On March 16, Beijing, China-based private steelmaker General Steel Holdings, Inc. (General Steel) issued its financial results for the fourth quarter and the whole of 2010, stating that the year was a year of progress and positioning for the company, as it has increased its revenues in a challenging environment.
General Steel's net loss was $7.7 million in 2010, marking an improvement from a net loss of $25.2 million in 2009. On year-on-year basis, the sales revenues of $1.9 billion in 2010 saw a 13 percent increase. The production volume for the year totaled four million metric tons, compared with 3.8 metric tons in 2009.
Meanwhile, General Steel's net profit was $2.2 million in the last quarter of 2010, compared to a net loss of $11.1 million in the same period of 2009. Sales revenues of $478.6 million in 2010 indicated a six percent rise year on year. Fourth quarter 2010 production totaled one million metric tons, compared with 1.1 million metric tons in the fourth quarter of 2009.
Commenting on the results, General Steel chairman and CEO Henry Yu said, "We commenced several initiatives aimed at expanding our production capacity to capture what we believe will be a considerable increase in demand in 2011." He added, "The steel market in China is poised for continued strong growth, driven by ongoing investment in infrastructure, housing and transportation, with China's Western region presenting a virtual great opportunity for construction and development."