General Steel Holdings Posts Profit In Q3 - Quick Facts

(RTTNews) - General Steel Holdings, Inc. (GSI), a steel producer in China, Tuesday said it reversed to profit for the third-quarter, from the loss it recorded a year ago. The results reflected a $41 million change in fair value of profit sharing liability, that was absent last year.

Net income attributable to the Company was $3.8 million or $0.07 per share, compared with a net loss of $41.6 million, or $0.76 per share a year earlier.

Operating income was $30.4 million, compared with an operating loss of $36.4 million during the same period a year before.

Sales for the period, however decreased 14.2 percent to $610.1 million, from prior year's $711.4 million.