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General Steel Establishes RFID Company

General Steel Holdings - $GSI

General Steel Holdings – $GSI

General Steel Holdings, Inc. (NYSE:GSI), 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 experts, has completed the establishment of a new RFID logistics company and appointedMichael 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,” commented Michael 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.”

General Steel Holdings, Inc. is a non-state-owned steel maker headquartered in Beijing, China.  With seven million metric tons of crude steel production capacity under management and operations in Tianjin municipality and China’s Shaanxi and Guangdongprovinces, the Company produces a variety of steel products including rebar and high-speed wire.

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