General Steel Holdings, Inc., a leading non-state-owned steel producer in China, announced today that the Company, through its previously-announced joint venture with a team of Radio-Frequency Identification (“RFID”) experts, has completed the establishment of a new RFID logistics company and appointed Michael Au as CEO of the new company named Tianjin General Shengyuan IoT Technology Co., Ltd. (“General Shengyuan IoT”).
“The team at General Steel has greatly impressed us with its high efficiency and prompt execution,” commentedMichael Au, CEO of General Shengyuan IoT, “We see great potential in RFID logistics, and I am excited to be an integral part of General Steel’s expanding business scope. General Shengyuan IoT brings together the strength and expertise of each partner, and with our common goal of developing and commercializing RFID technologies and a cloud-based, Internet-of-Things platform, we are exceedingly optimistic that General Shengyuan IoT will deliver considerable contributions, both financially and operationally, to General Steel.”
About General Steel
General Steel Holdings, Inc. 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 Tianjinmunicipality and China’s Shaanxi and Guangdong provinces, the Company produces a variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs, manufactures, and integrates radio frequency identification (“RFID”) systems. The Company’s RFID technology provides real-time data on supplies, inventory, and goods, thereby greatly enhancing its customers’ administration and planning processes, as well as, asset tracking and supply chain management.
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This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company’s filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under “Risk Factors” and elsewhere, including those disclosed in the Company’s most recent Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission. Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.