| Summary of significant accounting policies (Policies) | 12 Months Ended |
| Dec. 31, 2016 |
| Accounting Policies [Abstract] | |
| Basis of Accounting, Policy [Policy Text Block] | (a) Basis of presentation The consolidated financial statements of the Company reflect the activities of the following major directly owned subsidiaries as of December 31, 2016: Subsidiary Percentage of Ownership 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 % |
| Consolidation, Policy [Policy Text Block] | (b) Principles of consolidation Subsidiaries The accompanying consolidated financial statements include the financial statements of the Company and its 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. All significant inter-company transactions and balances have been eliminated upon consolidation. VIE: Upon entering into the Unified Management Agreement on April 29, 2011, Longmen Joint Venture was re-evaluated by the Company to determine if Longmen Joint Venture is a VIE and if the Company is the primary beneficiary. Longmen Joint Venture’s equity at risk was and continues to be insufficient to finance its activities and therefore Longmen Joint Venture was considered to be a VIE. The Company would be considered the primary beneficiary of the VIE if it has both of the following characteristics: a. The power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and b. The obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. A Supervisory Committee was formed during the negotiation of the Unified Management Agreement. Given there is both a Supervisory Committee and a Board of Directors with respect to Longmen Joint Venture , the powers (rights and roles) of both bodies were considered to determine which party has the power to direct the activities of Longmen Joint Venture, and by extension, whether the Company continued to have the power to direct Longmen Joint Venture’s activities after this Supervisory Committee was formed and the significant investment in plant and equipment by owners of the Longmen Joint Venture partner. The Supervisory Committee, in which the Company held 2 out of 4 seats, required a ¾ majority vote, while the Board of Directors, on which the Company held 4 out of 7 seats, required a simple majority vote. As the Supervisory Committee’s role is limited to supervising and monitoring management of Longmen Joint Venture and in the event there is any disagreement between the Board and the Supervisory Committee, the Board prevailed, the Supervisory Committee was considered subordinate to the Board. Thus, the Board of Directors of Longmen Joint Venture continued to be the controlling decision-making body with respect to Longmen Joint Venture. The Company, which controlled 60% of the voting rights of the Board of Directors, had control over the operations of Longmen Joint Venture and as such, had the power to direct the activities of the VIE that most significantly impact Longmen Joint Venture’s economic performance. The Company had the obligation to absorb losses and the rights to receive benefits based on the profit allocation as stipulated by the Unified Management Agreement that were significant to the VIE. As both conditions were met, the Company was the primary beneficiary of Longmen Joint Venture and therefore, continued to consolidate Longmen Joint Venture as a VIE until its disposal on December 30, 2015. For the year ended December 31, 2015 through date of disposal (December 30, 2015) (in thousands) Sales $ 1,541,564 Gross loss $ (188,153 ) (Loss) income from operations $ (1,189,740 ) Net loss attributable to controlling interest $ (763,512 ) |
| Going Concern Disclosure [Policy Text Block] | (c) Going concern Pursuant to ASU 2014-15, the Company has assessed its ability to continue as a going concern for a period of one year from the date of the issuance of these consolidated financial statements. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year from the financial statement issuance date. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. The Company currently has an accumulated deficit, working capital deficit, and incurred negative cash flows from operating activities. These conditions raise substantial doubt as to its ability to continue as a going concern. These consolidated financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on its ability to obtain financial support and credit guarantee from the Company’s shareholders or other available resources from the PRC banks and other financial institutions given the Company’s credit history. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable to continue as a going concern. |
| 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 December 31, 2016 and 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 December 31, 2016 and 2015 amounted to $0.03 million and $0.04 million, respectively. As of December 31, 2016, $0.03 million cash in the bank was covered by insurance. The Company has not experienced any losses in other bank accounts and believes it is not exposed to any risks on its cash in bank accounts. Three of the Company’s customers from operations held for sales, including related parties, individually accounted for 33.0%, 29.5% and 6.3% of total gross sales for the year ended December 31, 2016 respectively. One of the Company’s customers individually accounted for 15.1% total sales from operations disposed for the year ended December 31, 2015. One of the Company’s customers, a related party, accounted for 100% of the total customer deposit as of December 31, 2016 from operations held for sale. One of the Company’s customers from operation held for sale individually accounted 96.2% of total accounts receivable, including related parties as of December 31, 2015. Three of the Company’s suppliers, including two related parties, individually accounted for 29.6%, 15.0% and 40.1% of the total purchases for the year ended December 31, 2016 from operations held for sale. None of the Company’s suppliers individually accounted for more than 10% of the total purchases for the year ended December 31, 2015. Three of the Company’s suppliers, all related parties, individually accounted for 46.8%, 16.0% and 37.2% of total accounts payable as of December 31, 2016 from operations held for sale, while none of the Company’s suppliers individually accounted for more than 10% of total accounts payable as of December 31, 2015. |
| 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 $1.37 million and $2.0 million as of December 31, 2016 and 2015, respectively. The balance sheet amounts, with the exception of equity at December 31, 2016 and 2015 were translated at 6.94 RMB and 6.49 RMB to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of operations accounts for the years ended December 31, 2016 and 2015 were 6.64 RMB and 6.23 RMB, respectively. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. 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. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. As described in Note 15 - Capital lease obligations, payments related to the capital lease of the Asset Pool consist of two components: (1) a fixed monthly payment of $2.3 million (RMB 14.6 million), based on Shaanxi Steel’s cost to construct the assets, to be paid for the 20 year term of the Unified Management Agreement; and (2) 40% of any remaining pre-tax profits from the Asset Pool, which included Longmen Joint Venture and the constructed iron and steel making facilities. The aforementioned profit sharing component met the definition of a derivative instrument under ASC 815-10-15-83 and, accordingly, the profit sharing liability was accounted for separately as a derivative liability. It was recognized initially at its estimated fair value at inception. The estimated fair value was adjusted each reporting period, with changes in the estimated fair value of the profit sharing liability charged or credited to operating income each period. The Company determined the fair value of the profit sharing liability using Level 3 inputs by considering the present value of Longmen Joint Venture’s projected profits/losses, discounted based on our average borrowing rate, which was 6.5%. The fair value of the profit sharing liability would change each period as a result of (a) any changes in our estimate of Longmen Joint Venture’s projected profits/losses over the remaining term of the Agreement, (b) any change in the discount rate used, based on changes in our current or expected borrowing rate, (c) the change in fair value related to the passage of time and change in the number of future periods over which the present value of future cash flows is estimated and (d) any difference between the previously estimated operating results for the current period and actual results. Each reporting period, the Company considered whether the discount rate based on the Company’s average borrowing rate should be adjusted based upon the current and expected future financial condition of the Company. On November 22, 2014, the People’s Bank of China decreased standard bank borrowing rate across the board by 0.4%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.4% from 7.3% to 6.9%. On May 11, 2015, the People’s Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.9% to 6.7%. On June 27, 2015 the People’s Bank of China decreased the standard bank borrowing rate again across the board by 0.25%. Accordingly, the Company adjusted down the present value discount rate for profit sharing liability by 0.25% from 6.7% to 6.5%. The projected profits/losses in Longmen Joint Venture were based upon, but not limited to, the following assumptions: · projected selling units and growth in the steel market · projected unit selling price in the steel market · projected unit purchase cost in the coal and iron ore markets · selling and general and administrative expenses to be in line with the growth in the steel market · projected bank borrowings · interest rate index · gross national product index · industry index · government policy For the three months ended March 31, 2015, the Company recognized a $12.9 million reduction in the fair value of profit sharing liability resulting from the change in estimates of future operating profits based on the April 2015 actual operating results and consideration for the Chinese steel market trends in April 2015 as well as the May 11, 2015 change to the Borrowing Rate by 0.25%. These further recent changes in market conditions resulted in a decrease in the expected liability of $16.6 million primarily from adjustments to the 2015 and 2016 expected cash flows as well as a $2.5 million loss from the reduction in the present value discount rate of 0.25% and a $1.2 million loss from the present value discount. The variables and the impact on the Company’s inputs to the first quarter of 2015 valuation of profit sharing fair value, as compared to the 2014 valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: the Company reduced our projected sales volume in 2015 by 3% versus the forecast used in 2014. - Steel Sales Price Inputs: the Company reduced our projected selling price in 2015 by 12% versus the forecast used in 2014 and reduced our projected selling price in 2016 by 7% versus the forecast used in 2014. For the three months ended June 30, 2015, the Company recognized a $57.5 million reduction in the fair value of profit sharing liability resulting from the change in estimates of future operating profits based on the actual operating results through June 2015 and the continued deterioration of steel market conditions in the second quarter of 2015, which deviated from our previously anticipated industry environment improvement, as well as the June 27, 2015 change to the Borrowing Rate by 0.25%. These further recent changes in market conditions resulted in a decrease in the expected liability of $54.8 million primarily from adjustments to the 2015 to 2031 expected cash flows as well as a $2.6 million loss from the reduction in the present value discount rate of 0.25%, a $1.2 million loss from the present value discount, and a $6.5 million gain resulting from the Asset Pool’s operating results for the three months ended June 30, 2015 being less favorable than previously estimated as of March 31, 2015. The estimated fair value of the profit sharing liability at June 30, 2015 and through the date of the business disposition on December 30, 2016 was reduced to $0. At the same time, the reduction in the estimated future cash flows expected to be generated from Longmen Joint Venture’s operations caused the value of the Assets Pool to fall below the carrying value of Longmen Joint Venture’s long-lived assets, which triggered an impairment of $973.9 million (see Note 2(r)). The variables and the impact on the Company’s inputs to the second quarter of 2015 valuation of profit sharing fair value, as compared to the first quarter valuation of the profit sharing fair value can be summarized as follows: - Volume Inputs: the Company increased our projected sales volume between 2015 and 2031 in response to recent policy initiatives from the Chinese government to boost infrastructure investment and further steel industry consolidation. - Steel Sales Price Inputs: the Company reduced the projected selling price in 2015 by 19% versus the forecast used in the first quarter of 2015 and reduced the projected selling price between 2016 and 2031 proportionally based on the reduction for 2015. - Raw Material Cost Inputs: based on the actual results in the second quarter of 2015 and the latest market trends, the Company reduced cost of goods sold in 2015 by 12% versus the forecast used in the first quarter of 2015 and reduced our projected cost of goods sold between 2016 and 2031 proportionally based on the reduction for 2015. The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis in operations disposed for the year ended December 31, 2015: December 31, 2015 (in thousands) Beginning balance $ 70,422 Change in fair value of profit sharing liability: Change in preset value of estimate of future operating profits (71,395 ) Change in discount rate 5,012 Interest expense - present value discount amortization 2,443 Difference between the previously estimated operating results for the current period and actual results (6,483 ) Exchange rate effect 1 Ending balance $ - The Company did not identify any 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 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% residual value. The depreciation expense on assets acquired under capital leases is included with depreciation expense on owned assets. The estimated useful lives are as follows: Buildings and Improvements 10-40 Years Machinery 10-30 Years Machinery and equipment under capital lease 10-20 Years Other equipment 5 Years Transportation Equipment 5 Years Through their respective disposals long lived assets, including buildings and improvements, equipment and intangible assets are reviewed if events and changes in circumstances indicate that their carrying amount may not be recoverable, to determine whether their carrying value has become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. Impairment loss of $973.9 million to reduce its carrying value to its fair value has been recognized for the year ended December 31, 2015 in operations disposed. No impairment was recognized in 2016. |
| 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% and 50%, and other factors, such as representation on the Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. The Company accounts for investments with ownership less than 20% using the cost method. On December 28, 2015 General Steel (China) sold its 32% equity interest in Tianwu General Steel Material Trading Co., Ltd. , one of our wholly owned subsidiaries, for $14.9 million (RMB 96.6 million). As of December 31, 2016, Tongyong Shengyuan’s net investment in the unconsolidated entity was $12.8 million Total investment loss in unconsolidated subsidiaries from continuing operations amounted to $1.2 million and $0 for the years ended December 31, 2016 and 2015, respectively, which was included in “Income (loss) from equity investment” in the consolidated statements of operations and comprehensive loss. Total investment income (loss) in unconsolidated subsidiaries from operations disposed amounted to $0 and $0.3 million for the years ended December 31, 2016 and 2015, respectively, which was included in net loss from operations disposed in the consolidated statements of operations and comprehensive loss. The Company performed a significance test in accordance with SEC Rule 1-02(w) of Regulation follows: CONDENSED BALANCE SHEET (In thousands) December 31,2016 CURRENT ASSETS: Cash $ 207 Other receivables, net 4,828 Prepayments 80,243 Inventory 1,713 Total current assets 86,991 OTHER ASSETS: Property and equipment, net 98 Operations held for sale 20,355 Total other assets 20,453 TOTAL ASSETS $ 107,444 CURRENT LIABILITIES: Accounts payable $ 4,133 Short term loans 2,880 Other payables and accrued liabilities 24,594 Taxes payable 56 Total current liabilities 31,663 NON-CURRENT LIABILITIES Long term loans 35,998 TOTAL LIABILITIES 67,661 CAPITAL 48,860 RETAINED DEFICIT (9,077 ) TOTAL EQUITY AND LIABILITIES $ 107,444 CONDENSED STATEMENT OF OPERATIONS (In thousands) NET SALES $ 2,818 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 570 FINANCE EXPENSES 3,905 OTHER EXPENSES (INCOME) (74 ) TOTAL EXPENSES 4,401 INCOME BEFORE PROVISION FOR INCOME TAXES (1,583 ) PROVISION FOR INCOME TAXES 19 NET LOSS FOR CONTINUING OPERATIONS (1,602 ) NET LOSS FROM OPERATIONS HELD FOR SALE (2,160 ) NET LOSS $ (3,762 ) |
| 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% or 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing the finished product. Gross versus Net Revenue Reporting In the normal course of the Company’s trading business, the Company orders directly the iron ore, nickel-iron-manganese alloys, and other steel-related products from its suppliers and drop ships the products directly to its customers. In these situations, the Company generally collects the sales proceeds directly from its customers and pays for the inventory purchases to its suppliers separately. The determination of whether revenues should be reported on a gross or net basis is based on the Company’s assessment of whether it is the principal or an agent in the transaction. In determining whether the Company is the principal or an agent, the Company follows the accounting guidance for principal-agent considerations. Because the Company is not the primary obligor and is not responsible for (i) fulfilling the steel-related products delivery, (ii) establishing the selling prices for delivery of the steel-related products, (iii) performing all billing and collection activities including retaining credit risk and (iv) baring the back-end risk of inventory loss with respect to any product return from its customer, the Company has concluded that it is the agent in these arrangements, and therefore report revenues and cost of revenues on a net basis. Sales in trading transactions, which were netted against corresponding cost of goods sold, amounted to $336.6 million for the years ended December 31, 2015. The net gain (loss) included in either net sales or cost of sales from operations disposed amounted to $1.0 million for the year ended December 31, 2015. For the year ended December 31, 2016, the Company had gross sales of $140.9 million, of from operations held for sale which $89.2 million were related party sales. Net revenue for related party sales were $0.01 million and $0.22 million for non related party. See details of related party sales and purchases in Note 14. |
| 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 meet 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. 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 Shuangsi’ operations as of December 31, 2016, Catalon and Maoming Hengda’s operations as of December 31, 2015, respectively. December 31, December 31, (In thousands) 2016 2015 Carrying amounts of major classes of assets included as part of discontinued operations: CURRENT ASSETS: Cash $ 26 $ 38 Accounts receivable, net 1 342 Other receivables, net - 11 Other receivables - related parties, net 30,554 - Prepaid taxes - 1,218 Total current assets held for sale 30,581 1,609 OTHER ASSETS: Property and equipment, net 1 16,593 Long-term deferred expense - 2 Intangible assets, net of accumulated amortization - 2,023 Total other assets held for sale 1 18,618 Total assets of the disposal group classified as held for sale $ 30,582 $ 20,227 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Accounts payable $ - $ 6,336 Accounts payable - related parties 13,448 - Short term loans - others - 461 Other payables and accrued liabilities 2,448 2,551 Other payables - related parties 773 21,807 Customer deposits - related parties 12,242 - Taxes payable 97 - Total current liabilities held for sale 29,008 31,155 Total liabilities of the disposal group classified as held for sale $ 29,008 $ 31,155 Reconciliation of the Amounts of Major Classes of Income and Losses from Operations to be Disposed Classified as Held for Sale and Disposed in the Consolidated Statements of Operations and Comprehensive Loss. For the years ended December 31, 2016 2015 Operations to be disposed: SALES $ 218 $ 125 SALES – RELATED PATIES 12 - TOTAL SALES 230 125 COST OF GOODS SOLD - 242 GROSS (LOSS) PROFIT 230 (117 ) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (60 ) (13,394 )* INCOME (LOSS) FROM OPERATIONS 170 (13,511 ) OTHER INCOME (EXPENSE) Finance/interest expense (8 ) - (Loss) gain on disposal of equipment and intangible assets - (9 ) Other non-operating expense, net - (160 ) Other expense, net (8 ) (169 ) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST 162 (13,680 ) PROVISION FOR INCOME TAXES 40 - NET LOSS FROM OPERATIONS TO BE DISPOSED 122 (13,680 ) Less: Net loss attributable to noncontrolling interest from operations to be disposed - (1,933 ) NET LOSS FROM OPERATIONS TO BE DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ 122 $ (11,747 ) *Included an impairment charge of $12.2 million in December 2015 associated with Catalon intangible assets (See Note 16) For the years ended December 31, 2016 2015 Operations Disposed: SALES $ - $ 993,744 SALES - RELATED PARTIES - 549,197 TOTAL SALES - 1,542,941 COST OF GOODS SOLD - 1,123,690 COST OF GOODS SOLD - RELATED PARTIES - 606,414 TOTAL COST OF GOODS SOLD - 1,730,104 GROSS LOSS - (187,163 ) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (2,530 ) (72,827 ) EXCESS OVERHEAD DURING MAINTENANCE - (27,701 ) IMPAIRMENT CHARGE - (973,860 ) CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY - 70,423 (LOSS) INCOME FROM OPERATIONS (2,530 ) (1,191,128 ) OTHER INCOME (EXPENSE) Interest income - 7,242 Finance/interest expense - (97,734 ) Loss on disposal of equipment and intangible assets - (29 ) Government grant - 2,056 Income from equity investments - 342 Foreign currency transaction (loss) gain - (3,174 ) Lease income - 2,145 Gain on deconsolidated of a subsidiary - - Other non-operating income (expense), net - 1,063 Other expense, net - (88,089 ) LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST (2,530 ) (1,279,217 ) PROVISION FOR INCOME TAXES - 603 NET LOSS FROM OPERATIONS DISPOSED (2,530 ) (1,279,820 ) Less: Net loss attributable to noncontrolling interest from operations disposed (26 ) (513,092 ) NET LOSS FROM OPERATIONS DISPOSED ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. $ (2,504 ) $ (766,728 ) 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 million to Victory Energy Resource Limited, a HK registered company indirectly-owned by Yu, the Company's Chairman. As Victory Energy Resource Limited is a related party under common control with the Company under Mr. Yu, the net consideration has recognized as a contribution to capital as opposed to a gain. As of December 30, 2015, the net deficiency of GS China amounted to $1.0 billion and a net consideration of $1.0 million. Accordingly, the Company recorded the total amount of net consideration of $1.0 billion in additional-paid-in capital. The net deficiency of GS China as of December 30, 2015 is as follows: December 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% minority interest holder, jointly signed an equity transfer agreement (the "Agreement") to sell 100% of the equity interest in Maoming Hengda to Tianwu Tongyong (Tianjin) International Trade Co., Ltd, ("Tianwu Tongyong"), a related party, in which the Company has a 32% equity interest. RMB 155.3 million or approximately $23.9 RMB 154.0 million (approximately $23.9 . Accordingly, the Company recorded the total amount of net consideration of $45.7 million in additional-paid-in capital. The net deficiency of Maoming Hengda as of March 21, 2016 is as follows: (In thousands) March 21, 2016 (Unaudited) CURRENT ASSETS: Cash $ 2 Accounts receivable, net 344 Other receivables, net 15 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 (22,232 ) Net consideration (23,507 ) Currency translation adjustment 81 Total addition to paid-in capital $ (45,658 ) Catalon: 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 the board has voted unanimously to cancel the shares that were placed in escrow for the selling shareholders. As such the Company deconsolidated Catalon on 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 2,279 Total current liabilities 2,279 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 year amounts have been reclassified to conform to the current year presentation. These reclassifications have no effect on the accompanying consolidated statements of operations and cash flows. |
| Non Controlling Interest [Policy Text Block] | (q) Non-controlling interest Non-controlling interest mainly consists of an individual’s 1% interest in Maoming Hengda prior to March 21, 2016, and two individuals’ 15.5% interest in Catalon prior to March 31, 2016. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Company are presented on the face of the consolidated statement of operations as an allocation of the total income or loss for the year between non-controlling interest holders and the shareholders of the Company. |
| 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 December 31, 2016 and 2015, the Company had repurchased 494,462 total shares of its common stock, given retroactive effect to the 1-for-5 reverse stock split effective on October 29, 2015, under the share repurchase plan approved by the Board of Directors in December 2010. |
| 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. As of December 31, 2016, the Company’s income tax returns filed for December 31, 2015, 2014, 2013 and 2012 remain subject to examination by the taxing authorities. The Company has not filed its 2016 federal tax return as of the date of the filing and has accrued $140,000 in estimated penalty for the year. |
| 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. |
| Shipping and Handling Cost, Policy [Policy Text Block] | (v) Shipping and handling Shipping and handling for raw materials purchased are included in cost of goods sold. Shipping and handling cost incurred to ship finished products to customers are included in selling expenses. Shipping and handling expenses for finished goods for the years ended December 31, 2016 and 2015 amounted to $0 and $26.9million, respectively, from operations disposed. |
| 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 required 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. 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. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. Early adoption is permitted, including adoption in an interim period. The company has evaluated and determined that the adoption would not have a material effect on the company’s 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. Management does not believe the adoption of this ASU would have a material effect on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting, which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. For all entities, this ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The Company does not believe the adoption of this ASU would have a material effect on the Company’s financial statements. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815). The amendments in Part I of the Update change the reclassification analysis of certain equity-lined financial instruments (or embedded features) with down round features. The amendments in Part II of this Update re-characterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. Management plans to adopt this ASU during the year ending December 2019. The Company does not believe the adoption of this ASU would have a material effect on the Company’s financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update affect any entity that is required to apply the provisions of Topic 220, Income Statement – Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company does not believe the adoption of this ASU would have a material effect on the Company’s 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. |
