On July 4, 2019, the board of directors of General Steel Holdings, Inc. received resignation letters from Mr. Zuosheng Yu, a member and Chairman of the Board and Chief Executive Officer of the Company (“CEO”), Mr. John Chen, a member of the Board and Chief Financial Officer of the Company (“CFO”), Mr. Tong Yin, an independent director of the Board, Mr. Zhongkui Cao, an independent director of the Board, and Mr. James Hu, an independent director of the Board, all of which were effective on July 8, 2019. Mr. Yin, Mr. Cao and Mr. Hu also resigned as the members of the Corporate Governance and Nominating Committee, the Audit Committee and the Compensation Committee of the Board, effective on July 8, 2019. On July 5, 2019, the Board appointed Mr. Baoning Shi, Mr. Zhiguang Liu and Mr. Wei Liu as the members of the Board, effective on July 8, 2019 to serve until their successors have been duly elected and qualified or until their removal or earlier resignation or death.

On July 5, 2019, the Board also appointed Mr. Baoning Shi as the Chairman of the Board and CEO of the Company and Mr. Zhiguang Liu as the CFO of the Company, effective on July 8, 2019, until their removal or earlier resignation or death. Mr. Baoning Shi has served as Chairman of Beijing Han River Investment Co. Ltd. since January 2015.

Mr. Zhiguang Liu, has served as Chief Executive Officer of Beijing Ouruixi Medical Technology Co. Ltd., a 100% controlled variable interest entity of the Company since August 2018. Mr. Wei Liu, served as Vice President of Shanghai Jiye Group from November 2017 to June 2019.