General Steel Swings To 3rd Quarter Loss (GSI)

General Steel Holdings, Inc. (NYSE: GSI) released financial results on Monday morning.General Steel Holdings, Inc announced that it swung to a 3rd quarter net loss of $2.3 million, or 4 cents per share, from net income of $10.4 million, or 22 cents per share, a year earlier. Revenues fell 5% to $460.28 million, down from $484.75 million a year earlier.According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 2 cents per share, on revenue of $547.55 million.General Steel Holdings, Inc. (GSI) finished the previous trading day at $2.96 per share. The consensus price target of analysts covering the company's stock is $4.00 per share.Chairman and chief executive officer Henry Yu said, "We witnessed continued strong demand for our steel products and a subsequent gross margin improvement for our business, despite a challenging market. This quarter we focused on cost-saving measures to improve profitability that included cutting production of less efficient blast furnaces at our Longmen Joint Venture. At the same time, this quarter we announced the successful formation of a new joint venture with Tianjin Materials and Equipment Group. This newly formed joint venture will give us more flexibility and better quality in our supply of raw materials, something especially important in an industry experiencing volatile raw material costs. We believe that in addition to improving our gross margin, this joint venture is aligned with our strategy of increasing profitability and delivering long-term shareholder value."Read more from Benzinga's Company news.