Buybacks: General Steel Authorizes 1 Million Shares

December 27, 2010 (FinancialWire) (http://www.financialwire.net/) — General Steel Holdings, Inc. (NYSE: GSI), a Chinese non-state-owned producer of steel products, said that its board of directors has approved a share repurchase program.

Under the terms of the approved program, General Steel may repurchase up to an aggregate of one million shares of the company's common stock. The repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable federal securities laws.

The program does not have an expiration date. General Steel plans to fund repurchases made under this program from its available cash balance.  

China-based General Steel operates a portfolio of Chinese steel companies. The group claims 6.3 million metric tons of aggregate production capacity, and its companies serve various industries and produce a variety of steel products including rebar, hot-rolled carbon and silicon sheet, high-speed wire and spiral-weld pipe.

General Steel has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality.

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