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November 20, 2008


General Steel announces 99% of Maoming Hengda Steel

General Steel Holdings Inc announced that it has acquired 99% of Maoming Hengda Steel Group Ltd a steel products processor located at Maoming city, Guangdong province in China's southern coastal region.

General Steel Holdings entered into the purchase agreement with Hengda on June 25, 2008. Through its subsidiary, Qiu Steel Investment, Ltd General Steel paid MYR 50 million cash to purchase the company from private parties.