Jun 11 2014
General Steel Holdings, Inc., a leading non-state-owned steel producer in China, announced today that it aims to accelerate its business transformation by establishing two investment entities and expanding its business scope to include other non-steel industries.
With the full support and approval of its Board of Directors, the Company is establishing two new investment entities that will serve as platforms for its expansion into industries that offer high-growth and high-margin, such as commodity e-commerce, asset leasing and financing, and clean technologies.
"While we remain confident in our steel business, we are excited about entering into other non-steel industries," said Henry Yu, Chairman and Chief Executive Officer of General Steel, "With the proven ability of our in-house talents, we have a unique opportunity to expand our business scope – one which we believe offers mitigated risks and high return potential. We will leverage our formidable corporate development team and sizable human capital to expand into non-steel industries that offer high growth potential, as well as higher profit margins. We have already identified and begun negotiations with a number of investment targets, and with our team's previous history of successfully selecting, acquiring, and integrating businesses, I feel optimistic with our accelerated business transformation. We look forward to providing more updates on these developments and anticipate unlocking considerable value for our shareholders."
Source: http://www.gshi-steel.com