,600 | 3,600 |
Accounts payable - related parties | 11,850 | 0 |
Other payables and accrued liabilities | 3,099 | 636 |
Other payables - related parties | 51,161 | 42,756 |
Customer deposit | 12,642 | 0 |
Customer deposit - related parties | 14,445 | 0 |
Taxes payable | 349 | 14 |
Current liabilities held for sale | 0 | 31,155 |
TOTAL CURRENT LIABILITIES | 97,146 | 78,161 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY (DEFICIENCY): | ||
Common stock, $0.001 par value, 40,000,000 shares authorized, 15,594,823 shares and 17,802,357 shares issued, and 15,100,361 shares and 17,307,895 shares outstanding as of June 30, 2016 and December 31, 2015, respectively (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 15 | 18 |
Treasury stock, at cost, 494,462 shares as of June 30, 2016 and December 31, 2015 (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | (840) | (840) |
Paid-in-capital | 1,250,594 | 1,208,667 |
Statutory reserves | 1,107 | 1,107 |
Accumulated deficit | (1,250,530) | (1,252,810) |
Accumulated other comprehensive income | 1,733 | 2,009 |
TOTAL GENERAL STEEL HOLDINGS, INC. EQUITY (DEFICIENCY) | 2,082 | (41,846) |
NONCONTROLLING INTERESTS | 0 | (554) |
TOTAL EQUITY (DEFICIENCY) | 2,082 | (42,400) |
TOTAL LIABILITIES AND EQUITY | 99,228 | 35,761 |
Series A Preferred Stock [Member] | ||
EQUITY (DEFICIENCY): | ||
Preferred stock | 3 | 3 |
Series B Preferred Stock [Member] | ||
EQUITY (DEFICIENCY): | ||
Preferred stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 15,594,823 | 17,802,357 |
Common stock, shares, outstanding | 15,100,361 | 17,307,895 |
Treasury stock, shares | 494,462 | 494,462 |
Series A Preferred Stock [Member] | ||
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 |
Series B Preferred Stock [Member] | ||
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUE | $ 23 | $ 0 | $ 23 | $ 0 |
REVENUE - RELATED PARTIES | 342 | 0 | 796 | 0 |
TOTAL REVENUE | 365 | 0 | 819 | 0 |
GENERAL AND ADMINISTRATIVE EXPENSES | 342 | 1,084 | 1,723 | 2,001 |
INCOME (LOSS) FROM OPERATIONS | 23 | (1,084) | (904) | (2,001) |
OTHER INCOME (EXPENSE) | ||||
Income (loss) from equity investment | (231) | 0 | (347) | 0 |
Finance/interest expense | 0 | (1) | (1) | (2) |
Gain from disposal of Catalon | 0 | 6,269 | 0 | |
Other income (expense), net | (231) | (1) | 5,921 | (2) |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | (208) | (1,085) | 5,017 | (2,003) |
PROVISION FOR INCOME TAXES | 86 | 0 | 194 | 0 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (294) | (1,085) | 4,823 | (2,003) |
DISCONTINUED OPERATIONS - Note 2(p): | ||||
NET LOSS FROM OPERATIONS DISPOSED, net of applicable income taxes | 0 | (1,033,218) | (2,569) | (1,106,409) |
NET INCOME (LOSS) | (294) | (1,034,303) | 2,254 | (1,108,412) |
Less: Net loss attributable to noncontrolling interest from operations disposed | 0 | (419,276) | (26) | (448,232) |
NET INCOME (LOSS) ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | (294) | (615,027) | 2,280 | (660,180) |
NET INCOME (LOSS) | (294) | (1,034,303) | 2,254 | (1,108,412) |
OTHER COMPREHENSIVE LOSS | ||||
Foreign currency translation adjustments | (208) | (2,274) | (284) | (3,127) |
COMPREHENSIVE INCOME (LOSS) | (502) | (1,036,577) | 1,970 | (1,111,539) |
Less: Comprehensive loss attributable to noncontrolling interest | 0 | (420,128) | (34) | (449,456) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ (502) | $ (616,449) | $ 2,004 | $ (662,083) |
WEIGHTED AVERAGE NUMBER OF SHARES | ||||
Basic and Diluted (given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015) | 15,100 | 12,555 | 16,334 | 12,477 |
LOSS PER SHARE - BASIC AND DILUTED | ||||
Continuing operations | $ (0.02) | $ (0.09) | $ 0.30 | $ (0.16) |
Operations disposed | 0 | (48.9) | (0.17) | (52.75) |
Net income (loss) per share | $ (0.02) | $ (48.99) | $ 0.14 | $ (52.91) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income (Loss) | $ (294) | $ (1,034,303) | $ 2,254 | $ (1,108,412) |
Net loss from operations disposed | 2,569 | 1,106,409 | ||
Net Inccome (Loss) from continuing operations | (294) | (1,085) | 4,823 | (2,003) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities from continuing operations: | ||||
Bad Debt Expenses | 167 | |||
Share-based compensation | 697 | 382 | ||
Loss from equity investment | 231 | 0 | 347 | 0 |
Gain from disposal of Catalon | 0 | (6,269) | 0 | |
Changes in operating assets and liabilities | ||||
Accounts receivable - related party | (13,266) | 0 | ||
Other receivables | (6) | 1,122 | ||
Prepaid expense | 0 | (1,369) | ||
Accounts payables - related party | 12,046 | 0 | ||
Other payables and accrued liabilities | 2,872 | 39 | ||
Customer deposit | 12,852 | 0 | ||
Customer deposit - related parties | 14,684 | 0 | ||
Taxes payable | 364 | 0 | ||
Net cash used in operating activities from operations to be disposed/ operations disposed | (12) | (266,220) | ||
Net cash provided by (used in) operating activities | 29,299 | (268,049) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of equipment | (1) | 0 | ||
Other receivables - related parties | (29,864) | 0 | ||
Net cash provided by investing activities from operations to be disposed / operations disposed | 0 | 188,336 | ||
Net cash (used in) provided by investing activities | (29,865) | 188,336 | ||
CASH FLOWS FINANCING ACTIVITIES: | ||||
Borrowings from related parties | 571 | 20,503 | ||
Net cash provided by financing activities from operations to be disposed / operations disposed | 0 | 83,835 | ||
Net cash provided by financing activities | 571 | 104,338 | ||
EFFECTS OF EXCHANGE RATE CHANGE IN CASH | (14) | 0 | ||
(DECREASE) INCREASE IN CASH | (9) | 24,625 | ||
CASH, beginning of period | 42 | 11,641 | ||
CASH, end of period | 33 | 36,266 | 33 | 36,266 |
Less: cash from operations disposed, end of period | (25) | 0 | (25) | 0 |
CASH FROM CONTINUING OPERATIONS, end of period | $ 8 | $ 36,266 | $ 8 | $ 36,266 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Jun. 30, 2016 | |
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 entered into an agreement to sell its wholly-owned General Steel (China) and its entire equity interest in all of its subsidiaries for $ 1 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, Maoming Hengda’s financial information were presented as operation disposed and assets and liabilities held for sales for the six months ended June 30, 2016 and 2015 in the unaudited condensed consolidated financial statements. Certain prior period data has been reclassified to conform to the current year presentation and to reflect the results of operations disposed. See Notes 2(a) and 2(o) for details. Other Business Operations: The Company 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 holding company of Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”). 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 0.03 |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of significant accounting policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial statements include the accounts of all directly, indirectly owned subsidiaries and the variable interest entity listed below. All material intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial statements have been included. Interim results are not necessarily indicative of results to be expected for the full year. The information included in this Form 10-Q should be read in conjunction with information included in the 2015 annual report on Form 10-K filed on August 30, 2016. (a) Basis of presentation Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”), PRC 100.0 % * Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100 (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) Liquidity In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The Company engages in trading of steel related products and the Company’s business is not capital intensive. Debt financing in the form of short term loans, loans from related parties, have utilized to finance the working capital requirements of the Company. The main operating expenses are public Company maintenance costs which CEO Mr. Yu Zuo Sheng fully supports the operation funding. Due to restructuring, the Company’s working capital deficit has decreased to approximately $ 12.1 75.9 39.0 Management considers the historical experience, the economy, trends in the industry, the expected collectability of the accounts and other receivables and the realization of the prepayments and determined the Company is expected to realize the remaining balances. Based on the above considerations, the Company’s management is of the opinion that it has sufficient funds to meet our working capital requirements and debt obligations as they become due. However, this opinion is based on the market and general economic conditions the Company’s operating results not continuing to deteriorate and the Company shareholders will be able to provide continued liquidity. (d) 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. Actual results could differ from these estimates. (e) 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 June 30, 2016 and December 31, 2015, 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 June 30, 2016 and December 31, 2015 amounted to $ 0.008 0.004 0.003 0.02 Three of the Company’s customers, including two related parties, individually accounted for 41.8 30.9 19.1 50.6 34.8 14.7 11.6 11.2 One of the Company’s customers, including related parties, accounted for 100 96.2 Three of the Company’s suppliers, including related parties, individually accounted for 44.6 25.0 12.9 45.1 23.5 23.1 16.6 10.5 Two of the Company’s suppliers, both related parties, individually accounted for 44.3 55.7 (f) 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 $ 1.7 2.0 6.64 6.49 1.00 6.54 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. (g) 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. The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value. (h) Cash Cash includes cash on hand and demand deposits in banks with original maturities of less than three months. (i) 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. (j) 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. (k) Inventories Inventories are mainly finished goods and are stated at the lower of cost or market using the first-in, first-out 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. (l) Plant and equipment, net 3 5 Buildings and Improvements 10 40 Machinery 10 30 Machinery and equipment under capital lease 10 20 Other equipment 5 Transportation Equipment 5 Through their respective disposals long lived assets, including buildings and improvements, equipment and intangible assets are reviewed if events and changes in circumstances indicated that their carrying amount may not be recoverable, to determine whether their carrying value had become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. (m) 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 On December 28, 2015 General Steel (China) sold its 32 14.9 96.6 14.2 Total investment income (loss) in unconsolidated subsidiaries amounted to $ 0.2 0 0.3 0 Total investment income (loss) in unconsolidated subsidiaries from operations disposed amounted to $ 0 0.003 0 (3) CONDENSED STATEMENT OF OPERATIONS (In thousands) For the three months ended For the six months ended June 30, 2016 June 30, 2016 (Unaudited) REVENUE $ 1,384 $ 1,447 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 893 995 FINANCE EXPENSES 1,274 1,596 TOTAL EXPENSES 2,167 2,591 OTHER INCOME 60 60 LOSS BEFORE PROVISION FOR INCOME TAXES (723) (1,084) PROVISION FOR INCOME TAXES - - NET LOSS $ (723) $ (1,084) (n) 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 Gross versus Net Revenue Reporting Starting from January 1 st For the three and six months ended June, 2016, the Company reported gross sales of $ 52.7 95.9 34.4 77.6 52.3 95.1 52.3 52.7 0.36 0.82 (o) 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. June 30, December 31, (In thousands) 2016 2015 Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ - $ 38 Accounts receivable, net - 342 Other receivables, net - 11 Prepaid taxes - 1,218 Total current assets held for sale - 1,609 OTHER ASSETS: Property and equipment, net - 16,593 Long-term deferred expense - 2 Intangible assets, net of accumulated amortization - 2,023 Total other assets held for sale - 18,618 Total assets of the disposal group classified as held for sale $ - $ 20,227 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable $ - $ 6,336 Short term loans - others - 461 Other payables and accrued liabilities - 2,551 Other payables - related parties - 21,807 Total current liabilities held for sale - 31,155 Total liabilities of the disposal group classified as held for sale $ - $ 31,155 Reconciliation of the Amounts of Major Classes of Income and Losses from Operations Disposed Classified as Held for Sale and Disposed in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss which include Catalon and Maoming’s operation for the three and six months ended June 30, 2016 and 2015 and Longmen Joint Venture’s operation for the three and six months ended June 30, 2015. For the three months ended June 30, Operations Disposed: 2016 2015 SALES $ - $ 454,855 SALES - RELATED PARTIES - 73,926 TOTAL SALES - 528,781 COST OF GOODS SOLD - 509,185 COST OF GOODS SOLD - RELATED PARTIES - 83,865 TOTAL COST OF GOODS SOLD - 593,050 GROSS LOSS - (64,269) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - (22,083) EXCESS OVERHEAD DURING MAINTENANCE - (5,309) IMPAIRMENT CHARGE - (973,860) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 57,499 LOSS FROM OPERATIONS - (1,008,022) OTHER INCOME (EXPENSE) Interest income - 2,741 Finance/interest expense - (29,575) Loss on disposal of equipment and intangible assets - (44) Income from equity investments - 34 Foreign currency transaction loss - (249) Lease income - 545 Other non-operating income, net - 378 Other expense, net - (26,170) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - (1,034,192) PROVISION FOR INCOME TAXES - 111 NET LOSS FROM OPERATIONS DISPOSED - (1,034,303) Less: Net loss attributable to noncontrolling interest from operations disposed - (419,276) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ - $ (615,027) For the six months ended June 30, Operations Disposed: 2016 2015 SALES $ - $ 725,624 SALES - RELATED PARTIES - 131,321 TOTAL SALES - 856,945 COST OF GOODS SOLD - 806,750 COST OF GOODS SOLD - RELATED PARTIES - 146,611 TOTAL COST OF GOODS SOLD - 953,361 GROSS LOSS (96,416) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (949) (39,438) EXCESS OVERHEAD DURING MAINTENANCE - (24,443) IMPAIRMENT CHARGE - (973,860) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 70,423 (LOSS) INCOME FROM OPERATIONS (949) (1,063,734) OTHER INCOME (EXPENSE) Interest income - 5,072 Finance/interest expense (414) (50,145) Loss on disposal of equipment and intangible assets - (28) Loss from equity investments - (3) Foreign currency transaction loss - (1,122) Lease income - 1,088 Other non-operating income, net (1,206) 601 Other income (expense), net (1,620) (44,537) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (2,569) (1,108,271) PROVISION FOR INCOME TAXES - 141 NET LOSS FROM OPERATIONS DISPOSED (2,569) (1,108,412) Less: Net loss attributable to noncontrolling interest from operations disposed (26) (448,232) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (2,543) $ (660,180) General Steel (China) 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 1.0 1.0 1.0 December 30, (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) On March 21, 2016, the Company, along with its 1 100 32 155.3 23.9 99 154.0 23.8 45.7 (In thousands) March 21, 2016 CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 Prepaid taxes - Total current 361 OTHER ASSETS: Property and equipment, net 16,321 Long-term deferred expense 2 Intangible assets, net of accumulated amortization 2,023 Total other assets 18,346 Total assets $ 18,707 CURRENT LIABILITIES: Accounts payable 6,377 Short term loans - other 464 Other payables and accrued liabilities 3,033 Other payables - related parties 430 Other payables - intercompany 30,650 Total current liabilities 40,954 NON-CONTROLLING INTEREST (16) Total net deficiency (22,231) Net consideration (23,507) Currency translation adjustment (81) Total addition to paid-in capital $ (45,657) (In thousands) March 31, 2016 CURRENT ASSETS: Cash $ 24 Total current 24 CURRENT LIABILITIES: Other payables - related parties 2,335 Total current liabilities 2,335 NON-CONTROLLING INTEREST (358) Total net deficiency (1,953) Net consideration (4,316) Gain in disposal of subsidiary $ (6,269) (p) Reclassifications Certain prior periods have been reclassified to conform to the current period presentation. These reclassifications have no effect on the accompanying consolidated statements of operations and cash flows. (q) Non-controlling interest Non-controlling interest mainly consists of an individual’s 1 15.5 (r) 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. (s) 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 June 30, 2016 and December 31, 2015, the Company had repurchased 494,462 (t) 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 six months ended June 30, 2016 and 2015. As of June 30, 2016, the Company’s income tax returns filed for December 31, 2014, 2013, 2012 and 2011 remain subject to examination by the taxing authorities. (u) 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. (w) Recently issued accounting pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The update requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It eliminated the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value that is require to be disclosed for financial instruments measured at amortized cost on the balance sheet. For public entities, the ASU is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In April 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. Implementation and administration may present challenges for companies with significant share-based payment activities. The ASU is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. Management is evaluating the effect, if any, 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, defers the effective date of ASU 2014-09 by one year. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”, The amendments rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: 1) Revenue and Expense Recognition for Freight Services in Process, which is codified in paragraph 605-20-S99-2; 2) Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; 3) Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor's Products), which is codified in paragraph 605-50-S99-1; 4) Accounting for Gas-Balancing Arrangements (i.e., use of the "entitlements method"), which is codified in paragraph 932-10-S99-5, which is effective upon adoption of ASU 2014-09. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. 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 da |
Accounts receivable (including
Accounts receivable (including related party), net | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Note 3 Accounts receivable (including related party), net June 30, 2016 December 31, 2015 (in thousands) (in thousands) Accounts receivable $ - $ 342 Accounts receivable related party 13,050 Less: allowance for doubtful accounts - - Net accounts receivable 13,050 342 Less: accounts receivables held for sale - (342) Net accounts receivables continuing operations $ 13,050 $ - June 30, 2016 December 31, 2015 (in thousands) (in thousands) Beginning balance $ - $ 609 Charge to expense - 201 Less: recovery - Deconsolidation - (769) Exchange rate effect - (41) Ending balance $ - $ - |
Other receivables (including re
Other receivables (including related parties), net | 6 Months Ended |
Jun. 30, 2016 | |
Other Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 4 Other receivables (including related parties), net June 30, 2016 December 31, 2015 (in thousands) (in thousands) Other receivables $ 169 $ 174 Other receivables related party 71,970 - Less: allowance for doubtful accounts (167) - Net other receivables 71,972 174 Less: other receivables held for sale - (11) Net other receivables continuing operations $ 71,972 $ 163 June 30, 2016 December 31, 2015 (in thousands) (in thousands) Beginning balance $ - $ 10,262 Charge to expense 167 5,007 Less: recovery - (5) Less: deconsolidation - (15,119) Exchange rate effect - (145) Ending balance 167 - Less: balance held for sale - - Ending balance continuing operations $ 167 $ - |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 5 Inventories June 30, December 31, (in thousands) (in thousands) Finished goods - - Less: allowance for inventory valuation - - Inventories $ - $ - The cost of finished goods includes direct inventory purchase costs and indirect costs. 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 first-in, first-out method, or net realizable value. June 30, December 31, (in thousands) (in thousands) Beginning balance $ - $ 18,375 Addition - 22,192 Less: write-off - (18,115) Less: inventory disposed of - Note 2(o) - (22,192) Exchange rate effect - (260) Ending balance $ - $ - |
Advances on inventory purchases
Advances on inventory purchases | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Advances On Inventory Purchase [Text Block] | Note 6 Advances on inventory purchases June 30, 2016 December 31, 2015 (in thousands) (in thousands) Advances on inventory purchases $ - $ 439 Advances on inventory purchases related party - - Less: allowance for doubtful accounts - (439) Net advances on inventory purchases $ - $ - June 30, 2016 December 31, 2015 (in thousands) (in thousands) Beginning balance $ - $ 2,501 Charge to expense - - Less recovery - (462) Less deconsolidation - (1,927) Exchange rate effect - 327 Ending balance $ - $ 439 |
Plant and equipment, net
Plant and equipment, net | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 Plant and equipment, net June 30, 2016 December 31, 2015 (in thousands) (in thousands) Buildings and improvements $ - $ 21,895 Machinery - 9,344 Machinery under capital lease - 262 Transportation and other equipment 7 - Subtotal 7 31,501 Less: accumulated depreciation (6) (14,908) Plant and equipment, net held for sale $ 1 $ 16,593 Less: plant and equipment, net held for sale - (16,593) Net plant and equipment, net continuing operations $ 1 $ - Depreciation expense for the three months ended June 30, 2016 amounted to $ 0 31.3 2015 7.8 Depreciation expense for the six months ended June 30, 2016 amounted to $0.001 million. Depreciation expense from operations disposed for the six months ended June 30, 2015 amounted to $56.2 million. These amounts include depreciation of assets held under capital leases for the six months ended June 30, 2015, which amounted to $ 15.9 |
Intangible assets, net _ held f
Intangible assets, net held for sale | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Note 8 Intangible assets, net held for sale June 30, 2016 December 31, 2015 (in thousands) (in thousands) Land use rights $ - $ 2,558 Mining right - - Software - 10 Subtotal - 2,568 Less: Accumulated amortization land use rights - (535) Accumulated amortization mining right - - Accumulated amortization software - (10) Subtotal - (545) Intangible assets, net held for sale $ - $ 2,023 The gross amount of the intangible assets amounted to $ 0 2.6 Total amortization expense from operations disposed for both of the three months ended June 30, 2016 and 2015 amounted to $ 0 0.2 Total amortization expense from operations disposed for both of the six months ended June 30, 2016 and 2015 amounted to $ 0 0.4 Total depletion expense from operations disposed for the three months ended June 30, 2016 and 2015 amounted to $ 0 0.04 Total depletion expense from operations disposed for the six months ended June 30, 2016 and 2015 amounted to $ 0 0.08 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 9 Debt 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 is 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: Short-term Loan - other June 30, 2016 December 31, (in thousands) (in thousands) Maoming Hengda: Loans from one unrelated parties and one related party, due on demand, none interest bearing. $ - $ 461 General Steel Investment Co., Ltd.: Loan from one unrelated parties, due to demand, the interest rate was 5% per annum as of June 30, 2016. 3,600 3,600 Total short-term loans others 3,600 4,061 Less: short-term loans others held for sale - (461) Short-term loans others continuing operations $ 3,600 $ 3,600 All short term loans from unrelated companies are payable on demand and unsecured. As part of its working capital management up through the disposition of Longmen Joint Venture on December 30, 2015, Longmen Joint Venture entered into a number of sale and purchase back contracts ("contracts") with third party companies, 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 Longmen Joint Venture’s total financing sales for the three months ended June 30, 2016 and 2015 amounted to $ 0 107.1 0 0.6 Longmen Joint Venture’s total financing sales for the six months ended June 30, 2016 and 2015 amounted to $ 0 225.8 0 1.3 Total interest expense, net of capitalized interest, from operations disposed amounted to $ 0 16.1 Total interest expense, net of capitalized interest, from operations disposed amounted to $ 0 23.5 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Supplemental Disclosures [Text Block] | Note 10 - Supplemental disclosure of cash flow information Interest paid, net of capitalized, amounted to $ 0 4.9 The Company paid income tax amounted to $ 0 0.2 During the six months ended June 30, 2016, the Company increased additional paid-in capital of $ 45.6 23.1 During the six months ended June 30, 2016, the Company incurred $ 0.1 During the six months ended June 30, 2016, the Company incurred $ 0.4 The Company offset $ 10.6 During the six months ended June, 2016, the Company incurred $ 0.04 During the six months ended June 30, 2015, the Company converted $ 0.3 During the six months ended June 30, 2015, the Company consumed $ 1.2 During the six months ended June 30, 2015, the Company incurred $ 5.5 The Company had $ 0.7 The Company reclassified $ 7.4 The Company offset $ 92.9 |
Capital lease obligations - ope
Capital lease obligations - operations disposed | 6 Months Ended |
Jun. 30, 2016 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | Note 11 - 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 14.6 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. $ 23.0 146.5 Interest expense for the three months ended June 30, 2016 and 2015 on the capital lease obligations from operations disposed was $ 0 5.2 Interest expense for the six months ended June 30, 2016 and 2015 on the capital lease obligations from operations disposed was $ 0 10.4 |
Profit sharing liability - oper
Profit sharing liability - operations disposed | 6 Months Ended |
Jun. 30, 2016 | |
Profit Sharing Liability [Abstract] | |
Profit Sharing Liability [Text Block] | Note 12 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 11 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 through ultimate disposition in December 30, 2015. |
Taxes
Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 13 Taxes Income tax (In thousands) The three months ended The three months ended Current $ 86 $ - Total provision for income taxes $ 86 $ - (In thousands) The six months ended The six months ended Current $ 194 $ - Total provision for income taxes $ 194 $ - Under the Income Tax Laws of the PRC, Tianjin Shuangsi and Maoming Hengda (located in Guangdong province) are subject to income tax at a rate of 25 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 5 100 0 4.1 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 six months ended June 30, 2016. The net operating loss carry forwards for United States income taxes amounted to $7.75 million, which may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, starting from 2027 through 2037. Management believes that the realization of the benefits from these losses appears uncertain due to the Company’s limited operating history and continuing losses for United States income tax purposes. Accordingly, the Company has provided a 100 2.7 0.1 The Company has no cumulative proportionate retained earnings from profitable subsidiaries as of June 30, 2016. 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. |
Related party transactions and
Related party transactions and balances | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 14 Related party transactions and balances Related party transactions a. Name of related parties Relationship For the three For the three (in thousands) (in thousands) Long Steel Group* Noncontrolling shareholder of Longmen Joint Venture $ - $ 38,260 Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group* - 18,822 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group - 860 Shaanxi Steel Majority shareholder of Long Steel Group - 238 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel - 15,746 Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding 25 - Wendlar Tianjin Industry Co., Ltd. Partially owned by CEO through indirect shareholding - - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 169 - Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 148 Total $ 342 $ 73,926 Less: Sales to related parties from operations disposed - (73,926) Salesrelated parties continuing operations $ 342 $ - *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. Name of related parties Relationship For the six For the six (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 49,530 Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group* - 28,400 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group - 16,858 Shaanxi Steel Majority shareholder of Long Steel Group - 719 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel - 35,814 Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding 45 - Wendlar Tianjin Industry Co., Ltd. Partially owned by CEO through indirect shareholding 277 - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 326 - Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 148 - Total $ 796 $ 131,321 Less: Sales to related parties from operations disposed - (131,321) Salesrelated parties continuing operations $ 796 $ - Sales to related parties in trading transactions from disposed operations, which were netted against the corresponding cost of goods sold, amounted to $ 0 104.0 Sales to related parties in trading transactions from disposed operations, which were netted against the corresponding cost of goods sold, amounted to $ 0 195.0 Name of related parties Relationship For the three For the three (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 176,807 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group - 8,919 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group - 2 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 12,044 * 6,283 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group - 8,140 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel - 1,146 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) - 37,472 Wendlar Investment & Management Group Co., Ltd Common control under CEO - 14,794 Tianjin General Quigang Pipe co., Ltd Partially owned by CEO through indirect shareholding - 5,198 Others Entities either owned or have significant influence by our affiliates or management - 380 Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 12,282 * - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,404 * - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 23,618 * - Total $ 52,348 $ 259,141 Less Purchases from related parties from operations disposed - (259,141) Purchasesrelatedpartiescontinuing operations $ 52,348 $ - * For the three months ended June 30, 2016, purchases were netted with revenue. Name of related parties Relationship For the six months For the six months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 182,800 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group - 57,066 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group - 1,074 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 12,044 * 6,283 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group - 14,100 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel - 2,651 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) - 73,646 Wendlar Investment & Management Group Co., Ltd Common control under CEO - 14,794 Tianjin General Quigang Pipe co., Ltd Partially owned by CEO through indirect shareholding - 8,485 Others Entities either owned or have significant influence by our affiliates or management - 711 Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 12,282 * - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,611 * - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 23,740 * - Total $ 52,677 $ 361,610 Less Purchases from related parties from operations disposed - (361,610) Purchasesrelated partiescontinuing operations $ 52,677 $ - * For the six months ended June 30, 2016, purchases were netted with revenue. c. 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 d. On March 21, 2016, the Company, along with its 1 100 32 331.3 51 Related party balances a. Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding $ 13,050 $ - Total $ 13,050 $ - b. Other receivables - related parties are those nontrade receivables arising from transactions through the sales of its subsidiary, which was bought by its related party or arising from transactions through accumulated intercompany payable upon the disposal of its subsidiary. Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) $ 23,138 * $ - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding $ 29,378 $ - Maoming Hengda Wholly owned by Tianwu Tongyong 19,454 * - Total 71,970 - Less: long term other receivable related party - Other receivable related party $ 71,970 $ - * The Company is expected to collect the balance by June 2017. c. Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding $ 5,251 $ - Tianjin Dazhen Industry Co., Ltd Partially owned by CEO through indirect shareholding $ 6,599 $ - Total $ 11,850 $ - d. 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 June 30, 2016 December 31, (in thousands) (in thousands) Wendlar Investment & Management Group Co., Ltd Common control under CEO $ 31 $ 28 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 48 - Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding - 483 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 50,562 23,660 Zuosheng Yu CEO 520 - Total 51,161 64,563 Less: other payables related parties - held for sale - (21,807) Other payables related parties continuing operations $ 51,161 $ 42,756 f. Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding $ 14,445 $ - Total $ 14,445 $ - g. Deferred lease income operation disposed For the three months ended June 30, 2016 and 2015, the Company’s operations disposed realized lease income from Shaanxi Steel, a related party, amounting to $ 0 0.5 For the six months ended June 30, 2016 and 2015, the Company’s operations disposed realized lease income from Shaanxi Steel, a related party, amounting to $ 0 1.1 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 15 Equity 2015 Equity Transactions On April 14, 2015, the Company granted 100,000 4.9 On June 9, 2015, the Company granted 299,600 3.85 On July 17, 2015, the Company granted 1,200,000 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 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 2016 Equity Transactions On December 17 and 18, 2015, the Company entered into one year service contracts for investor relation consulting services. 60,000 0.90 60,000 0.91 On January 20, 2016, the Company granted 242,466 1.80 On March 15, 2016, the Company granted 30,000 1.26 |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 16 Acquisition Catalon Acquisition On October 23, 2015 84.5 2.6 3.20 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 is expected to cancel the shares that we have issued to the 84.5% original owners of Catalon in accordance with the term of the agreement. 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 impartment charge of $ 12.2 Tianjin Shuangsi Acquisition On February 16, 2016, the Company received 100 0.03 |
Retirement plan - operations di
Retirement plan - operations disposed | 6 Months Ended |
Jun. 30, 2016 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 17 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 highest of 20 12 8 0 6.0 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 18 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 Company’s four regional divisions in the PRC: Longmen Joint Venture in Shaanxi province (disposed in December 2015), Maoming Hengda in Guangdong province (disposed in March 2016), and General Steel (China) (disposed in December 2015) & Tianjin Shuangsi in Tianjin City. The Company had two business segments, one consisting of Tianjin Shuangsi and one consisting of Maoming Hengda for the three months ended March 31, 2016. The Company had one business segment consisting of Tianjin Shuangsi for the three and six months ended June 30, 2016. 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) for the six months ended June 30, 2015. 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: 2016 2015 Longmen Joint Venture operation disposed $ - $ 528,778 Maoming Hengda operation disposed - 3 Tianjin Shuangsi 365 - Total sales 365 528,781 Interdivision sales - - Consolidated sales 365 528,781 Less: operations disposed - 528,781 Total from continuing operation $ 365 $ - Gross profit (loss): 2016 2015 Longmen Joint Venture operation disposed $ - $ (64,220) Maaoming Hengda-operation disposed - (49) Tianjin Shuangsi 365 - Total gross loss 365 (64,269) Interdivision gross profit - - Consolidated gross (loss) profit 365 (64,269) Less: operations disposed - 64,269 Total from continuing operation $ 365 $ - Income (loss) from operations: 2016 2015 Longmen Joint Venture operation disposed $ - $ (1,005,820) Maoming Hengda operation disposed - (270) Tianjin Shuangsi 30 - General Steel (China) operation disposed - (849) Catalon operation to be disposed - - Total income (loss) from operations 30 (1,006,939) Reconciling item (1) (324) (1,083) Consolidated income (loss) from operations (294) (1,008,022) Less: operation disposed - (1,006,939) Total from continuing operation $ (294) $ (1,083) Net income (loss) attributable to General Steel Holdings, Inc.: 2016 2015 Longmen Joint Venture operation disposed $ - $ (613,117) Maoming Hengda operation disposed - (255) Tianjin Shuangsi 30 - General Steel (China) operation disposed - (572) Total net loss attributable to General Steel Holdings, Inc. 30 (613,944) Reconciling item (1) (324) (1,083) Consolidated net loss attributable to General Steel Holdings, Inc. (294) (615,027) Less: operations disposed - (613,944) Total from continuing operation $ (294) $ (1,083) Depreciation, amortization and depletion: 2016 2015 Longmen Joint Venture operation disposed $ - $ 30,458 Maoming Hengda operation disposed - 304 General Steel (China) operation disposed - 670 Consolidated depreciation, amortization and depletion - 31,432 Less: operations disposed - 31,432 Total from continuing operation $ - - Finance/interest expenses: 2016 2015 Longmen Joint Venture operation disposed $ - $ 28,656 General Steel (China) operation disposed - 918 Reconciling item (1) - 1 Consolidated interest expenses - 29,575 Less: operations to be disposed - (1) Less: operations disposed - 29,574 Total from continuing operation $ - $ 2 Capital expenditures: 2016 2015 Longmen Joint Venture operation disposed $ - $ 8,583 Maoming Hengda operation disposed - 1 General Steel (China) operation disposed - 1 Consolidated capital expenditures - 8,585 Less: operations disposed - 8,585 Total from continuing operation $ - $ - The following represents results of division operations for the six months ended June 30, 2016 and 2015: (In thousands) Sales: 2016 2015 Longmen Joint Venture operation disposed $ - $ 856,936 Maoming Hengda operation disposed - 9 Tianjin Shuangsi 819 - Catalon operation to be disposed - - Consolidated sales 819 856,945 Less: operations disposed - 856,945 Total from continuing operation $ 819 $ - Gross profit (loss): 2016 2015 Longmen Joint Venture operation disposed $ - $ (96,367) Maaoming Hengda-operation disposed - (49) Tianjin Shuangsi 819 - Consolidated gross (loss) profit 819 (96,416) Less: operations disposed - (96,416) Total from continuing operation $ 819 $ - Income (loss) from operations: 2016 2015 Longmen Joint Venture operation disposed $ - $ (1,059,318) Maoming Hengda operation disposed (2,569) (831) Tianjin Shuangsi 237 - General Steel (China) operation disposed - (1,583) Catalon operation to be disposed - - Total loss from operations (2,332) (1,061,732) Reconciling item (1) 4,586 (2,002) Consolidated (loss) income from operations 2,254 (1,063,734) Less: operation disposed (2,569) (1,061,731) Total from continuing operation $ 4,823 $ (2,003) Net income (loss) attributable to General Steel Holdings, Inc.: 2016 2015 Longmen Joint Venture operation disposed $ - $ (655,522) Maoming Hengda operation disposed (2,543) (921) Tianjin Shuangsi 237 - General Steel (China) operation disposed - (1,735) Catalon operation to be disposed - - Total net loss attributable to General Steel Holdings, Inc. (2,306) (658,178) Reconciling item (1) 4,586 (2,002) Consolidated net loss attributable to General Steel Holdings, Inc. 2,280 (660,180) Less: operations disposed (2,543) (658,178) Total from continuing operation $ 4,823 $ (2,002) Depreciation, amortization and depletion: 2016 2015 Longmen Joint Venture operation disposed $ - $ 54,644 Maoming Hengda operation disposed - 614 Tianjin Shuangsi 1 - General Steel (China) operation disposed - 1,338 Consolidated depreciation, amortization and depletion 1 56,596 Less: operations disposed - 56,596 Total from continuing operation $ 1 - Finance/interest expenses: 2016 2015 Longmen Joint Venture operation disposed $ - $ 47,804 General Steel (China) operation disposed - 2,339 Reconciling item (1) 1 2 Consolidated interest expenses 1 50,145 Less: operations disposed - 50,143 Total from continuing operation $ 1 $ 2 Capital expenditures: 2016 2015 Longmen Joint Venture operation disposed $ - $ 39,208 Maoming Hengda operation disposed - 297 Tianjin Shuangsi 2 - General Steel (China) operation disposed - 669 Consolidated capital expenditures 2 40,174 Less: operations disposed - 40,174 Total from continuing operation $ 2 $ - Total Assets as of: June 30, 2016 December 31, 2015 Maoming Hengda operation disposed $ - $ 20,202 Catalon operation to be disposed - 24 Tianjin Shuangsi 99,222 - Reconciling item (2) 6 15,535 Total assets 99,228 35,761 Total assets held for sale - (20,227) Total assets from continuing operations $ 99,228 $ 15,534 (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 three and six months ended June 30, 2016 and 2015, 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 June 30, 2016 and December 31, 2015, which are non-operating entities. |
Subsequent event
Subsequent event | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 19 Subsequent event On August 10, 2016, the Company has signed two offset agreements with Tianwu Tongyuan and two of its debtors, GS China and Qiu Steel, to offset its payables of RMB 262.3 40.4 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 On September 30, 2016, the Company completed a private placement through the issuance of 1,500,000 1.00 10.0 These shares have not been issued as the date of the filing. The Company extended the due date of its other payable to related parties till December, 2020. These agreements were executed in July 2017. On March 21, 2016, the Company, along with its 1 100 32 155.3 23.9 99 154.0 23.8 In March 2017, the board approved to issue 200,000 The Company amended the article of incorporation on October 14, 2016 to increase the authorized shares of Common Stock from 40,000,000 200,000,000 0.001 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 |
Summary of significant accoun25
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”), PRC 100.0 % * Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100 |
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. |
Liquidity Disclosure [Policy Text Block] | (c) Liquidity In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. The Company engages in trading of steel related products and the Company’s business is not capital intensive. Debt financing in the form of short term loans, loans from related parties, have utilized to finance the working capital requirements of the Company. The main operating expenses are public Company maintenance costs which CEO Mr. Yu Zuo Sheng fully supports the operation funding. Due to restructuring, the Company’s working capital deficit has decreased to approximately $ 12.1 75.9 39.0 Management considers the historical experience, the economy, trends in the industry, the expected collectability of the accounts and other receivables and the realization of the prepayments and determined the Company is expected to realize the remaining balances. Based on the above considerations, the Company’s management is of the opinion that it has sufficient funds to meet our working capital requirements and debt obligations as they become due. However, this opinion is based on the market and general economic conditions the Company’s operating results not continuing to deteriorate and the Company shareholders will be able to provide continued liquidity. |
Use of Estimates, Policy [Policy Text Block] | (d) 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. Actual results could differ from these estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (e) 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 June 30, 2016 and December 31, 2015, 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 June 30, 2016 and December 31, 2015 amounted to $ 0.008 0.004 0.003 0.02 Three of the Company’s customers, including two related parties, individually accounted for 41.8 30.9 19.1 50.6 34.8 14.7 11.6 11.2 One of the Company’s customers, including related parties, accounted for 100 96.2 Three of the Company’s suppliers, including related parties, individually accounted for 44.6 25.0 12.9 45.1 23.5 23.1 16.6 10.5 Two of the Company’s suppliers, both related parties, individually accounted for 44.3 55.7 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (f) 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 $ 1.7 2.0 6.64 6.49 1.00 6.54 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] | (g) 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. 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] | (h) Cash Cash includes cash on hand and demand deposits in banks with original maturities of less than three months. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | (i) 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. |
Advances On Inventory Purchase [Policy Text Block] | (j) 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] | (k) Inventories Inventories are mainly finished goods and are stated at the lower of cost or market using the first-in, first-out 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | (l) Plant and equipment, net 3 5 Buildings and Improvements 10 40 Machinery 10 30 Machinery and equipment under capital lease 10 20 Other equipment 5 Transportation Equipment 5 Through their respective disposals long lived assets, including buildings and improvements, equipment and intangible assets are reviewed if events and changes in circumstances indicated that their carrying amount may not be recoverable, to determine whether their carrying value had become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. |
Investment, Policy [Policy Text Block] | (m) 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 On December 28, 2015 General Steel (China) sold its 32 14.9 96.6 14.2 Total investment income (loss) in unconsolidated subsidiaries amounted to $ 0.2 0 0.3 0 Total investment income (loss) in unconsolidated subsidiaries from operations disposed amounted to $ 0 0.003 0 (3) CONDENSED STATEMENT OF OPERATIONS (In thousands) For the three months ended For the six months ended June 30, 2016 June 30, 2016 (Unaudited) REVENUE $ 1,384 $ 1,447 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 893 995 FINANCE EXPENSES 1,274 1,596 TOTAL EXPENSES 2,167 2,591 OTHER INCOME 60 60 LOSS BEFORE PROVISION FOR INCOME TAXES (723) (1,084) PROVISION FOR INCOME TAXES - - NET LOSS $ (723) $ (1,084) |
Revenue Recognition, Policy [Policy Text Block] | (n) 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 Gross versus Net Revenue Reporting Starting from January 1 st For the three and six months ended June, 2016, the Company reported gross sales of $ 52.7 95.9 34.4 77.6 52.3 95.1 52.3 52.7 0.36 0.82 |
Discontinued Operations, Policy [Policy Text Block] | (o) 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. June 30, December 31, (In thousands) 2016 2015 Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ - $ 38 Accounts receivable, net - 342 Other receivables, net - 11 Prepaid taxes - 1,218 Total current assets held for sale - 1,609 OTHER ASSETS: Property and equipment, net - 16,593 Long-term deferred expense - 2 Intangible assets, net of accumulated amortization - 2,023 Total other assets held for sale - 18,618 Total assets of the disposal group classified as held for sale $ - $ 20,227 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable $ - $ 6,336 Short term loans - others - 461 Other payables and accrued liabilities - 2,551 Other payables - related parties - 21,807 Total current liabilities held for sale - 31,155 Total liabilities of the disposal group classified as held for sale $ - $ 31,155 Reconciliation of the Amounts of Major Classes of Income and Losses from Operations Disposed Classified as Held for Sale and Disposed in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss which include Catalon and Maoming’s operation for the three and six months ended June 30, 2016 and 2015 and Longmen Joint Venture’s operation for the three and six months ended June 30, 2015. For the three months ended June 30, Operations Disposed: 2016 2015 SALES $ - $ 454,855 SALES - RELATED PARTIES - 73,926 TOTAL SALES - 528,781 COST OF GOODS SOLD - 509,185 COST OF GOODS SOLD - RELATED PARTIES - 83,865 TOTAL COST OF GOODS SOLD - 593,050 GROSS LOSS - (64,269) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - (22,083) EXCESS OVERHEAD DURING MAINTENANCE - (5,309) IMPAIRMENT CHARGE - (973,860) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 57,499 LOSS FROM OPERATIONS - (1,008,022) OTHER INCOME (EXPENSE) Interest income - 2,741 Finance/interest expense - (29,575) Loss on disposal of equipment and intangible assets - (44) Income from equity investments - 34 Foreign currency transaction loss - (249) Lease income - 545 Other non-operating income, net - 378 Other expense, net - (26,170) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - (1,034,192) PROVISION FOR INCOME TAXES - 111 NET LOSS FROM OPERATIONS DISPOSED - (1,034,303) Less: Net loss attributable to noncontrolling interest from operations disposed - (419,276) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ - $ (615,027) For the six months ended June 30, Operations Disposed: 2016 2015 SALES $ - $ 725,624 SALES - RELATED PARTIES - 131,321 TOTAL SALES - 856,945 COST OF GOODS SOLD - 806,750 COST OF GOODS SOLD - RELATED PARTIES - 146,611 TOTAL COST OF GOODS SOLD - 953,361 GROSS LOSS (96,416) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (949) (39,438) EXCESS OVERHEAD DURING MAINTENANCE - (24,443) IMPAIRMENT CHARGE - (973,860) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 70,423 (LOSS) INCOME FROM OPERATIONS (949) (1,063,734) OTHER INCOME (EXPENSE) Interest income - 5,072 Finance/interest expense (414) (50,145) Loss on disposal of equipment and intangible assets - (28) Loss from equity investments - (3) Foreign currency transaction loss - (1,122) Lease income - 1,088 Other non-operating income, net (1,206) 601 Other income (expense), net (1,620) (44,537) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (2,569) (1,108,271) PROVISION FOR INCOME TAXES - 141 NET LOSS FROM OPERATIONS DISPOSED (2,569) (1,108,412) Less: Net loss attributable to noncontrolling interest from operations disposed (26) (448,232) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (2,543) $ (660,180) General Steel (China) 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 1.0 1.0 1.0 December 30, (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) Maoming Hengda On March 21, 2016, the Company, along with its 1 100 32 155.3 23.9 99 154.0 23.8 45.7 (In thousands) March 21, 2016 CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 Prepaid taxes - Total current 361 OTHER ASSETS: Property and equipment, net 16,321 Long-term deferred expense 2 Intangible assets, net of accumulated amortization 2,023 Total other assets 18,346 Total assets $ 18,707 CURRENT LIABILITIES: Accounts payable 6,377 Short term loans - other 464 Other payables and accrued liabilities 3,033 Other payables - related parties 430 Other payables - intercompany 30,650 Total current liabilities 40,954 NON-CONTROLLING INTEREST (16) Total net deficiency (22,231) Net consideration (23,507) Currency translation adjustment (81) Total addition to paid-in capital $ (45,657) (In thousands) March 31, 2016 CURRENT ASSETS: Cash $ 24 Total current 24 CURRENT LIABILITIES: Other payables - related parties 2,335 Total current liabilities 2,335 NON-CONTROLLING INTEREST (358) Total net deficiency (1,953) Net consideration (4,316) Gain in disposal of subsidiary $ (6,269) |
Reclassification, Policy [Policy Text Block] | (p) Reclassifications Certain prior periods have been reclassified to conform to the current period presentation. These reclassifications have no effect on the accompanying consolidated statements of operations and cash flows. |
Non Controlling Interest [Policy Text Block] | (q) Non-controlling interest Non-controlling interest mainly consists of an individual’s 1 15.5 |
Earnings Per Share, Policy [Policy Text Block] | (r) 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] | (s) 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 June 30, 2016 and December 31, 2015, the Company had repurchased 494,462 |
Income Tax, Policy [Policy Text Block] | (t) 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 six months ended June 30, 2016 and 2015. As of June 30, 2016, the Company’s income tax returns filed for December 31, 2014, 2013, 2012 and 2011 remain subject to examination by the taxing authorities. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (u) 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] | (w) Recently issued accounting pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The update requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It eliminated the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value that is require to be disclosed for financial instruments measured at amortized cost on the balance sheet. For public entities, the ASU is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 Amendments to the ASC 842 Leases. This update requires lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within a twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In April 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. Implementation and administration may present challenges for companies with significant share-based payment activities. The ASU is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. Management is evaluating the effect, if any, 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, defers the effective date of ASU 2014-09 by one year. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”, The amendments rescinds SEC paragraphs pursuant to two SEC Staff Announcements at the March 3, 2016 Emerging Issues Task Force (EITF) meeting. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: 1) Revenue and Expense Recognition for Freight Services in Process, which is codified in paragraph 605-20-S99-2; 2) Accounting for Shipping and Handling Fees and Costs, which is codified in paragraph 605-45-S99-1; 3) Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor's Products), which is codified in paragraph 605-50-S99-1; 4) Accounting for Gas-Balancing Arrangements (i.e., use of the "entitlements method"), which is codified in paragraph 932-10-S99-5, which is effective upon adoption of ASU 2014-09. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. 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. In August 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on the following eight specific cash flow issues: (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4)Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned; (6) Life Insurance Policies; (7) Distributions Received from Equity Method Investees; (8) Beneficial Interests in Securitization Transactions; and Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. Management is evaluating the effect, if any, on the Company’s consolidated financial statements. In October 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-17, Consolidation (Topic 810): Interests held through related parties that are under common control. The amendments in this ASU require that the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. The adoption of this ASU did not have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business. The amendments in this ASU is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Management does not believe the adoption of this ASU would have a material effect on the Company’s consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Summary of significant accoun26
Summary of significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 as of June 30, 2016: Subsidiary Percentage General Steel Investment Co., Ltd. British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”), PRC 100.0 % * Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100 |
Schedule Of Property Plant and Equipment Estimated Useful Life [Table Text Block] | 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 Machinery 10 30 Machinery and equipment under capital lease 10 20 Other equipment 5 Transportation Equipment 5 |
Condensed Income Statement [Table Text Block] | The Company performed significance test in accordance with SEC Rule 1-02(w) of Regulation S-X and determined Tianwu qualify as significant equity investee, the condensed income statement of Tianwu is presented as follows: CONDENSED STATEMENT OF OPERATIONS (In thousands) For the three months ended For the six months ended June 30, 2016 June 30, 2016 (Unaudited) REVENUE $ 1,384 $ 1,447 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 893 995 FINANCE EXPENSES 1,274 1,596 TOTAL EXPENSES 2,167 2,591 OTHER INCOME 60 60 LOSS BEFORE PROVISION FOR INCOME TAXES (723) (1,084) PROVISION FOR INCOME TAXES - - NET LOSS $ (723) $ (1,084) |
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 which include Maoming Hengda’s operations as of December 31, 2105 and Catalon as of June 30, 2106 and December 31, 2015. June 30, December 31, (In thousands) 2016 2015 Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ - $ 38 Accounts receivable, net - 342 Other receivables, net - 11 Prepaid taxes - 1,218 Total current assets held for sale - 1,609 OTHER ASSETS: Property and equipment, net - 16,593 Long-term deferred expense - 2 Intangible assets, net of accumulated amortization - 2,023 Total other assets held for sale - 18,618 Total assets of the disposal group classified as held for sale $ - $ 20,227 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable $ - $ 6,336 Short term loans - others - 461 Other payables and accrued liabilities - 2,551 Other payables - related parties - 21,807 Total current liabilities held for sale - 31,155 Total liabilities of the disposal group classified as held for sale $ - $ 31,155 Reconciliation of the Amounts of Major Classes of Income and Losses from Operations Disposed Classified as Held for Sale and Disposed in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss which include Catalon and Maoming’s operation for the three and six months ended June 30, 2016 and 2015 and Longmen Joint Venture’s operation for the three and six months ended June 30, 2015. For the three months ended June 30, Operations Disposed: 2016 2015 SALES $ - $ 454,855 SALES - RELATED PARTIES - 73,926 TOTAL SALES - 528,781 COST OF GOODS SOLD - 509,185 COST OF GOODS SOLD - RELATED PARTIES - 83,865 TOTAL COST OF GOODS SOLD - 593,050 GROSS LOSS - (64,269) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - (22,083) EXCESS OVERHEAD DURING MAINTENANCE - (5,309) IMPAIRMENT CHARGE - (973,860) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 57,499 LOSS FROM OPERATIONS - (1,008,022) OTHER INCOME (EXPENSE) Interest income - 2,741 Finance/interest expense - (29,575) Loss on disposal of equipment and intangible assets - (44) Income from equity investments - 34 Foreign currency transaction loss - (249) Lease income - 545 Other non-operating income, net - 378 Other expense, net - (26,170) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST - (1,034,192) PROVISION FOR INCOME TAXES - 111 NET LOSS FROM OPERATIONS DISPOSED - (1,034,303) Less: Net loss attributable to noncontrolling interest from operations disposed - (419,276) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ - $ (615,027) For the six months ended June 30, Operations Disposed: 2016 2015 SALES $ - $ 725,624 SALES - RELATED PARTIES - 131,321 TOTAL SALES - 856,945 COST OF GOODS SOLD - 806,750 COST OF GOODS SOLD - RELATED PARTIES - 146,611 TOTAL COST OF GOODS SOLD - 953,361 GROSS LOSS (96,416) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (949) (39,438) EXCESS OVERHEAD DURING MAINTENANCE - (24,443) IMPAIRMENT CHARGE - (973,860) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 70,423 (LOSS) INCOME FROM OPERATIONS (949) (1,063,734) OTHER INCOME (EXPENSE) Interest income - 5,072 Finance/interest expense (414) (50,145) Loss on disposal of equipment and intangible assets - (28) Loss from equity investments - (3) Foreign currency transaction loss - (1,122) Lease income - 1,088 Other non-operating income, net (1,206) 601 Other income (expense), net (1,620) (44,537) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (2,569) (1,108,271) PROVISION FOR INCOME TAXES - 141 NET LOSS FROM OPERATIONS DISPOSED (2,569) (1,108,412) Less: Net loss attributable to noncontrolling interest from operations disposed (26) (448,232) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (2,543) $ (660,180) General Steel (China) 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 1.0 1.0 1.0 December 30, (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) Accordingly, the Company recorded the total amount of net consideration of $ 45.7 (In thousands) March 21, 2016 CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 Prepaid taxes - Total current 361 OTHER ASSETS: Property and equipment, net 16,321 Long-term deferred expense 2 Intangible assets, net of accumulated amortization 2,023 Total other assets 18,346 Total assets $ 18,707 CURRENT LIABILITIES: Accounts payable 6,377 Short term loans - other 464 Other payables and accrued liabilities 3,033 Other payables - related parties 430 Other payables - intercompany 30,650 Total current liabilities 40,954 NON-CONTROLLING INTEREST (16) Total net deficiency (22,231) Net consideration (23,507) Currency translation adjustment (81) Total addition to paid-in capital $ (45,657) Due to operational issues, Catalon was not able to meet the Minimum Sales Target or Minimum Net Profit applicable as stipulated in the Stock Exchange agreement, therefore Management decided to cancel the shares that were placed in escrow for the selling shareholders. As such the Company deconsolidated Catalon as of March 31, 2016. The net deficiency of Catalon as of March 31, 2016 is as follows: (In thousands) March 31, 2016 CURRENT ASSETS: Cash $ 24 Total current 24 CURRENT LIABILITIES: Other payables - related parties 2,335 Total current liabilities 2,335 NON-CONTROLLING INTEREST (358) Total net deficiency (1,953) Net consideration (4,316) Gain in disposal of subsidiary $ (6,269) |
Accounts receivable (includin27
Accounts receivable (including related party), net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Accounts receivable $ - $ 342 Accounts receivable related party 13,050 Less: allowance for doubtful accounts - - Net accounts receivable 13,050 342 Less: accounts receivables held for sale - (342) Net accounts receivables continuing operations $ 13,050 $ - |
Schedule Of Allowance For Doubtful Accounts Receivable [Table Text Block] | Movement of allowance for doubtful accounts is as follows: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Beginning balance $ - $ 609 Charge to expense - 201 Less: recovery - Deconsolidation - (769) Exchange rate effect - (41) Ending balance $ - $ - |
Other receivables (including 28
Other receivables (including related parties), net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Other receivables $ 169 $ 174 Other receivables related party 71,970 - Less: allowance for doubtful accounts (167) - Net other receivables 71,972 174 Less: other receivables held for sale - (11) Net other receivables continuing operations $ 71,972 $ 163 |
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: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Beginning balance $ - $ 10,262 Charge to expense 167 5,007 Less: recovery - (5) Less: deconsolidation - (15,119) Exchange rate effect - (145) Ending balance 167 - Less: balance held for sale - - Ending balance continuing operations $ 167 $ - |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: June 30, December 31, (in thousands) (in thousands) Finished goods - - Less: allowance for inventory valuation - - Inventories $ - $ - |
Summary Of Inventory Valuation Allowance [Table Text Block] | Movement of allowance for inventory valuation is as follows: June 30, December 31, (in thousands) (in thousands) Beginning balance $ - $ 18,375 Addition - 22,192 Less: write-off - (18,115) Less: inventory disposed of - Note 2(o) - (22,192) Exchange rate effect - (260) Ending balance $ - $ - |
Advances on inventory purchas30
Advances on inventory purchases (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Advances on inventory purchases $ - $ 439 Advances on inventory purchases related party - - Less: allowance for doubtful accounts - (439) Net advances on inventory purchases $ - $ - |
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: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Beginning balance $ - $ 2,501 Charge to expense - - Less recovery - (462) Less deconsolidation - (1,927) Exchange rate effect - 327 Ending balance $ - $ 439 |
Plant and equipment, net (Table
Plant and equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Plant and equipment consist of the following: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Buildings and improvements $ - $ 21,895 Machinery - 9,344 Machinery under capital lease - 262 Transportation and other equipment 7 - Subtotal 7 31,501 Less: accumulated depreciation (6) (14,908) Plant and equipment, net held for sale $ 1 $ 16,593 Less: plant and equipment, net held for sale - (16,593) Net plant and equipment, net continuing operations $ 1 $ - |
Intangible assets, net _ held32
Intangible assets, net held for sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible assets consist of the following: June 30, 2016 December 31, 2015 (in thousands) (in thousands) Land use rights $ - $ 2,558 Mining right - - Software - 10 Subtotal - 2,568 Less: Accumulated amortization land use rights - (535) Accumulated amortization mining right - - Accumulated amortization software - (10) Subtotal - (545) Intangible assets, net held for sale $ - $ 2,023 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Short Term Loan Other [Member] | |
Schedule of Short-term Debt [Table Text Block] | June 30, 2016 December 31, (in thousands) (in thousands) Maoming Hengda: Loans from one unrelated parties and one related party, due on demand, none interest bearing. $ - $ 461 General Steel Investment Co., Ltd.: Loan from one unrelated parties, due to demand, the interest rate was 5% per annum as of June 30, 2016. 3,600 3,600 Total short-term loans others 3,600 4,061 Less: short-term loans others held for sale - (461) Short-term loans others continuing operations $ 3,600 $ 3,600 |
Taxes (Tables)
Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 for the three months and the six months ended June 30, 2016 and 2015 are as follows: (In thousands) The three months ended The three months ended Current $ 86 $ - Total provision for income taxes $ 86 $ - (In thousands) The six months ended The six months ended Current $ 194 $ - Total provision for income taxes $ 194 $ - |
Related party transactions an35
Related party transactions and balances (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule Of Related Party Sales [Table Text Block] | The following chart summarized revenue to related parties for the three months and six months ended June 30, 2016 and 2015. Name of related parties Relationship For the three For the three (in thousands) (in thousands) Long Steel Group* Noncontrolling shareholder of Longmen Joint Venture $ - $ 38,260 Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group* - 18,822 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group - 860 Shaanxi Steel Majority shareholder of Long Steel Group - 238 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel - 15,746 Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding 25 - Wendlar Tianjin Industry Co., Ltd. Partially owned by CEO through indirect shareholding - - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 169 - Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 148 Total $ 342 $ 73,926 Less: Sales to related parties from operations disposed - (73,926) Salesrelated parties continuing operations $ 342 $ - *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. Name of related parties Relationship For the six For the six (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 49,530 Shaanxi Haiyan Trade Co., Ltd Significant influence by Long Steel Group* - 28,400 Shaanxi Shenganda Trading Co., Ltd Significant influence by Long Steel Group - 16,858 Shaanxi Steel Majority shareholder of Long Steel Group - 719 Shaanxi Coal and Chemical Industry Group Co., Ltd. Shareholder of Shaanxi Steel - 35,814 Tianjin Dazhen Trading Co., Ltd Partially owned by CEO through indirect shareholding 45 - Wendlar Tianjin Industry Co., Ltd. Partially owned by CEO through indirect shareholding 277 - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 326 - Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 148 - Total $ 796 $ 131,321 Less: Sales to related parties from operations disposed - (131,321) Salesrelated parties continuing operations $ 796 $ - |
Schedule Of Related Party Purchases [Table Text Block] | Name of related parties Relationship For the three For the three (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 176,807 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group - 8,919 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group - 2 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 12,044 * 6,283 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group - 8,140 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel - 1,146 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) - 37,472 Wendlar Investment & Management Group Co., Ltd Common control under CEO - 14,794 Tianjin General Quigang Pipe co., Ltd Partially owned by CEO through indirect shareholding - 5,198 Others Entities either owned or have significant influence by our affiliates or management - 380 Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 12,282 * - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,404 * - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 23,618 * - Total $ 52,348 $ 259,141 Less Purchases from related parties from operations disposed - (259,141) Purchasesrelatedpartiescontinuing operations $ 52,348 $ - * For the three months ended June 30, 2016, purchases were netted with revenue. Name of related parties Relationship For the six months For the six months (in thousands) (in thousands) Long Steel Group Noncontrolling shareholder of Longmen Joint Venture $ - $ 182,800 Hancheng Haiyan Coking Co., Ltd Noncontrolling shareholder of Long Steel Group - 57,066 Xi’an Pinghe Metallurgical Raw Material Co., Ltd Noncontrolling shareholder of Long Steel Group - 1,074 Tianjin Dazhan Industry Co., Ltd Partially owned by CEO through indirect shareholding 12,044 * 6,283 Shaanxi Huafu New Energy Co., Ltd Significant influence by the Long Steel Group - 14,100 Shaanxi Coal and Chemical Industry Group Co., Ltd Shareholder of Shaanxi Steel - 2,651 Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) - 73,646 Wendlar Investment & Management Group Co., Ltd Common control under CEO - 14,794 Tianjin General Quigang Pipe co., Ltd Partially owned by CEO through indirect shareholding - 8,485 Others Entities either owned or have significant influence by our affiliates or management - 711 Tianjin Daqiuzhuang Steel Plates Co., Ltd Partially owned by CEO through indirect shareholding 12,282 * - Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding 4,611 * - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding 23,740 * - Total $ 52,677 $ 361,610 Less Purchases from related parties from operations disposed - (361,610) Purchasesrelated partiescontinuing operations $ 52,677 $ - * For the six months ended June 30, 2016, purchases were netted with revenue. |
Schedule Of Related Party Transactions, Accounts Receivables From Related Party [Table Text Block] | Accounts receivable related party: Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) Wendlar Tianjin Industry Co., Ltd Partially owned by CEO through indirect shareholding $ 13,050 $ - Total $ 13,050 $ - |
Schedule Of Related Party Transactions, Other Receivables Related Parties [Table Text Block] | Other receivable related parties: Other receivables - related parties are those nontrade receivables arising from transactions through the sales of its subsidiary, which was bought by its related party or arising from transactions through accumulated intercompany payable upon the disposal of its subsidiary. Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) Tianwu General Steel Material Trading Co., Ltd. Investee of General Steel (China) $ 23,138 * $ - General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding $ 29,378 $ - Maoming Hengda Wholly owned by Tianwu Tongyong 19,454 * - Total 71,970 - Less: long term other receivable related party - Other receivable related party $ 71,970 $ - * The Company is expected to collect the balance by June 2017. |
Schedule Of Related Party Transactions, Accounts Payable Related Parties [Table Text Block] | Accounts payable related party: Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) General Steel (China) Co., Ltd Partially owned by CEO through indirect shareholding $ 5,251 $ - Tianjin Dazhen Industry Co., Ltd Partially owned by CEO through indirect shareholding $ 6,599 $ - Total $ 11,850 $ - |
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 June 30, 2016 December 31, (in thousands) (in thousands) Wendlar Investment & Management Group Co., Ltd Common control under CEO $ 31 $ 28 Yangpu Capital Automobile Partially owned by CEO through indirect shareholding 48 - Maoming Shengze Trading Co., Ltd Partially owned by CEO through indirect shareholding - 483 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 50,562 23,660 Zuosheng Yu CEO 520 - Total 51,161 64,563 Less: other payables related parties - held for sale - (21,807) Other payables related parties continuing operations $ 51,161 $ 42,756 |
Schedule Of Related Party Transactions, Customer Deposits Related Parties [Table Text Block] | Customer deposit related parties: Name of related parties Relationship June 30, 2016 December 31, (in thousands) (in thousands) Tianjin Hengying Trading Co., Ltd Partially owned by CEO through indirect shareholding $ 14,445 $ - Total $ 14,445 $ - |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of Catalon based on valuation performed by an independent appraisal firm engaged by the Company: 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) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following represents results of division operations for the three months ended June 30, 2016 and 2015: (In thousands) Sales: 2016 2015 Longmen Joint Venture operation disposed $ - $ 528,778 Maoming Hengda operation disposed - 3 Tianjin Shuangsi 365 - Total sales 365 528,781 Interdivision sales - - Consolidated sales 365 528,781 Less: operations disposed - 528,781 Total from continuing operation $ 365 $ - Gross profit (loss): 2016 2015 Longmen Joint Venture operation disposed $ - $ (64,220) Maaoming Hengda-operation disposed - (49) Tianjin Shuangsi 365 - Total gross loss 365 (64,269) Interdivision gross profit - - Consolidated gross (loss) profit 365 (64,269) Less: operations disposed - 64,269 Total from continuing operation $ 365 $ - Income (loss) from operations: 2016 2015 Longmen Joint Venture operation disposed $ - $ (1,005,820) Maoming Hengda operation disposed - (270) Tianjin Shuangsi 30 - General Steel (China) operation disposed - (849) Catalon operation to be disposed - - Total income (loss) from operations 30 (1,006,939) Reconciling item (1) (324) (1,083) Consolidated income (loss) from operations (294) (1,008,022) Less: operation disposed - (1,006,939) Total from continuing operation $ (294) $ (1,083) Net income (loss) attributable to General Steel Holdings, Inc.: 2016 2015 Longmen Joint Venture operation disposed $ - $ (613,117) Maoming Hengda operation disposed - (255) Tianjin Shuangsi 30 - General Steel (China) operation disposed - (572) Total net loss attributable to General Steel Holdings, Inc. 30 (613,944) Reconciling item (1) (324) (1,083) Consolidated net loss attributable to General Steel Holdings, Inc. (294) (615,027) Less: operations disposed - (613,944) Total from continuing operation $ (294) $ (1,083) Depreciation, amortization and depletion: 2016 2015 Longmen Joint Venture operation disposed $ - $ 30,458 Maoming Hengda operation disposed - 304 General Steel (China) operation disposed - 670 Consolidated depreciation, amortization and depletion - 31,432 Less: operations disposed - 31,432 Total from continuing operation $ - - Finance/interest expenses: 2016 2015 Longmen Joint Venture operation disposed $ - $ 28,656 General Steel (China) operation disposed - 918 Reconciling item (1) - 1 Consolidated interest expenses - 29,575 Less: operations to be disposed - (1) Less: operations disposed - 29,574 Total from continuing operation $ - $ 2 Capital expenditures: 2016 2015 Longmen Joint Venture operation disposed $ - $ 8,583 Maoming Hengda operation disposed - 1 General Steel (China) operation disposed - 1 Consolidated capital expenditures - 8,585 Less: operations disposed - 8,585 Total from continuing operation $ - $ - The following represents results of division operations for the six months ended June 30, 2016 and 2015: (In thousands) Sales: 2016 2015 Longmen Joint Venture operation disposed $ - $ 856,936 Maoming Hengda operation disposed - 9 Tianjin Shuangsi 819 - Catalon operation to be disposed - - Consolidated sales 819 856,945 Less: operations disposed - 856,945 Total from continuing operation $ 819 $ - Gross profit (loss): 2016 2015 Longmen Joint Venture operation disposed $ - $ (96,367) Maaoming Hengda-operation disposed - (49) Tianjin Shuangsi 819 - Consolidated gross (loss) profit 819 (96,416) Less: operations disposed - (96,416) Total from continuing operation $ 819 $ - Income (loss) from operations: 2016 2015 Longmen Joint Venture operation disposed $ - $ (1,059,318) Maoming Hengda operation disposed (2,569) (831) Tianjin Shuangsi 237 - General Steel (China) operation disposed - (1,583) Catalon operation to be disposed - - Total loss from operations (2,332) (1,061,732) Reconciling item (1) 4,586 (2,002) Consolidated (loss) income from operations 2,254 (1,063,734) Less: operation disposed (2,569) (1,061,731) Total from continuing operation $ 4,823 $ (2,003) Net income (loss) attributable to General Steel Holdings, Inc.: 2016 2015 Longmen Joint Venture operation disposed $ - $ (655,522) Maoming Hengda operation disposed (2,543) (921) Tianjin Shuangsi 237 - General Steel (China) operation disposed - (1,735) Catalon operation to be disposed - - Total net loss attributable to General Steel Holdings, Inc. (2,306) (658,178) Reconciling item (1) 4,586 (2,002) Consolidated net loss attributable to General Steel Holdings, Inc. 2,280 (660,180) Less: operations disposed (2,543) (658,178) Total from continuing operation $ 4,823 $ (2,002) Depreciation, amortization and depletion: 2016 2015 Longmen Joint Venture operation disposed $ - $ 54,644 Maoming Hengda operation disposed - 614 Tianjin Shuangsi 1 - General Steel (China) operation disposed - 1,338 Consolidated depreciation, amortization and depletion 1 56,596 Less: operations disposed - 56,596 Total from continuing operation $ 1 - Finance/interest expenses: 2016 2015 Longmen Joint Venture operation disposed $ - $ 47,804 General Steel (China) operation disposed - 2,339 Reconciling item (1) 1 2 Consolidated interest expenses 1 50,145 Less: operations disposed - 50,143 Total from continuing operation $ 1 $ 2 Capital expenditures: 2016 2015 Longmen Joint Venture operation disposed $ - $ 39,208 Maoming Hengda operation disposed - 297 Tianjin Shuangsi 2 - General Steel (China) operation disposed - 669 Consolidated capital expenditures 2 40,174 Less: operations disposed - 40,174 Total from continuing operation $ 2 $ - Total Assets as of: June 30, 2016 December 31, 2015 Maoming Hengda operation disposed $ - $ 20,202 Catalon operation to be disposed - 24 Tianjin Shuangsi 99,222 - Reconciling item (2) 6 15,535 Total assets 99,228 35,761 Total assets held for sale - (20,227) Total assets from continuing operations $ 99,228 $ 15,534 (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 three and six months ended June 30, 2016 and 2015, 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 June 30, 2016 and December 31, 2015, which are non-operating entities. |
Organization and Operations (De
Organization and Operations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
Feb. 16, 2016 | Jun. 30, 2016 | Dec. 30, 2015 | Oct. 31, 2015 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 23,100 | |||
Catalon Chemical Corp [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 84.50% | |||
Tianjin Shuangsi Trading Co Ltd [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Business Combination, Consideration Transferred | $ 30 | |||
General Steel Investment Co Ltd [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
General Steel China [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,000 |
Summary of significant accoun39
Summary of significant accounting policies (Details) | 6 Months Ended | ||
Jun. 30, 2016 | Feb. 16, 2016 | ||
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. (“Tongyong Shengyuan”) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | [1] | PRC | |
Equity Method Investment, Ownership Percentage | [1] | 100.00% | |
Tianjin Shuangsi Trading Co. Ltd. (“Tianjin Shuangsi”), [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Entity Incorporation, State Country Name | PRC | ||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | |
[1] | Tongyong Shengyuan is a holding company of Tianjin Shuangsi that the Company received 100% equity interest on February 16, 2016. |
Summary of significant accoun40
Summary of significant accounting policies (Details 1) | 6 Months Ended |
Jun. 30, 2016 | |
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 accoun41
Summary of significant accounting policies (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUE | $ 23 | $ 0 | $ 23 | $ 0 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 342 | 1,084 | 1,723 | 2,001 |
FINANCE EXPENSES | 0 | (1) | (1) | (2) |
LOSS BEFORE PROVISION FOR INCOME TAXES | (208) | (1,085) | 5,017 | (2,003) |
PROVISION FOR INCOME TAXES | 86 | 0 | 194 | 0 |
NET LOSS | (294) | $ (615,027) | 2,280 | $ (660,180) |
Tianwu General Steel Material Trading Co., Ltd [Member] | ||||
REVENUE | 1,384 | 1,447 | ||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 893 | 995 | ||
FINANCE EXPENSES | 1,274 | 1,596 | ||
TOTAL EXPENSES | 2,167 | 2,591 | ||
OTHER INCOME | 60 | 60 | ||
LOSS BEFORE PROVISION FOR INCOME TAXES | (723) | (1,084) | ||
PROVISION FOR INCOME TAXES | 0 | 0 | ||
NET LOSS | $ (723) | $ (1,084) |
Summary of significant accoun42
Summary of significant accounting policies (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
OTHER INCOME (EXPENSE) | ||||
PROVISION FOR INCOME TAXES | $ 86 | $ 0 | $ 194 | $ 0 |
NET LOSS FROM OPERATIONS DISPOSED | 0 | (1,033,218) | (2,569) | (1,106,409) |
Less: Net loss attributable to noncontrolling interest from operations disposed | 0 | (419,276) | (26) | (448,232) |
Operations Disposed [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
SALES | 0 | 454,855 | 0 | 725,624 |
TOTAL SALES | 0 | 528,781 | 0 | 856,945 |
COST OF GOODS SOLD | 0 | 509,185 | 0 | 806,750 |
COST OF GOODS SOLD - RELATED PARTIES | 0 | 83,865 | 0 | 146,611 |
TOTAL COST OF GOODS SOLD | 0 | 593,050 | 0 | 953,361 |
GROSS LOSS | 0 | (64,269) | 0 | (96,416) |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 0 | (22,083) | (949) | (39,438) |
EXCESS OVERHEAD DURING MAINTENANCE | 0 | (5,309) | 0 | (24,443) |
IMPAIRMENT CHARGE | 0 | (973,860) | (973,860) | |
CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY | 0 | 57,499 | 0 | 70,423 |
LOSS FROM OPERATIONS | 0 | (1,008,022) | (949) | (1,063,734) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 0 | 2,741 | 0 | 5,072 |
Finance/interest expense | 0 | (29,575) | (414) | (50,145) |
Loss on disposal of equipment and intangible assets | 0 | (44) | 0 | (28) |
Income from equity investments | 0 | 34 | 0 | (3) |
Foreign currency transaction loss | 0 | (249) | 0 | (1,122) |
Lease income | 0 | 545 | 0 | 1,088 |
Other non-operating income, net | 0 | 378 | (1,206) | 601 |
Other income (expense), net | 0 | (26,170) | (1,620) | (44,537) |
LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST | 0 | (1,034,192) | (2,569) | (1,108,271) |
PROVISION FOR INCOME TAXES | 0 | 111 | 0 | 141 |
NET LOSS FROM OPERATIONS DISPOSED | 0 | (1,034,303) | (2,569) | (1,108,412) |
Less: Net loss attributable to noncontrolling interest from operations disposed | 0 | (419,276) | (26) | (448,232) |
NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. | $ 0 | $ (615,027) | $ (2,543) | $ (660,180) |
Summary of significant accoun43
Summary of significant accounting policies (Details 4) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 21, 2016 | Dec. 31, 2015 | |
CURRENT ASSETS: | |||||||
Cash | $ 0 | $ 0 | $ 38 | ||||
Accounts receivable, net | 0 | 0 | 342 | ||||
Other receivables, net | 0 | 0 | 11 | ||||
Inventories | 0 | 0 | 0 | ||||
Prepaid taxes | 0 | 0 | 1,218 | ||||
Total current | 0 | 0 | 1,609 | ||||
OTHER ASSETS: | |||||||
Property and equipment, net | 0 | 0 | 16,593 | ||||
Long-term deferred expense | 0 | 0 | 2 | ||||
Intangible assets, net of accumulated amortization | 0 | 0 | 2,023 | ||||
Total other assets | 0 | 0 | 18,618 | ||||
Total assets | 0 | 0 | 20,227 | ||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 0 | 0 | 6,336 | ||||
Short term loans - others | 0 | 0 | 461 | ||||
Other payables and accrued liabilities | 0 | 0 | 2,551 | ||||
Other payables - related parties | 0 | 0 | 21,807 | ||||
Total current liabilities | 0 | 0 | 31,155 | ||||
NON-CURRENT LIABILITIES HELD FOR SALE | |||||||
Total liabilities of the disposal group classified as held for sale | 0 | 0 | 31,155 | ||||
Gain in disposal of subsidiary | $ 0 | $ 6,269 | $ 0 | ||||
General Steel (China) [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) | ||||||
Maoming Hengda Steel Company, Ltd. [Member] | |||||||
CURRENT ASSETS: | |||||||
Cash | $ 2 | ||||||
Accounts receivable, net | 344 | ||||||
Other receivables, net | 15 | ||||||
Prepaid taxes | 0 | ||||||
Total current | 361 | ||||||
OTHER ASSETS: | |||||||
Property and equipment, net | 16,321 | ||||||
Long-term deferred expense | 2 | ||||||
Intangible assets, net of accumulated amortization | 2,023 | ||||||
Total other assets | 18,346 | ||||||
Total assets | 18,707 | ||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | 6,377 | ||||||
Short term loans - others | 464 | ||||||
Other payables and accrued liabilities | 3,033 | ||||||
Other payables - related parties | 430 | ||||||
Other payables - intercompany | 30,650 | ||||||
Total current liabilities | 40,954 | ||||||
NON-CURRENT LIABILITIES HELD FOR SALE | |||||||
NON-CONTROLLING INTEREST | (16) | ||||||
Total net deficiency | (22,231) | ||||||
Net consideration | (23,507) | ||||||
Currency translation adjustment | (81) | ||||||
Total addition to paid-in capital | $ (45,657) | ||||||
Catalon Chemical Corp [Member] | |||||||
CURRENT ASSETS: | |||||||
Cash | $ 24 | ||||||
Total current | 24 | ||||||
CURRENT LIABILITIES: | |||||||
Other payables - related parties | 2,335 | ||||||
Total current liabilities | 2,335 | ||||||
NON-CURRENT LIABILITIES HELD FOR SALE | |||||||
NON-CONTROLLING INTEREST | (358) | ||||||
Total net deficiency | (1,953) | ||||||
Net consideration | (4,316) | ||||||
Gain in disposal of subsidiary | $ (6,269) |
Summary of significant accoun44
Summary of significant accounting policies (Details Textual) ¥ / shares in Units, $ / shares in Units, ¥ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Mar. 21, 2016USD ($) | Mar. 21, 2016CNY (¥) | Dec. 31, 2015USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)shares | Jun. 30, 2016USD ($)¥ / sharesshares | Jun. 30, 2015USD ($) | Jun. 30, 2015¥ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Apr. 30, 2017USD ($) | Apr. 30, 2017CNY (¥) | Jun. 30, 2016CNY (¥)¥ / sharesshares | Feb. 16, 2016 | Dec. 31, 2015¥ / shares | Dec. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Working Capital | $ 39,000,000 | $ 39,000,000 | $ 39,000,000 | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent, Total | 1,700,000 | $ 2,000,000 | ||||||||||||||
Foreign Currency Exchange Translation Rate Balance Sheet Items | (per share) | $ 1 | $ 1 | ¥ 6.64 | ¥ 6.49 | ||||||||||||
Foreign Currency Exchange Average Translation Rate | ¥ / shares | $ 6.54 | ¥ 6.14 | ||||||||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | $ 200,000 | $ 0 | $ 300,000 | $ 0 | ||||||||||||
Treasury Stock, Shares | shares | 494,462 | 494,462 | 494,462 | 494,462 | 494,462 | 494,462 | ||||||||||
Due from Related Parties | $ 0 | $ 71,970,000 | $ 71,970,000 | $ 71,970,000 | $ 0 | |||||||||||
Investment Income, Net, Total | 0 | 3,000 | 0 | (3,000) | ||||||||||||
Retained Earnings (Accumulated Deficit), Total | (1,252,810,000) | (1,250,530,000) | (1,250,530,000) | (1,250,530,000) | (1,252,810,000) | |||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 14,886,000 | 14,197,000 | 14,197,000 | 14,197,000 | 14,886,000 | |||||||||||
Related Party Transaction, Purchases from Related Party | 52,348,000 | 259,141,000 | 52,677,000 | 361,610,000 | ||||||||||||
Sales Revenue, Goods, Net | 23,000 | $ 0 | 23,000 | $ 0 | ||||||||||||
Additional Paid in Capital, Total | 1,208,667,000 | 1,250,594,000 | 1,250,594,000 | 1,250,594,000 | 1,208,667,000 | |||||||||||
Working Capital Deficit | $ 75,900,000 | $ 12,100,000 | $ 12,100,000 | $ 12,100,000 | 75,900,000 | |||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | |||||||||||||||
Tianwu Tongyuan [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Equity Method Investments | $ 23,900,000 | ¥ 155.3 | ||||||||||||||
Catalon Chemical Corp [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.50% | 15.50% | 15.50% | 15.50% | ||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 100.00% | 11.60% | ||||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 96.20% | 11.20% | ||||||||||||||
Purchases [Member] | Supplier One Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 45.10% | 16.60% | 44.60% | |||||||||||||
Purchases [Member] | Supplier Two Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 23.50% | 25.00% | 10.50% | |||||||||||||
Purchases [Member] | Supplier Three Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 23.10% | 12.90% | ||||||||||||||
Accounts Payable [Member] | Supplier One Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 44.30% | |||||||||||||||
Accounts Payable [Member] | Supplier Two Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 55.70% | |||||||||||||||
Sales Revenue, Net [Member] | Customer One Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 50.60% | 41.80% | ||||||||||||||
Sales Revenue, Net [Member] | Customer Two Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 34.80% | 30.90% | ||||||||||||||
Sales Revenue, Net [Member] | Customer Three Concentration Risk [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration Risk, Percentage | 14.70% | 19.10% | ||||||||||||||
Maximum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||
Percentage Of Ownership, Significant Influence | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||
Value Added Tax Rate | 17.00% | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||||||
Percentage Of Ownership, Significant Influence | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||
Value Added Tax Rate | 13.00% | |||||||||||||||
PRC Bank [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Cash and Cash Equivalents Including Restricted Cash | $ 4,000 | $ 8,000 | $ 8,000 | $ 8,000 | 4,000 | |||||||||||
US And Hongkong Bank [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Cash Surrender Value of Life Insurance | $ 20,000 | 3,000 | 3,000 | $ 3,000 | $ 20,000 | |||||||||||
Related Party [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Cost of Purchases | 52,300,000 | 95,100,000 | ||||||||||||||
Sales Revenue, Goods, Gross | 52,700,000 | 95,900,000 | ||||||||||||||
Related Party Transaction, Purchases from Related Party | 52,300,000 | 52,700,000 | ||||||||||||||
Sales Revenue, Goods, Net | 360,000 | 820,000 | ||||||||||||||
Related Party Transaction, Sales to Related Party | $ 34,400,000 | $ 77,600,000 | ||||||||||||||
Maoming Hengda [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||||||||
Additional Paid in Capital, Total | $ 45,700,000 | |||||||||||||||
Maoming Hengda [Member] | Parent [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 23,800,000 | ¥ 154 | ||||||||||||||
Maoming Hengda [Member] | Noncontrolling Interest [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | |||||||||||||||
Maoming Hengda [Member] | Agreement [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||||||||||||||
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% | ||||||||||||
Due from Related Parties | $ 14,900,000 | $ 14,900,000 | $ 14,900,000 | ¥ 96.6 | ||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 14,200,000 | $ 14,200,000 | $ 14,200,000 | |||||||||||||
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 Trading Co Ltd [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | |||||||||||||||
Maoming Hengda Steel Company Ltd [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | 99.00% | 99.00% | 99.00% |
Accounts receivable (includin45
Accounts receivable (including related party), net (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 0 | $ 342 |
Accounts receivable - related party | 13,050 | |
Less: allowance for doubtful accounts | 0 | 0 |
Net accounts receivable | 13,050 | 342 |
Less: accounts receivables - held for sale | 0 | (342) |
Net accounts receivables - continuing operations | $ 13,050 | $ 0 |
Accounts receivable (includin46
Accounts receivable (including related party), net (Details 1) - Accounts Receivable [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 0 | $ 609 |
Charge to expense | 0 | 201 |
Less: recovery | 0 | |
Deconsolidation | 0 | (769) |
Exchange rate effect | 0 | (41) |
Ending balance | $ 0 | $ 0 |
Other receivables (including 47
Other receivables (including related parties), net (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other receivables | $ 169 | $ 174 |
Other receivables - related party | 71,970 | 0 |
Less: allowance for doubtful accounts | (167) | 0 |
Net other receivables | 71,972 | 174 |
Less: other receivables - held for sale | 0 | (11) |
Net other receivables - continuing operations | $ 71,972 | $ 163 |
Other receivables (including 48
Other receivables (including related parties), net (Details 1) - Other Receivables [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 0 | $ 10,262 |
Charge to expense | 167 | 5,007 |
Less: recovery | 0 | (5) |
Less: deconsolidation | 0 | (15,119) |
Exchange rate effect | 0 | (145) |
Ending balance | 167 | 0 |
Less: balance - held for sale | 0 | 0 |
Ending balance - continuing operations | $ 167 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | |||
Finished goods | $ 0 | $ 0 | |
Less: allowance for inventory valuation | 0 | 0 | $ (18,375) |
Inventories | $ 0 | $ 0 |
Inventories (Details 1)
Inventories (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||
Beginning balance | $ 0 | $ 18,375 |
Addition | 0 | 22,192 |
Less: write-off | 0 | (18,115) |
Less: inventory disposed of - Note 2(o) | 0 | (22,192) |
Exchange rate effect | 0 | (260) |
Ending balance | $ 0 | $ 0 |
Advances on inventory purchas51
Advances on inventory purchases (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Advances on inventory purchases [Line Items] | ||
Advances on inventory purchases | $ 0 | $ 439 |
Advances on inventory purchases - related party | 0 | 0 |
Less: allowance for doubtful accounts | 0 | (439) |
Net advances on inventory purchases | $ 0 | $ 0 |
Advances on inventory purchas52
Advances on inventory purchases (Details 1) - Advances On Inventory Purchases [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Advances on inventory purchases [Line Items] | ||
Beginning balance | $ 439 | $ 2,501 |
Charge to expense | 0 | 0 |
Less: recovery | 0 | (462) |
Less deconsolidation | 0 | (1,927) |
Exchange rate effect | 0 | 327 |
Ending balance | $ 0 | $ 439 |
Plant and equipment, net (Detai
Plant and equipment, net (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Buildings and improvements | $ 0 | $ 21,895 |
Machinery | 0 | 9,344 |
Machinery under capital lease | 0 | 262 |
Transportation and other equipment | 7 | 0 |
Subtotal | 7 | 31,501 |
Less: accumulated depreciation | (6) | (14,908) |
Plant and equipment, net - held for sale | 1 | 16,593 |
Less: plant and equipment, net - held for sale | 0 | (16,593) |
Net plant and equipment, net - continuing operations | $ 1 | $ 0 |
Plant and equipment, net (Det54
Plant and equipment, net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Depreciation | $ 31,300 | $ 2,015,000 | ||
Segment To Be Disposed Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Depreciation | $ 0 | $ 31,300 | ||
Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 7,800 | $ 15,900 |
Intangible assets, net _ held55
Intangible assets, net held for sale (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 0 | $ 2,568 |
Less: Accumulated amortization | 0 | (545) |
Intangible assets, net - held for sale | 0 | 2,023 |
Land use rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 2,558 |
Less: Accumulated amortization | 0 | (535) |
Mining right [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 0 |
Less: Accumulated amortization | 0 | 0 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 0 | 10 |
Less: Accumulated amortization | $ 0 | $ (10) |
Intangible assets, net _ held56
Intangible assets, net held for sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 0 | $ 0 | $ 2,568 | ||
Discontinued Operations [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | 0 | $ 200 | 0 | $ 400 | |
Depletion | $ 0 | $ 40 | $ 0 | $ 80 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total short-term loans - others | $ 3,600 | $ 4,061 |
Less: short-term loans - others - held for sale | 0 | (461) |
Short-term loans - others - continuing operations | 3,600 | 3,600 |
Maoming Hengda: Loans from one unrelated parties and one related party [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | 0 | 461 |
General Steel Investment Co., Ltd.: Loan from one unrelated parties [Member] | ||
Debt Instrument [Line Items] | ||
Total short-term loans - others | $ 3,600 | $ 3,600 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 30, 2015 | |
Debt Instrument [Line Items] | |||||
Financing Sales | $ 0 | $ 107.1 | $ 0 | $ 225.8 | |
Financial Services Costs | 0 | 0.6 | 0 | 1.3 | |
Interest Expense, Debt | $ 0 | $ 16.1 | $ 0 | $ 23.5 | |
General Steel Loan from unrelated party [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 5.00% | 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 | 4.60% | ||||
Minimum [Member] | Longmen Joint Venture Loans From Financing Sales [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 12.00% |
Supplemental disclosure of ca59
Supplemental disclosure of cash flow information (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Interest Paid, Net | $ 0 | $ 4,900 |
Income Taxes Paid | 0 | 200 |
Inventory Productions, Equipment Conversion | 300 | |
Inventory Utilized In Plant and Equipment Construction | 45,600 | 1,200 |
Repayment Of Accounts Payable Related Party | 7,400 | |
Construction in Progress Expenditures Incurred but Not yet Paid | 5,500 | |
Notes Receivable Converted To Cash | 700 | |
Disposal Group, Including Discontinued Operation, Consideration | 23,100 | |
Other Receivables, Offset | 10,600 | |
Share-based Compensation | 697 | 382 |
Customer Deposits, Offset | $ 92,900 | |
Prepayments [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Share-based Compensation | 100 | |
Accrued Liabilities [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Share-based Compensation | 400 | |
Consultancy Services [Member] | ||
Supplemental Disclosure Of Cash Flow Information [Line Items] | ||
Share-based Compensation | $ 40 |
Capital lease obligations - o60
Capital lease obligations - operations disposed (Details Textual) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Apr. 29, 2011 | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016CNY (¥) | Jun. 30, 2015USD ($) | Jun. 30, 2016CNY (¥) | |
Schedule Of Capital Leased Obligation [Line Items] | |||||||
Interest Expense On Minimum Lease Payments | $ 0 | $ 5.2 | $ 0 | $ 10.4 | |||
Shaanxi Iron and Steel Group [Member] | |||||||
Schedule Of Capital Leased Obligation [Line Items] | |||||||
Capital Lease Agreement Term | 20 years | ||||||
Classification Of Lease, Percentage Base | 75.00% | ||||||
Unified Management Agreement, Percentage Of Pretax Profit | 40.00% | 40.00% | |||||
Unified Management Agreement, Cost Of Asset | $ 2.3 | $ 2.3 | ¥ 14.6 | ||||
Energy Saving Equipment [Member] | |||||||
Schedule Of Capital Leased Obligation [Line Items] | |||||||
Capital Lease Obligations Incurred | $ 23 | ¥ 146.5 |
Profit sharing liability - op61
Profit sharing liability - operations disposed (Details Textual) | Dec. 30, 2015USD ($) |
General Steel China [Member] | |
Profit Sharing Liability | $ 0 |
Taxes (Details)
Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Taxes [Line Items] | ||||
Current | $ 86 | $ 0 | $ 194 | $ 0 |
Total provision for income taxes | $ 86 | $ 0 | $ 194 | $ 0 |
Taxes (Details Textual)
Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Taxes [Line Items] | ||
Percentage Of Deferred Tax Asset | 100.00% | |
Operating Loss Carryforwards, Date Expiration | The net operating loss carry forwards for United States income taxes amounted to $7.75 million, which may be available to reduce future years’ taxable income. | |
Deferred Tax Assets Valuation Period | 5 years | |
Discontinued Operations [Member] | ||
Taxes [Line Items] | ||
Net operating losses carried forward | $ 930.6 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 4.1 |
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 | $ 0.1 | |
Deferred Tax Assets, Valuation Allowance | $ 2.7 | |
Subsidiaries [Member] | ||
Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
Related party transactions an64
Related party transactions and balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||||||
Revenue from Related Parties | $ 342 | $ 73,926 | $ 796 | $ 131,321 | |||
Less: Sales to related parties from operations disposed | 0 | (73,926) | 0 | (131,321) | |||
Sales-related parties - continuing operations | $ 342 | 0 | $ 796 | 0 | |||
Long Steel Group [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | [1] | Noncontrolling shareholder of Longmen Joint Venture | ||||
Revenue from Related Parties | $ 0 | [1] | 38,260 | [1] | $ 0 | 49,530 | |
Shaanxi Haiyan Trade Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | [1] | Significant influence by Long Steel Group* | Significant influence by Long Steel Group* | ||||
Revenue from Related Parties | $ 0 | 18,822 | $ 0 | 28,400 | |||
Shaanxi Shenganda Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Significant influence by Long Steel Group | Significant influence by Long Steel Group | |||||
Revenue from Related Parties | $ 0 | 860 | $ 0 | 16,858 | |||
Shaanxi Steel [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Majority shareholder of Long Steel Group | Majority shareholder of Long Steel Group | |||||
Revenue from Related Parties | $ 0 | 238 | $ 0 | 719 | |||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | |||||
Revenue from Related Parties | $ 0 | 15,746 | $ 0 | 35,814 | |||
Tianjin Dazhen Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |||||
Revenue from Related Parties | $ 25 | 0 | $ 45 | 0 | |||
Wendlar Tianjin Industry Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |||||
Revenue from Related Parties | $ 0 | 0 | $ 277 | 0 | |||
Tianjin Hengying Trading Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |||||
Revenue from Related Parties | $ 169 | 0 | $ 326 | 0 | |||
Tianjin Daqiuzhuang Steel Plates Co Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |||||
Revenue from Related Parties | $ 148 | $ 148 | $ 0 | ||||
[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 an65
Related party transactions and balances (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |||
Related Party Transaction [Line Items] | ||||||
Purchases from Related Party | $ 52,348 | $ 259,141 | $ 52,677 | $ 361,610 | ||
Less Purchases from related parties from operations disposed | 0 | (259,141) | 0 | (361,610) | ||
Purchases-related parties-continuing operations | $ 52,348 | 0 | $ 52,677 | 0 | ||
Tianjin Dazhan Industry Co., Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Purchases from Related Party | $ 12,044 | [1] | 6,283 | $ 12,044 | [2] | 6,283 |
Long Steel Group [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Longmen Joint Venture | Noncontrolling shareholder of Longmen Joint Venture | ||||
Purchases from Related Party | $ 0 | 176,807 | $ 0 | 182,800 | ||
Hancheng Haiyan Coking Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | Noncontrolling shareholder of Long Steel Group | ||||
Purchases from Related Party | $ 0 | 8,919 | $ 0 | 57,066 | ||
Xi'an Pinghe Metallurgical Raw Material Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Noncontrolling shareholder of Long Steel Group | Noncontrolling shareholder of Long Steel Group | ||||
Purchases from Related Party | $ 0 | 2 | $ 0 | 1,074 | ||
Shaanxi Huafu New Energy Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Significant influence by the Long Steel Group | Significant influence by the Long Steel Group | ||||
Purchases from Related Party | $ 0 | 8,140 | $ 0 | 14,100 | ||
Shaanxi Coal and Chemical Industry Group Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Shareholder of Shaanxi Steel | Shareholder of Shaanxi Steel | ||||
Purchases from Related Party | $ 0 | 1,146 | $ 0 | 2,651 | ||
Tianwu General Steel Material Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Investee of General Steel (China) | Investee of General Steel (China) | ||||
Purchases from Related Party | $ 0 | 37,472 | $ 0 | 73,646 | ||
Tianjin General Quigang Pipe co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Purchases from Related Party | $ 0 | 5,198 | $ 0 | 8,485 | ||
Others [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Entities either owned or have significant influence by our affiliates or management | Entities either owned or have significant influence by our affiliates or management | ||||
Purchases from Related Party | $ 0 | 380 | $ 0 | 711 | ||
Tianjin Hengying Trading Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Purchases from Related Party | $ 4,404 | [1] | 0 | $ 4,611 | [2] | 0 |
General Steel (China) Co., Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Purchases from Related Party | $ 23,618 | [1] | 0 | $ 23,740 | [2] | 0 |
Tianjin Daqiuzhuang Steel Plates Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | ||||
Purchases from Related Party | $ 12,282 | [1] | 0 | $ 12,282 | [2] | 0 |
Wendlar Investment and Management Group Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Relationship | Common control under CEO | Common control under CEO | ||||
Purchases from Related Party | $ 0 | $ 14,794 | $ 0 | $ 14,794 | ||
[1] | For the three months ended June 30, 2016, purchases were netted with revenue. | |||||
[2] | For the six months ended June 30, 2016, purchases were netted with revenue. |
Related party transactions an66
Related party transactions and balances (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Accounts receivable - related party | $ 13,050 | $ 13,050 | $ 0 |
Wendlar Tianjin Industry Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |
Accounts receivable - related party | $ 13,050 | $ 13,050 | $ 0 |
Related party transactions an67
Related party transactions and balances (Details 3) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | |||
Other receivable - related party, Total | $ 71,970 | $ 0 | |
Less: long term other receivable - related party | 0 | ||
Other receivable - related party | $ 71,970 | 0 | |
General Steel (China) Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Other receivable - related party, Total | $ 29,378 | 0 | |
Tianwu General Steel Material Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Investee of General Steel (China) | ||
Other receivable - related party, Total | $ 23,138 | [1] | 0 |
Maoming Hengda [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Wholly owned by Tianwu Tongyong | ||
Other receivable - related party, Total | $ 19,454 | [1] | $ 0 |
[1] | The Company is expected to collect the balance by June 2017. |
Related party transactions an68
Related party transactions and balances (Details 4) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts payable - related party | $ 11,850 | $ 0 |
Tianjin Dazhen Industry Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts payable - related party | $ 6,599 | 0 |
General Steel (China) Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Accounts payable - related party | $ 5,251 | $ 0 |
Related party transactions an69
Related party transactions and balances (Details 5) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 51,161 | $ 64,563 |
Less: other payables - related parties - held for sale | 0 | (21,807) |
Other payables - related parties - continuing operations | $ 51,161 | 42,756 |
Wendlar Investment & Management Group Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Common control under CEO | |
Other payables - related parties | $ 31 | 28 |
Yangpu Capital Automobile [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Partially owned by CEO through indirect shareholding | |
Other payables - related parties | $ 48 | 0 |
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 | $ 0 | 483 |
Lindenburg Investment & Management Group Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | Minority Shareholder of Catalon Chemical | |
Other payables - related parties | $ 0 | 1,405 |
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 | $ 0 | 38,987 |
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 | $ 50,562 | 23,660 |
Zuosheng Yu [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Relationship | CEO | |
Other payables - related parties | $ 520 | $ 0 |
Related party transactions an70
Related party transactions and balances (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | ||
Customer deposit - related parties | $ 14,445 | $ 14,445 | $ 0 |
Tianjin Hengying Trading Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Relationship | Partially owned by CEO through indirect shareholding | Partially owned by CEO through indirect shareholding | |
Customer deposit - related parties | $ 14,445 | $ 14,445 | $ 0 |
Related party transactions an71
Related party transactions and balances (Details Textual) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Dec. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 21, 2016USD ($) | Mar. 21, 2016CNY (¥) | |
Noncontrolling Interest [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 1.00% | 1.00% | |||||
Continuing Operations [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cost Of Goods Sold From Related Parties | $ 0 | $ 104 | $ 0 | $ 195 | |||
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 | $ 0 | $ 0.5 | $ 0 | $ 1.1 | |||
Maoming Hengda [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 100.00% | 100.00% | |||||
Tianwu Tongyong [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity Method Investments | $ 51 | ¥ 331.3 | |||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 15, 2016 | Dec. 01, 2015 | Jun. 09, 2015 | Apr. 14, 2015 | Jan. 20, 2016 | Dec. 30, 2015 | Dec. 18, 2015 | Dec. 17, 2015 | Oct. 23, 2015 | Jul. 17, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Stock Issued During Period, Shares, Issued for Services | 100,000 | 60,000 | 60,000 | 1,200,000 | ||||||||
Shares Issued, Price Per Share | $ 4.9 | $ 0.91 | $ 0.90 | $ 3 | ||||||||
Common Stock, Shares, Issued | 15,594,823 | 17,802,357 | ||||||||||
Financial Reporting Consulting Services [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 242,466 | |||||||||||
Shares Issued, Price Per Share | $ 1.80 | |||||||||||
Financial Advisory and Research Coverage Services [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 30,000 | |||||||||||
Shares Issued, Price Per Share | $ 1.26 | |||||||||||
General Steel China [Member] | ||||||||||||
Proceeds from Divestiture of Businesses | $ 1 | |||||||||||
Gain (Loss) on Disposition of Business | $ 1,100 | |||||||||||
Senior Management and Director [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 710,500 | 299,600 | ||||||||||
Shares Issued, Price Per Share | $ 1.33 | $ 3.85 | ||||||||||
Catalon Chemical Crop [Member] | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 13,000,000 | |||||||||||
Shares Issued, Price Per Share | $ 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 | |||||||||||
Catalon Chemical Crop [Member] | Maximum [Member] | ||||||||||||
Common Stock, Shares, Issued | 85,456,588 | |||||||||||
Catalon Chemical Crop [Member] | Minimum [Member] | ||||||||||||
Common Stock, Shares, Issued | 17,091,857 |
Acquisition (Details)
Acquisition (Details) $ in Thousands | Jun. 30, 2016USD ($) |
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 |
Acquisition (Details Textual)
Acquisition (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Oct. 23, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Feb. 16, 2016 | Dec. 18, 2015 | Dec. 17, 2015 | Jul. 17, 2015 | Apr. 14, 2015 | |
Business Acquisition [Line Items] | ||||||||
Shares Issued, Price Per Share | $ 0.91 | $ 0.90 | $ 3 | $ 4.9 | ||||
Tianjin Shuangsi Trading Co Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||
Equity Method Investment, Aggregate Cost | $ 30 | |||||||
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 | $ 12,200 |
Retirement plan - operations 75
Retirement plan - operations disposed (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
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 | $ 0 | $ 3.2 | $ 0 | $ 6 |
Segments (Details)
Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||||
Sales: | ||||||||
Sales | $ 365 | $ 0 | $ 819 | $ 0 | ||||
Gross profit (loss): | ||||||||
Gross profit (loss) | 365 | (64,269) | ||||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | 23 | (1,084) | (904) | (2,001) | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | (294) | (615,027) | 2,280 | (660,180) | ||||
Total Assets as of: | ||||||||
Segment Reporting Assets | 99,228 | 99,228 | $ 35,761 | |||||
Total assets | 99,228 | 99,228 | 35,761 | |||||
Segment To Be Disposed Operation [Member] | ||||||||
Finance/interest expenses: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | (1) | ||||||
Operations Disposed [Member] | ||||||||
Sales: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | 528,781 | 0 | 856,945 | ||||
Gross profit (loss): | ||||||||
Less: operation to be disposed \ operations disposed | 0 | 64,269 | 0 | 96,416 | ||||
Income (loss) from operations: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | 1,008,022 | 949 | 1,063,734 | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | 615,027 | 2,543 | 660,180 | ||||
Depreciation, amortization and depletion: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | 31,432 | 0 | 56,596 | ||||
Finance/interest expenses: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | (29,575) | (414) | (50,145) | ||||
Capital expenditures: | ||||||||
Less: operation to be disposed \ operations disposed | 0 | 8,585 | 0 | 40,174 | ||||
Total Assets as of: | ||||||||
Total assets | 0 | 0 | (20,227) | |||||
Corporate Segment [Member] | ||||||||
Sales: | ||||||||
Sales | 365 | 528,781 | 819 | 856,945 | ||||
Gross profit (loss): | ||||||||
Gross profit (loss) | 365 | (64,269) | 819 | (96,416) | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | (294) | (615,027) | 2,280 | (660,180) | ||||
Intersegment Eliminations [Member] | ||||||||
Sales: | ||||||||
Sales | 0 | 0 | ||||||
Gross profit (loss): | ||||||||
Gross profit (loss) | 0 | 0 | ||||||
Operating Segments [Member] | ||||||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | (294) | (1,008,022) | 2,254 | (1,063,734) | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | 30 | (613,944) | (2,306) | (658,178) | ||||
Depreciation, amortization and depletion: | ||||||||
Depreciation, amortization and depletion | 0 | 31,432 | 1 | 56,596 | ||||
Finance/interest expenses: | ||||||||
Finance/interest expenses | 0 | 29,575 | 1 | 50,145 | ||||
Capital expenditures: | ||||||||
Capital expenditures | 0 | 8,585 | 2 | 40,174 | ||||
Segment Reconciling Items [Member] | ||||||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | [1] | (324) | (1,083) | 4,586 | (2,002) | |||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | (324) | [1] | (1,083) | [1] | 4,586 | (2,002) | ||
Finance/interest expenses: | ||||||||
Finance/interest expenses | [1] | 0 | 1 | 1 | 2 | |||
Total Assets as of: | ||||||||
Segment Reporting Assets | [2] | 6 | 6 | 15,535 | ||||
Longmen Joint Venture - operation disposed [Member] | ||||||||
Sales: | ||||||||
Sales | 0 | 528,778 | 0 | 856,936 | ||||
Gross profit (loss): | ||||||||
Gross profit (loss) | 0 | (64,220) | 0 | (96,367) | ||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | 0 | (1,005,820) | 0 | (1,059,318) | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | 0 | (613,117) | 0 | (655,522) | ||||
Depreciation, amortization and depletion: | ||||||||
Depreciation, amortization and depletion | 0 | 30,458 | 0 | 54,644 | ||||
Finance/interest expenses: | ||||||||
Finance/interest expenses | 0 | 28,656 | 0 | 47,804 | ||||
Capital expenditures: | ||||||||
Capital expenditures | 0 | 8,583 | 0 | 39,208 | ||||
Maoming Hengda - operation disposed [Member] | ||||||||
Sales: | ||||||||
Sales | 0 | 3 | 0 | 9 | ||||
Gross profit (loss): | ||||||||
Gross profit (loss) | 0 | (49) | 0 | (49) | ||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | 0 | (270) | (2,569) | (831) | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | 0 | (255) | (2,543) | (921) | ||||
Depreciation, amortization and depletion: | ||||||||
Depreciation, amortization and depletion | 0 | 304 | 0 | 614 | ||||
Capital expenditures: | ||||||||
Capital expenditures | 0 | 1 | 0 | 297 | ||||
Total Assets as of: | ||||||||
Segment Reporting Assets | 0 | 0 | 20,202 | |||||
Tianjin Shuangsi [Member] | ||||||||
Sales: | ||||||||
Sales | 365 | 0 | 819 | 0 | ||||
Gross profit (loss): | ||||||||
Gross profit (loss) | 365 | 0 | 819 | 0 | ||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | 30 | 0 | 237 | 0 | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | 30 | 0 | 237 | 0 | ||||
Depreciation, amortization and depletion: | ||||||||
Depreciation, amortization and depletion | 1 | 0 | ||||||
Capital expenditures: | ||||||||
Capital expenditures | 2 | 0 | ||||||
Total Assets as of: | ||||||||
Segment Reporting Assets | 99,222 | 99,222 | 0 | |||||
General Steel (China) - operation disposed [Member] | ||||||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | 0 | (849) | 0 | (1,583) | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | 0 | (572) | 0 | (1,735) | ||||
Depreciation, amortization and depletion: | ||||||||
Depreciation, amortization and depletion | 0 | 670 | 0 | 1,338 | ||||
Finance/interest expenses: | ||||||||
Finance/interest expenses | 0 | 918 | 0 | 2,339 | ||||
Capital expenditures: | ||||||||
Capital expenditures | 0 | 1 | 0 | 669 | ||||
Catalon - operation to be disposed [Member] | ||||||||
Sales: | ||||||||
Sales | 0 | 0 | ||||||
Income (loss) from operations: | ||||||||
Income (loss) from operations | 0 | $ 0 | 0 | 0 | ||||
Net income (loss) attributable to General Steel Holdings, Inc.: | ||||||||
Net income (loss) attributable to General Steel Holdings, Inc.: | 0 | $ 0 | ||||||
Total Assets as of: | ||||||||
Segment Reporting Assets | $ 0 | $ 0 | $ 24 | |||||
[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 three and six months ended June 30, 2016 and 2015, 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 June 30, 2016 and December 31, 2015, which are non-operating entities. |
Subsequent event (Details Textu
Subsequent event (Details Textual) $ / shares in Units, ¥ in Millions, $ in Millions | 1 Months Ended | ||||||||||||||||
Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016CNY (¥)shares | Aug. 19, 2016USD ($)$ / sharesshares | Mar. 21, 2016USD ($) | Mar. 21, 2016CNY (¥) | Apr. 30, 2017USD ($) | Apr. 30, 2017CNY (¥) | Mar. 31, 2017shares | Oct. 14, 2016$ / sharesshares | Aug. 10, 2016USD ($) | Aug. 10, 2016CNY (¥) | Jun. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 18, 2015$ / shares | Dec. 17, 2015$ / shares | Jul. 17, 2015$ / shares | Apr. 14, 2015$ / shares | |
Common Stock, Par Or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.91 | $ 0.90 | $ 3 | $ 4.9 | |||||||||||||
Common Stock, Shares Authorized | shares | 40,000,000 | 40,000,000 | |||||||||||||||
Scenario, Forecast [Member] | |||||||||||||||||
Common Stock, Par Or Stated Value Per Share | $ / shares | $ 0.001 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 3,272,727 | ¥ 10 | |||||||||||||||
Common Stock, Shares Authorized | shares | 200,000,000 | ||||||||||||||||
Scenario, Forecast [Member] | Private Placement [Member] | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Maoming Hengda [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | |||||||||||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 100.00% | 100.00% | 1.00% | ||||||||||||||
Tianwu Tongyong [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | |||||||||||||||
Tianwu Tongyong [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Equity Method Investments | $ 23.9 | ¥ 155.3 | |||||||||||||||
Balance Proceeds Receivable Current | $ 40.4 | ¥ 262.3 | |||||||||||||||
Parent Company [Member] | Maoming Hengda [Member] | |||||||||||||||||
Equity Method Investment, Ownership Percentage | 99.00% | 99.00% | |||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 23.8 | ¥ 154 | |||||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 1.00% | 1.00% | |||||||||||||||
Noncontrolling Interest [Member] | Maoming Hengda [Member] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage By Noncontrolling Owners | 1.00% | 1.00% | |||||||||||||||
Restricted Stock [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 200,000 | ||||||||||||||||
GS China [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.10 | ||||||||||||||||
Debt Conversion, Original Debt, Amount | $ | $ 21.6 | ||||||||||||||||
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 | $ | $ 3.6 | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 3,272,727 |