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TOPIC: LGHS - Longhai Steel Inc.

LGHS - Longhai Steel Inc. 6 years 1 month ago #1617

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LGHS pre-announced their estimated 4th Qtr 2011 revenues and net income (subject to final adjustments).
    Revenues of $197.3 million, compared to revenues of $144.5 for the same period of 2010, an increase of 36.5%;

    Net income of $6.3 million, compared to net income of $4.6 million for the same period of 2010, an increase of 36.4%

    If outstanding shares have remained the same at 10,000,000, the 4th Qtr net income per share would be about $0.63.

    Stock was at $0.61 x $0.70 before the announcement, now at $1.15 x $1.30.

    10K to be filed by 3/30/12

Quote from Mr. Steven Ross, Executive Vice President of Longhai:
    "As the newly opened steel wire facility continues to ramp output, we expect to see continued year-over-year improvements in operating results throughout 2012. Although current production from our new facility utilizes the same raw material as our other production lines, over the next two quarters we expect to transition to higher quality steel wire to enable us to produce high quality and high margin products. We will continue to keep our shareholders updated on company developments."

www.marketwatch.com/story/longhai-steel-...3-million-2012-03-09

I OWN SHARES IN LGHS PURCHASED IN THE OPEN MARKET.
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LGHS - Longhai Steel Inc. 6 years 2 months ago #1613

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XINGTAI CITY, CHINA -- (MARKET WIRE) -- 01/26/12 -- Longhai Steel Inc. ("Longhai") (OTCBB: LGHS), a producer of high quality steel wire products in the People's Republic of China, today announced record Fourth Quarter 2011 output and sales volume of steel wire.

With additional capacity beginning to come on line from its newly-opened second production facility, Fourth Quarter 2011 steel wire output was 293,862 Metric Tons, up 23% from 238,912 Metric Tons in the same period of 2010. Fourth Quarter 2011 steel wire sales volume was also a record at 335,229 Metric Tons, up 30% from 257,871 Metric Tons in the same period of 2010.

Once fully ramped, Longhai's new production line will increase overall capacity by approximately 60%. The new line also has the capability to produce alloy steel, cold forging steel and welding rods. This new, higher margin product will allow Longhai to address demand in markets in addition to construction and infrastructure.

Mr. Steven Ross, Executive Vice President of Longhai, said, "This increase in capacity is part of our long term corporate growth strategy. The higher quality steel wire from this facility will diversify our product base, and give us the ability to maintain our growth trajectory in 2012."

About Longhai Steel Inc.

Longhai Steel Inc., is a leading producer of high-quality steel wire. Downstream manufacturers process Longhai's wire into screws, nails, and wire mesh used to reinforce concrete and for fencing. Longhai's newly opened second production line also produces higher quality steel wire for specialized applications such as steel wire rope, steel strand, steel belted radial tires, and steel welding rod. All of its sales are delivered in China. Longhai competes using advanced production equipment and process technology, high product quality, fast order fill, and competitive prices. Its rolling and drawing facilities are among the most advanced in the world.

Safe harbor statement

Certain statements in this news release are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "estimates," "expect," "future," "intends," "may," "plans," "should," "will," and similar statements.

The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding China's economic growth, general industry conditions including local supply and price of wire, environmental risks, Longhai 's business or growth strategy, the success of Longhai 's investments, risks, and uncertainties regarding fluctuations in earnings, its ability to sustain its previous levels of profitability including its ability to manage growth, intense competition, wage increases in China, its ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, its ability to successfully complete and integrate potential acquisitions, withdrawal of governmental financial incentives, political instability and regional conflicts, and legal restrictions on raising capital or acquiring companies outside China. Although Longhai believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Although these expectations and the factors influencing them will likely change, we are under no obligation to inform you if they do. These and additional risks that could affect Longhai 's future operating and financial results are more fully described in its filings with U.S. Securities and Exchange Commission. These filings are available at www.sec.gov.

Longhai may, from time to time, make additional written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q, and 8-K, in its annual report to shareholders, in news releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Longhai does not undertake to update any forward-looking statements that may be made from time to time by or on its behalf, except as required by law.
For more information, please contact:

Longhai Steel Inc.
Steven Ross
(English)
Telephone: 949-720-1265
This email address is being protected from spambots. You need JavaScript enabled to view it.

Cindy Han
(English and Chinese)
Telephone: +86-139-3099-8773
This email address is being protected from spambots. You need JavaScript enabled to view it.

ir.stockpr.com/longhaisteel/company-news...production-and-sales

I OWN SHARE IN LGHS PURCHASED IN OPEN MARKET TRANSACTIONS.
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LGHS - Longhai Steel Inc. 6 years 3 months ago #1612

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BLOOMBERG ARTICLE: Sino-Forest Short-Seller Block May Go Long on U.S.-Listed Chinese Stocks

Carson Block, the short seller who last year alleged fraud at Sino-Forest Corp. (TRE), said he’s considering investing in Chinese companies that trade on U.S. stock exchanges.

“We are very much looking for U.S.-listed Chinese companies with which we can go long,” Block said yesterday in an interview with Bloomberg Television’s Erik Schatzker. “I really hope they turn out to be companies that we feel have done things right.”

Sino-Forest is among Chinese companies trading in North America that Block and other short sellers accused of financial irregularities in 2011. Sino-Forest, a timber producer, dropped 74 percent in Toronto after Block’s Muddy Waters LLC research firm said in June that it had exaggerated its assets. The shares were suspended in August. Sino-Forest, under investigation by the Ontario Securities Commission and the Royal Canadian Mounted Police, denies the allegations.

“We’re looking at companies in areas that China does well, that take advantage of the cost disparities of production or delivering of services between developed markets and China,” Block said.

Institutional investors in North America should avoid buying U.S.-listed Chinese stocks unless they have the internal resources to “really check the company out,” Block said.

Chinese stocks trading in the U.S. have faced investor scrutiny in the past year after companies such as China MediaExpress Holdings Inc. (CCME) disclosed financial irregularities or auditor resignations. Muddy Waters fueled the speculation with reports on Rino International Corp. and Focus Media Holding Ltd.

Reverse Takeovers

“U.S.-traded China stocks were punished badly by all these scams but the fact they are traded in the U.S. requires more compliance and transparency than domestic shares,” Didier Duret, chief investment officer at ABN Amro Private Banking, said in an interview in Singapore. “You don’t stop the game because you have some scam. What will count is really the contribution of China to world growth. It’s about growth.”

China’s economy has expanded at an average pace of 10.3 percent annually over the last decade, data compiled by Bloomberg show. Growth slowed to 9.1 percent in the three months ended Sept. 30 from 9.5 percent in the previous quarter as shipments to Europe, China’s biggest export market, slumped.

The U.S. Securities and Exchange Commission began an investigation in 2010 into the use of reverse takeovers, in which a closely held firm acquires one that’s publicly traded, enabling it to sell shares without the regulatory and investor examination of an initial public offering.

‘Scratched the Surface’

China MediaExpress, which began trading in the U.S. following a 2009 reverse takeover, fell 99.9 percent last year amid allegations it manipulated financial statements. Its Chief Financial Officer Jacky Lam and auditor Deloitte Touche Tohmatsu resigned in March.

The Bloomberg Chinese Reverse Mergers Index (CHINARTO), which tracks 73 China-based companies that trade on U.S. exchanges following reverse takeovers, has rebounded 12 percent this year after plunging 62 percent in 2011.

“We’ve just scratched the surface of some of the problems among Chinese companies that listed in the U.S. via IPOs,” Block said.

To contact the reporters on this story: Christopher Donville in Vancouver at This email address is being protected from spambots. You need JavaScript enabled to view it.; Erik Schatzker in New York at This email address is being protected from spambots. You need JavaScript enabled to view it.

www.bloomberg.com/news/2012-01-11/sino-f...-chinese-stocks.html
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LGHS - Longhai Steel Inc. 6 years 3 months ago #1611

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There has been a lot of negative press about Chinese reverse merger companies, but recent information from LGHS appears compelling in my opinion.

LGHS, a previous Profile List stock (ACTN) that completed a reverse merger with Longhai Steel Inc. in March 2010, issued a Press Release on 1/12/2012 announcing a new slate of US Directors. The new Directors have vast experience working for such companies as Toshiba, Inacom, Apple, HP, NEC, and others. LGHS is currently trading around $1.

Steven Ross, one of the new Directors as well as the Executive Vice President stated: “We are pleased to be a part of Longhai’s new approach to the US capital markets. Reformulating the Board is one of several steps Longhai is taking to incorporate best corporate governance practices and differentiate its business. We believe that Longhai’s commitment to the public market and continued strong business execution will translate into significant shareholder value.”

Press Release / 8K:
www.sec.gov/Archives/edgar/data/1296286/...0060/exhibit99-1.htm

Information from Longhai’s latest 10Q:
- Three month revenues for the period ending 9/30/2011 were $118mil, with net income of about $1mil, or $0.10 per share.
- There are currently 10,000,418 shares outstanding, with the CEO owning about 80%.
- Stockholders’ Equity is $50,681,126, making book value $5.07 per share.
- Recent Development: a new production line that will increase “annual capacity and profit by approximately 60%”

Latest 10Q Filing:
www.sec.gov/Archives/edgar/data/1296286/...45911003035/d10q.htm

I OWN SHARES IN LGHS PURCHASED IN OPEN MARKET TRANSACTIONS.
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