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The Company through its subsidiary, is engaged in the manufacturing of hot-rolled steel sheets used in the construction of small agricultural and vehicles.
Company is clearly well connected. The Chairman (YU) traveled to US with Prime Minister in January. Their Longmen venture is essentially a partnership with a government enterprise where they get the capital for free, cheaper raw materials and 60% of the profits. They just reported .05 earnings for the first quarter, clearly on the rise. Steel prices are going up in China, their margins are increasing, their production volume is increasing. So, realistically, .20 per share for the year looks very attainable and, based on the fact that they just start benefitting from the Longmen venture, in the 2ndQ, would not be surprised to see north of $.25/sh for the year. Chairman is a major holder of the stock (CNBC says 39%).Finally, while I have been concerned that some Chinese companies seem to be making their numbers up out of thin air, GSI just switched auditors to Price Waterhouse Coopers, which (to me) adds a layer of credibility to what they report.
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