Debt Waive AgreementDebt Waive Agreement • September 29th, 2008 • General Steel Holdings Inc • Steel works, blast furnaces & rolling & finishing mills
WHEREAS, Party B was not able to repay the full amount owned to Party A due to current operating status. Party B entered into a certain equity purchase agreement (the “Purchase Agreement”) with General Steel Holdings, Inc. (“General Steel”), and Tianjin Qiu Steel Investment Limited, a subsidiary owned in majority and controlled by General Steel (“Qiu Steel”), on June 25, 2008, pursuant to which Qiu Steel agreed to pay Party B RMB 50 Million Yuan (approximately USD $7.1 Million) in exchange for 99% of the equity of Party B;
