Following discussions with its current and former auditors and guidelines from the Office of the Chief Accountant of the SEC, the Company concluded that, except for the reimbursement for site preparation costs, the amount of reimbursement previously recorded as income should be deferred and recognized as a component of the property that was sub-leased during construction, to be amortized to income over the remaining term of the 40-year sub-lease. This deferral had no impact on the Company's previously reported revenue or cash balances. About General Steel Holdings, Inc. General Steel Holdings, Inc., (NYSE: GSI ), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 7 million metric tons of crude steel production capacity under management, its companies serve various industries and produce a variety of steel products including rebar, high-speed wire and spiral-weld pipe.