| 1.     |   | I                have reviewed this quarterly report on Form 10-Q 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;                           |
| 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;                                                             |
| 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-14 and 15d-14) for the registrant                and we                have:                                                                                                                                                                        |
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| a)     |   | Designed                such disclosure controls and procedures 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 quarterly report is                being                prepared;                                                                                        |
| b)     |   | Designed                such internal control over financial reporting, or caused such internal                control over financial reporting to be designed under our supervision,                to                provide reasonable assurance regarding the reliability of financial                reporting and the preparation of financial statements for external                purposes in accordance with generally accepted accounting                principles; |
| c)     |   | Evaluated                the effectiveness of the registrant’s disclosure controls and procedures                and presented in this quarterly 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;                                                                                        |
| d)     |   | 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, to the registrant’s auditors and the audit                committee of 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                                                                                                                       |
| b)     |   | Any                fraud, whether or not material, that involves management or other                employees who have a significant role in the registrant’s internal                controls.                                                                                                                                                                                                                                                                            |

| Date:                May 15, 2008 | /s/                John Chen                        |
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|                              | John                Chen                            |
|                              | Director                and Chief Financial Officer |

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