BEIJING, Nov. 17, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that Catalon Chemical
Corp. ("Catalon"), the Company's recently-acquired cleantech
subsidiary, has signed a procurement contract for De-NOx SCR
honeycomb catalysts valued at approximately $13.7 million with Tengri Group Tsaidam Nuur
Energy Corporation ("Nuur Energy"), an integrated energy solution
provider and power plant developer in Mongolia.
Nuur Energy intends to purchase at least 3,900 cubic meters of
De-NOx SCR honeycomb catalysts from Catalon in 2016 and 2017, for a
total estimated value of at least $13.7
million. Nuur Energy will deploy Catalon's De-NOx SCR
honeycomb catalysts in its planned 3-Phases 2,400 MW power plant
project, which once completed will provide 60% of Mongolia's total power need. The first
phase of the power plant, with 600 MW capacity, is scheduled to
connect to the grid by the end of 2016.
Ms. Yunshan Li, Chief Executive
Officer of General Steel commented, "We are thrilled that Tengri
Group Tsaidam Nuur Energy Corporation has selected Catalon's De-NOx
honeycomb catalysts and intends to deploy them at one of
Asia's largest and highest-profile
power plants. With a such high-profile win, Catalon continues to
gain greater market traction, and we are even more excited about
its business pipeline."
"We are also very pleased that our integration with Catalon has
been outstandingly smooth, which further validates our
transformation roadmap, and we will focus on accelerating
Catalon's business and leveraging its market position to
springboard into other high-growth, high-profitability cleantech
businesses. We believe that our transformation strikes the right
balance of coping to today's challenging steel market environment
while building for the future in cleantech."
About General Steel
General Steel Holdings, Inc. is a leading non-state-owned steel
maker headquartered in Beijing,
China. With seven million metric tons of crude steel
production capacity under management, the Company produces a
variety of steel products including rebar and high-speed wire.
Through its majority equity interest in Catalon, the Company also
develops and manufactures De-NOx honeycomb catalysts and industrial
ceramics.
To be added to the General Steel email list to receive Company
news, or to request a hard copy of the Company's Annual Report on
Form 10-K, please send your request to
investor.relations@gshi-steel.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, including those disclosed in the Company's most recent
Annual Report on Form 10-K, filed with the United States Securities
and Exchange Commission. Forward-looking statements contained
herein speak only as of the date of this release. The Company does
not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information,
future events or otherwise.
Contact Us
General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
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SOURCE General Steel Holdings, Inc.
