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General Steel Holdings, Inc announced financial results for the second quarter ended June 30, 2013. The Company will file its Form 10-Q for the quarter ended June 30, 2013 with the Securities and Exchange Commission after market closes on Friday, August 30, 2013.

 

Second Quarter 2013 Financial Information

 

1. Sales decreased by 16.3% year over year to USD 653.7 million, from USD 780.7 million in the second quarter of 2012.

 

2. Sales volume increased by 3.4% year-over-year to approximately 1.4 million metric tons, compared with 1.3 million metric tons in the second quarter of 2012.

 

3. Gross loss was USD (35.5) million, or negative (5.4%) of revenue, compared with a gross profit of USD 28.0 million, or 3.6% of revenue in the second quarter of 2012.

 

4. Operating loss was USD (42.2) million, compared with an operating income of USD 7.9 million in the second quarter of 2012.

 

5. Net loss attributable to the Company was USD (39.8) million, or USD (0.72) per diluted share, compared with a net loss of USD (26.4) million, or USD (0.48) per diluted share in the second quarter of 2012.

 

6. Operating cash net outflow was USD (65.3) million, compared with a net inflow of USD 67.4 million in the second quarter of 2012.

 

7. As of June 30, 2013, the Company had cash and restricted cash of USD 448.5 million.

 

Mr Henry Yu chairman and CEO of General Steel said that "During the second quarter, the average selling price of rebar decreased over 5% sequentially to near the year's lowest level, and as a result, despite a higher shipping volume, our total sales and profit margins declined, causing widened net losses. However, this August, we were encouraged to witness an improvement in the pricing trend of steel in China, and since we have significantly improved our efficiency and cost structure, we feel very positive about our ability to enhance profitability in the second half of 2013."

 

He added that "In addition, the filing of our quarterly results for the second quarter of 2013 marks the final milestone in our persistent efforts to regaining full compliance with the SEC's reporting requirements. Given our regained filing status, we are once again able to restart our share repurchase program. Personally, and on behalf of the Company, we are confident about our long-term prospects, and are committed to enhance shareholders' value and wealth."

 

Mr John Chen CFO of General Steel commented that "Although the steeper drop in average selling price of rebar caused a decline in sales and gross losses, we continued to strongly execute on our internal objectives. We achieved continued improvements in inventory efficiency, and outstanding savings in finance expense by over USD 28 million compared with the same period of last year. As our new continuous rolling rebar lines enter full production, we are poised to achieve greater profitability improvement and positive gross margins in the second half of 2013."