GSI - General Steel Holdings, Inc (NYSE Stock)

[lovemoney]

Tried to make a move up today.

GSI - SharpCharts Workbench : StockCharts.com

General Steel Holdings, Inc.
Kuntai International Mansion Building Suite 2315
Yi No 12 Chaoyangmenwai Avenue
Beijing, 100020
China - Map
Phone: 86 10 5879 7346
Fax: 86 10 5879 7344
Web Site: http://www.gshi-steel.com

DETAILS
Index Membership: N/A
Sector: Basic Materials
Industry: Steel & Iron
Full Time Employees: 6,860

BUSINESS SUMMARY
General Steel Holdings Inc., through its subsidiaries, operates a portfolio of steel companies serving various industries primarily in the People’s Republic of China. The company manufactures hot-rolled carbon and silicon steel sheets for use in the production of tractors, agricultural vehicles, shipping containers, and in other specialty markets; spiral-weld steel pipes, which primarily serves customers in the oil, gas, and petrochemical markets; and integrated steel, pig iron, crude steel, reinforced bars, and high-speed wire for the construction industry and infrastructure. It sells its products primarily to distributors. The company was founded in 1988 and is based in Beijing, the People’s Republic of China.

[lovemoney]

Gapped up today on good earnings report from it's lower range after last weeks drop. Watching to see if it continues to resistance or pulls back some. I hold some shares.

[lovemoney]

Made a good move up today. Nice setup to possibly break out.

[lovemoney]

Setting up to possibly breakout.

[lovemoney]

Thar she blows

[lovemoney]

Went ahead and took my profits couple days ago but it might be wanting to consolidate for another leg up soon.

[thegreatgate]

Originally Posted by lovemoney

Went ahead and took my profits couple days ago but it might be wanting to consolidate for another leg up soon.

Good job. GSI lost 21.07% today. Current price $4.57

[lovemoney]

Originally Posted by thegreatgate

Good job. GSI lost 21.07% today. Current price $4.57

Yes , I saw that.

General Steel Holdings, Inc. Announces $25.0 Million Securities Offering


Press Release Source: General Steel Holdings, Inc. On Thursday December 24, 2009, 9:02 am EST

BEIJING, Dec. 24 /PRNewswire-Asia-FirstCall/ -- General Steel Holdings, Inc. ("General Steel" or "the Company") (NYSE: GSI), one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, has entered into definitive agreements to sell 5,555,556 shares of the Company's common stock ("Common Stock") and warrants to purchase up to 2,777,778 shares of Common Stock to institutional investors for aggregate gross proceeds of $25.0 million. The offering is made pursuant to the Form S-3 shelf registration statement that was filed by General Steel with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC on October 22, 2009. General Steel intends to use the net proceeds from the offering for general corporate purposes which may include working capital, capital expenditures, acquisitions of new businesses and investments.

The securities are being offered in "units" at a price of $4.50 per unit. Each unit consists of one share of Common Stock and a two and one half year warrant to purchase 0.50 of an additional share of Common Stock. The warrants have an exercise price of $5.00 per share and are exercisable commencing six months and one day after closing.

Certain anti-dilution adjustment provisions contained in the Company's common stock purchase warrants originally issued on December 13, 2007 ("December 2007 Warrants") may have been triggered by the Company's sale of the units. Rather than giving full effect to the anti-dilution provisions, the Company and the holders of the December 2007 Warrants entered into an agreement whereby the aggregate number of shares of common stock issuable upon exercise of the December 2007 Warrants is increased from 1,154,958 shares to 3,900,871 shares, and the exercise price of the December 2007 Warrants was reduced from $13.51 per share to $5.00 per share.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM) acted as the lead placement agent for the transaction and FT Global Capital, Inc., acted as co-lead placement agent for the transaction.

[lovemoney]

Might be getting ready to pop up through the 100 day. Since it bottomed out early this month it's been bouncing back up around just below it. Indicators look like it wants to. Watching.

GSI - SharpCharts Workbench - StockCharts.com

[lovemoney]

Originally Posted by lovemoney

Might be getting ready to pop up through the 100 day. Since it bottomed out early this month it's been bouncing back up around just below it. Indicators look like it wants to. Watching.

GSI - SharpCharts Workbench - StockCharts.com

Broke up through it today. Watching to see if it holds and starts to move up.