Tianjin Shuangsi Trading Co. Limited agreed to acquire General Steel Investment Co., Ltd. from General Steel Holdings, Inc. for $0.3 million.
August 05, 2019
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Tianjin Shuangsi Trading Co. Limited agreed to acquire General Steel Investment Co., Ltd. from General Steel Holdings, Inc. (OTCPK:GSIH) for $0.3 million on July 31, 2019. As per the terms, $0.3 million purchase price will be paid by cancellation of the payables owed by General Steel Holdings to Tianjin Shuangsi. The closing of the transaction is subject to the approval by the shareholders of both parties and board approval of General Steel Holdings, Inc.. The shareholders and board of General Steel Holdings, Inc. approved the deal. The transaction is subject to customary closing conditions.
General Steel Holdings, Inc., through its subsidiary, General Steel Investment Co., Ltd., operates steel companies serving various industries in the People's Republic of China (PRC). The Company manufactures and sells steel products, such as steel rebar, hot-rolled carbon and silicon sheets and spiral-weld pipes. The Company sells its products primarily to distributors and related parties. The Company has controlling interests in a trading subsidiary and an Internet-of-things subsidiary: Tianjin Shuangsi Trading Co., Ltd. (Tianjin Shuangsi) and Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (Tongyong Shengyuan). Tianjin Shuangsi is a trading company that primarily trades iron ore, nickel-iron-manganese alloys and other steel-related products. Tongyong Shengyuan is a holding company of Tianjin Shuangsi.