General Steel Holdings Q2 Loss Widens - Quick Facts

(RTTNews) - General Steel Holdings, Inc. (GSI), a steel producer in China, Friday reported a wider loss for the second-quarter on lower revenues, that reflected a decrease in the average selling price of rebar, though sales volume increased.

Net loss attributable to General Steel was $39.8 million or $0.72 per share, compared with $26.4 million or $0.48 per share during the same quarter last year.

Operating loss was $42.2 million, compared with an operating income of $7.9 million last year.

Sales for the three-month period decreased 16.3 percent to $653.7 million from prior year's $780.7 million. Sales volume, however, increased by 3.4 percent to about1.4 million metric tons. The average selling price of rebar decreased 19 percent to about $482.7.

Further, the company said as of August 29, it has authorized common shares of about 1.5 million for repurchase.