General Steel Holdings (GSI) Shares Fall 8.22%
March 16, 2010 4:51 PM
Shares of General Steel Holdings (NYSE: GSI) ended Tuesday trading down 8.22% at $4.02, after the Chinese steel producer reported that its 4th quarter loss widened.
General Steel Holdings reported a 4th quarter loss of $11.1 million, or 26 cents per share, compared to a loss of $9.7 million a year earlier.
General Steel Holdings also reported that revenue jumped 73% for the quarter, up to $451.9 million.
However, according to Thomson Reuters, analysts were expecting a loss of just 2 cents per share, on revenue of $454.4 million.
General Steel Holdings said that its cost of revenues climbed 55% to $438.6 million, with iron ore and coke making up about 76% of those costs.
Shares of the company were down as low as 11% for the day during early Tuesday, before climbing back up to make up for some of the shares' lost value.
