Registered in Nevada, the United States, General Steel Holdings Inc. (NYSE: GSI) is the only China-based iron and steel company that is listed on the New York Stock Exchange. The Company is a leading non-state-owned steel maker headquartered in Beijing, China. With seven million metric tons of crude steel production capacity under management and operations in Tianjin municipality and China’s Shaanxi and Guangdong provinces, the Company produces a variety of steel products including rebar, reinforced bars, hot-rolled carbon, and high-speed wire.
Our View: GSI shares fell last year after some disappointing earnings reports. In fact the shares fell from $3.00-3.50 per share in October to $.67 on December 28th creating a market value for GSI a bit north of $10 million. Some savvy investors, probably institutional investors or insiders may have looked at some GSI numbers:
Sales Over $2 billion annually
Outstanding ~ 16 million shares
Public float ~ 10 million shares
Cash on hand $266 million
Total Assets $1.2 Billion
When the opportunity to buy $1.2 billion in assets for $10 million is available, investors will take note.
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