General Steel Holdings, Inc. (OTCMKTS:GSIH) Files An 8-K Changes in Registrant’s Certifying Accountant

General Steel Holdings, Inc. (OTCMKTS:GSIH) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01. Changes in Registrant’s Certifying Accountant.

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(a) On April 7, 2017, General Steel Holdings, Inc. (the “Company”) engaged Simon & Edward, LLP (“S&E”) as its principal accountant and dismissed Friedman LLP (“Friedman”) from that role. The change in accountants was approved by the Company’s Audit Committee.

The audit report of Friedman on the Company’s financial statements for the fiscal years ended December 31, 2015 and 2014 contained no adverse opinion or disclaimer of opinion, but the report raised substantial doubt about the Company’s ability to continue as a going concern.

During the Company’s two most recent fiscal years ended December 31, 2015 and 2014, which were audited by Friedman, and for the year ended December 31, 2016 and the subsequent interim period through April 7, 2017, the Company had no “disagreements” (as described in Item 304(a)(1)(iv) of Regulation S-K) with Friedman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Friedman, would have caused it to make reference in connection with its opinion to the subject matter of the disagreements.

During the Company’s two most recent fiscal years ended December 31, 2015 and 2014, which were audited by Friedman, and for the year ended December 31, 2016 and the subsequent interim period through April 7, 2017, there was no “reportable event” within the meaning of Item304(a)(1)(v)of Regulation S-K.

In accordance with Item 304(a)(3) of Regulation S-K, we furnished Friedman with a copy of this Form 8-K on August 8, 2017, providing Friedman with the opportunity to furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made by the Company herein in response to Item 304(a) of Regulation S-K as the same pertains to Friedman and, if not, stating the respect in which it does not agree. A copy of Friedman’s response is filed as Exhibit 16.1 to this Report.

(b) On April 7, 2017, the Company engaged S&E as the Company’s new independent registered public accounting firm effective immediately. The retention of S&E was approved by the Audit Committee. During the Company’s two most recent fiscal years ended December 31, 2015 and 2014 and for the year ended December 31, 2016 and the subsequent interim period through April 7, 2017, neither the Company, nor anyone on behalf of the Company consulted with S&E regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company’s financial statements, or (ii) any matter that was either the subject of a disagreement as described in Item 304(a)(1)(iv) of Regulation S-K or a reportable event within the meaning of Item304(a)(1)(v)of Regulation S-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description
16.1 Letter from Friedman, LLP., dated August 22, 2017


GENERAL STEEL HOLDINGS INC Exhibit
EX-16.1 2 v473755_ex16-1.htm EXHIBIT 16.1 Exhibit 16.1           August 22,…
To view the full exhibit click here

About General Steel Holdings, Inc. (OTCMKTS:GSIH)

General Steel Holdings, Inc., through its subsidiary, General Steel Investment Co., Ltd., operates steel companies serving various industries in the People’s Republic of China (PRC). The Company manufactures and sells steel products, such as steel rebar, hot-rolled carbon and silicon sheets and spiral-weld pipes. The Company sells its products primarily to distributors and related parties. The Company has controlling interests in a trading subsidiary and an Internet-of-things subsidiary: Tianjin Shuangsi Trading Co., Ltd. (Tianjin Shuangsi) and Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (Tongyong Shengyuan). Tianjin Shuangsi is a trading company that primarily trades iron ore, nickel-iron-manganese alloys and other steel-related products. Tongyong Shengyuan is a holding company of Tianjin Shuangsi.

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