General Steel Holdings (NYSE:GSI)

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Thursday, January 6, 2011

BEIJING, December 29, 2010 -- General Steel Holdings, Inc. today announced that the Company will appoint PricewaterhouseCoopers Zhong Tian CPAs Limited Company as its independent registered public accounting firm, replacing Frazer Frost, LLP. Upon the change of auditors, PwC will provide services beginning in the second fiscal quarter of 2011 and will serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2011. The Company’s consideration to change its auditor was not due to any disagreement between the Company and Frazer Frost on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

"We are looking forward to taking advantage of the experience of one of the world’s top accounting firms,” said General Steel’s Chairman and Chief Executive Officer Henry Yu. “We are committed to promoting the utmost transparency to investors and PwC is a good fit for our Company as we continue to execute our growth strategy.”

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