General Steel Receives Notice Regarding NYSE Listing Criteria
Specifically, the Company is below the NYSE minimum requirements for average global market capitalization of no less than US$50 million over a 30 trading-day period, and total shareholders' equity of not less than US$50 million.
Under NYSE rules, the company has 45 days from the date of the notice to submit a plan to the NYSE demonstrating its ability to achieve compliance with the continued listing standards within 18 months of receiving the notice. The company intends to submit such plan and has notified the NYSE that it intends to cure the deficiency within the prescribed timeframe. In the event the NYSE approves the company's plan, the company's common shares will continue to be listed and traded on the NYSE during this 18-month cure period, subject to NYSE's discretion. The company's business operations and SEC reporting requirements are not affected by the receipt of the NYSE notification.
General Steel, headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with 7 million metric tons of crude steel production capacity under management.