General Steel's Catalon Wins $13.7 Million Cleantech Contract

18 November 2015

General Steel Holdings, Inc., a leading non-state-owned steel producer in China, announced today that Catalon Chemical Corp. ("Catalon"), the Company's recently-acquired cleantech subsidiary, has signed a procurement contract for De-NOx SCR honeycomb catalysts valued at approximately $13.7 million with Tengri Group Tsaidam Nuur Energy Corporation ("Nuur Energy"), an integrated energy solution provider and power plant developer in Mongolia.

Nuur Energy intends to purchase at least 3,900 cubic meters of De-NOx SCR honeycomb catalysts from Catalon in 2016 and 2017, for a total estimated value of at least $13.7 million. Nuur Energy will deploy Catalon's De-NOx SCR honeycomb catalysts in its planned 3-Phases 2,400 MW power plant project, which once completed will provide 60% of Mongolia's total power need.  The first phase of the power plant, with 600 MW capacity, is scheduled to connect to the grid by the end of 2016.

Ms. Yunshan Li, Chief Executive Officer of General Steel commented, "We are thrilled that Tengri Group Tsaidam Nuur Energy Corporation has selected Catalon's De-NOx honeycomb catalysts and intends to deploy them at one of Asia's largest and highest-profile power plants. With a such high-profile win, Catalon continues to gain greater market traction, and we are even more excited about its business pipeline."

"We are also very pleased that our integration with Catalon has been outstandingly smooth, which further validates our transformation roadmap, and we will focus on accelerating Catalon's business and leveraging its market position to springboard into other high-growth, high-profitability cleantech businesses. We believe that our transformation strikes the right balance of coping to today's challenging steel market environment while building for the future in cleantech."