BEIJING - General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-controlled steel producer in China, today announced its majority-owned joint venture, Tianjin General Shengyuan IoT Technology Co., Ltd. ("General Shengyuan IoT") launched a new UHF RFID tag for iron and steel, and a cloud-based Internet-of-Things platform for steel logistics and bulk commodity management.
General Shengyuan IoT's UHF RFID tag is fully compatible with the Electronic Product Code (EPC) tag data standard, which coupled with its cloud-based Internet-of-Things platform, enable steel mills to quickly and effectively enhance the efficiency and accuracy of logistic planning and management. The cloud-based platform integrates the UHF RFID tag with sensors, satellite communication, data collection devices, wireless vehicle terminals and handsets to aggregate real-time data transmissions and provide long-distance tracking and management of bulk commodities. The platform also integrates with Effective Management Systems (EMS) and Enterprise Resource Planning (ERP) systems for real-time inventory management. The Company has initiated internal procedures for patents application of the iron and steel UHF RFID tag and Internet-of-Things platform.
Henry Yu, Chairman and Chief Executive Officer of General Steel commented, "We appreciate the high-efficiency efforts of General Shengyuan IoT, which quickly launched its first major product less than two months after its inception in February. This new product combines the expert team's RFID technology and General Steel's vertical expertise to tap China's huge market potential for steel logistics management. We are pleased with our progress in business transformation, and remain confident that the joint venture will drive greater synergies and efficiency enhancements soon."
Michael Au, Chief Executive Officer of General Shengyuan IoT added, "Our unique combination of UHF RFID tag and cloud-based platform is ideal for customers with heavy demands for inventory management and asset tracking. Our solution is built on our deepest understanding of the unmet needs for steel logistics, and as a result, we have received exceedingly positive feedback and acceptance from customers' initial trials. Furthermore, our system's ability to provide long-distance asset tracking and real-time inventory will enable steel manufacturers to receive additional bank financing through collateralized in-transit assets and thereby improve working capital and financial flexibility. With this exciting new product that addresses not only China's large and untapped steel logistics management market but also the country's huge market potential for bulk commodity logistics management, we are very optimistic about our prospects."
About General Steel Holdings, Inc.
General Steel Holdings, Inc. is a leading non-state-owned steel maker headquartered in Beijing, China. With seven million metric tons of crude steel production capacity under management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs, manufactures, and integrates radio frequency identification ("RFID") systems. The Company's RFID technology provides real-time data on supplies, inventory, and goods, thereby greatly enhancing its customers' administration and planning processes, as well as, asset tracking and supply chain management.
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