General Steel Holdings, Inc. Announces Acquisition of Coastal Steel Company Maoming Hengda Steel...

General Steel Holdings, Inc. Announces Acquisition of Coastal Steel Company Maoming Hengda Steel Group, Ltd. BEIJING, June 30 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, Inc. (''General Steel''), (''Company''), (NYSE: GSI), one of China's leading non-state owned steel product producers, announced today it has acquired 99% of Maoming Hengda Steel Group, Ltd., (''Hengda'') a steel products processor located in Maoming city, Guangdong province, in China's southern coastal region. The Company entered into the purchase agreement with Hengda on June 25, 2008. Production capacity at the facility is 1.8 million tons annually, with the majority of production focused on high-speed wire, an industrial steel product used in construction. The facility has been operating at approximately 10% of production capacity due to a... [read full story]