Monday, General Steel Holdings, Inc. (GSI) reporting its preliminary results said it expects first quarter earnings to rise substantially, helped by year-on-year growth in revenues.
The Beijing, China-based company said it expects first quarter net income to improve to approximately US$7.0 million or US$0.19 per share from US$2.2 million or US$0.06 per share in the prior-year quarter. The company reported a net loss of US$9.7 million or US$0.27 per share in the fourth quarter 2008.
On a non-GAAP basis, net income is estimated to be approximately US$2.9 million or US$0.08 per share, compared to a net loss of US$0.5 million or US$0.01 per share in the prior-year quarter.
Analysts polled by Thomson Reuters expected the company to post a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items. Quarterly revenues are anticipated to be approximately US$320.0 million, an increase of 9.7% from US$291.6 million in the same period last year. The Street currently expects revenues of $32.78 million for the first quarter.
Commenting on the results, Henry Yu, General Steel's Chairman and Chief Executive Officer said, "Our strategic investment last year in two cost-efficient, state-of-the-art blast furnaces increased our capacity and ability to meet demand for construction-related steel created by stimulus-and earthquake-related projects in China's rural provinces. Couple this with our decision to sell-out of high priced inventory as quickly as possible to make way for lower-cost inventory, and our margins returned to positive territory."
GSI is trading up $1.0384 or 22.48% at $5.6584 on a volume of about 645 thousand shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.