"The team at General Steel has greatly impressed us with its high efficiency and prompt execution," commented Michael Au, CEO of General Shengyuan IoT, "We see great potential in RFID logistics, and I am excited to be an integral part of General Steel's expanding business scope. General Shengyuan IoT brings together the strength and expertise of each partner, and with our common goal of developing and commercializing RFID technologies and a cloud-based, Internet-of-Things platform, we are exceedingly optimistic that General Shengyuan IoT will deliver considerable contributions, both financially and operationally, to General Steel."

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.