Beijing-based General Steel posts $2.1 million net loss in Q2 2010

Friday, 06 August 2010 16:25:35 (GMT+2)

Beijing, China-based steelmaker General Steel Holdings, Inc. (General Steel) on August 6 issued its financial results for the second quarter of 2010, stating that the demand for company's products continues to be robust.

In the second quarter of 2010, the company's net loss was $2.1 million, compared to a net loss of $31.8 million in the same period of 2009. Sales revenues of $501.7 million in the second quarter of 2010 saw a 22.7 percent rise from $408.9 million in the second quarter of 2009.

Commenting on the results, General Steel chairman and CEO Henry Yu said, "The industry continues to experience ups and downs as average selling prices and key input costs for iron ore and coking coal continue to fluctuate. Regardless, our focus is to continue vetting high-quality acquisition targets while putting an equal effort on controlling our costs and increasing profitability."

 previous article  /  next article