| 1. | I                have reviewed this quarterly report on Form 10-Q for the quarter                ended                September 30, 2007 of General Steel Holdings,                Inc.; |
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| 2. | Based                on my knowledge, this quarterly report does not contain any untrue                statement of a material fact or omit to state a material fact necessary                to                make the statements made, in light of the circumstances under which                such                statements were made, not misleading with respect to the period covered                by                this quarterly report; |
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| 3. | Based                on my knowledge, the financial statements, and other financial information                included in this quarterly report, fairly present in all material                respects                the financial condition, results of operations and cash flows of                the                registrant as of, and for, the periods presented in this quarterly                report; |
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| 4. | The                registrant’s other certifying officer and I are responsible for                establishing and maintaining disclosure controls and procedures (as                defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant                and we have: |
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|  | a) | Designed                  such disclosure controls and procedures, or caused such disclosure                  controls and procedures to be designed under our supervision, to                  ensure that material information relating to the registrant, including                  its                  consolidated subsidiaries, is made known to us by others within                  those                  entities, particularly during the period in which this report is                  being                  prepared; |
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|  | b) | Evaluated                  the effectiveness of the registrant’s disclosure controls and procedures                  and presented in this report our conclusions about the effectiveness                  of                  the disclosure controls and procedures, as of the end of the period                  covered by this report based on such evaluation;                  and |
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|  | c) | Disclosed                  in this report any change in the registrant’s internal control over                  financial reporting that occurred during the registrant’s most recent                  fiscal quarter that has materially affected, or is reasonably likely                  to                  materially affect, the registrant’s internal control over financial                  reporting; and |
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| 5. | The                registrant’s other certifying officer and I have disclosed, based on our                most recent evaluation of internal control over financial reporting,                to                the registrant’s auditors and the audit committee of the registrant’s                board of directors (or persons performing the equivalent                function): |
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|  | a) | All                    significant deficiencies and material weaknesses in the design                    or                    operation of internal control over financial reporting which                    are                    reasonably likely to adversely affect the registrant’s ability to record,                    process, summarize and report financial information;                    and |
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|  | b) | Any                    fraud, whether or not material, that involves management or other                    employees who have a significant role in the registrant’s internal                    controls over financial                    reporting. |
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|                                      |                                                     |                            |
|-------------------------------------------|----------------------------------------------------------|---------------------------------|
| Date: November              14, 2007 | By:                                            | /s/ John              Chen |
|                                      | By:              John Chen                               |
|                                      | Title:              Director and Chief Financial Officer |

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