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General Steel Reports Second Quarter 2014 Financial Results

Quarterly Gross Margin Improves to a 36-Month High of 4.8%

BEIJING, Aug. 14, 2014 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-controlled steel producer in China, today announced its financial results for the second quarter ended June 30, 2014.

Henry Yu, Chairman and Chief Executive Officer of General Steel commented, "We are very proud that our turn-around efforts are now driving measurable improvements to our financials, as gross margin expanded to a 36-month high and EBITDA substantially improved to a positive $33.6 million. These highlights reflect the success we have had over the past year in lowering our unit production cost and enhancing our operating efficiencies."

"During the second quarter, industry fundamentals significantly improved, and we were able to hold firm on our pricing. We are seeing a better demand-and-supply balance, and it is increasingly more evident that the market dynamics and competitive landscape will substantially improve in the coming months." Mr. Yu concluded.

John Chen, Chief Financial Officer of General Steel, commented, "This quarter we saw contributions to profitability from our two major initiatives. Our sourcing strategy lowered our raw material costs and, our upgraded production lines and technical improvements lowered our unit costs. We also turned around our operating cash flows to an inflow of $56.1 million, providing us with greater operating flexibility for the quarters ahead. Given our solid execution and the improved market fundamentals, we anticipate additional margin expansion and are confident that we will deliver on our target EPS range of 8 to 12 cents for the second half of 2014."

Second Quarter 2014 Financial Information

  • Sales volume decreased by 5.7% year-over-year to approximately 1.31 million metric tons, compared with 1.38 million metric tons in the second quarter of 2013.
  • Sales totaled $588.0 million, compared with $653.7 million in the second quarter of 2013.
  • Gross profit was $28.1 million on gross margin of 4.8%, compared with a gross loss of $(35.5) million in the second quarter of 2013.
  • Operating income totaled $6.3 million, compared with an operating loss of $(46.9) million in the second quarter of 2013.
  • Net loss attributable to the Company reduced to approximately $(11.0) million, or $(0.20) per diluted share, compared with a net loss of $(39.8) million, or $(0.72) per diluted share in the second quarter of 2013.
  • As of June 30, 2014, the Company had cash and restricted cash of $492.9 million.

First Six Months 2014 Financial Information

  • Sales volume decreased by 2.4% year-over-year to approximately 2.62 million metric tons, compared with 2.69 million metric tons in the first six months of 2013.
  • Sales were $1.2 billion, compared with $1.3 billion in the first six months of 2013.
  • Gross profit was $5.5 million on gross margin of 0.5%, compared with a gross loss of $(31.5) million in the first six months of 2013.
  • Operating loss was $(37.3) million, compared with an operating loss of $(15.0) million in the first six months of 2013.
  • Net loss attributable to the Company was $(54.6) million, or $(0.98) per diluted share, compared with a net loss of $(36.7) million, or $(0.67) per diluted share in the first six months of 2013.

Second Quarter 2014 Financial and Operating Results

Total Sales

Total sales for the second quarter of 2014 decreased by 10.0% year-over-year to $588.0 million, compared with $653.7 million in the second quarter of 2013. The year-over-year sales decreases were due to decreases in both average selling price of rebar and sales volume.

  • Total sales volume in the second quarter of 2014 was 1.31 million metric tons, a decrease of 5.7% compared with 1.38 million metric tons in the second quarter of 2013.
  • The average selling price of rebar at Longmen Joint Venture in the second quarter of 2014 decreased to approximately $450.0 per metric ton, down by 6.8% from $482.7 per metric ton in the second quarter of 2013.

Gross Profit/Loss

Gross profit for the second quarter of 2014 was $28.1 million, or 4.8% of total sales, as compared with a gross loss of $(35.5) million, or (5.4%) of total sales in the second quarter of 2013. The 1,020 basis points improvement in gross margin during the quarter was mainly attributable to decreased unit costs of rebar manufactured.

Operating Expenses and Operating Income/Loss

Selling, general and administrative expenses for the second quarter of 2014 were $18.8 million, a decrease of 9.6% from $20.8 million in the second quarter of 2013. Driven by effective headcount expense control, general and administrative expenses decreased to $9.1 million in the second quarter of 2014, compared with $11.6 million in the second quarter of 2013. Selling expenses was $9.7 million in the second quarter of 2014, slighted increased from $9.3 million in the same period of 2013. The increase in selling expenses was mainly due to the increase in freight expenses as a result of the PRC government's policy to increase freight train fees in early 2014.

Other operating loss from change in the fair value of profit sharing liability during the second quarter of 2014 was $(2.9) million, compared with a gain of $9.5 million recognized in the same period of last year. The loss recognized from change in the fair value of profit sharing liability was primarily due to the amortization of the present value discount.

Correspondingly, income from operations for the second quarter of 2014 was $6.3 million, an improvement of $53.2 million compared with loss from operations of $(46.9) million for the second quarter of 2013.

Finance Expense

Finance and interest expense in the second quarter of 2014 was $26.6 million, of which, $5.7 million was the non-cash interest expense on capital lease as compared with $5.1 million in the same period of 2013, and $20.9 million was the interest expense on bank loans and discounted note receivables as compared with $16.1 million in the same period of 2013. The increase in finance and interest expenses was mainly a result of higher finance costs charged by banks and more of the early redemption on note receivables.

Net Loss and Net Loss per Share

Net loss attributable to General Steel for the second quarter of 2014 narrowed $(11.0) million, or $(0.20) per diluted share, based on 55.8 million weighted average shares outstanding. This compares to a net loss of $(39.8) million, or $(0.72) per diluted share, based on 55.0 million weighted average shares outstanding in the second quarter of 2013.

First Six Months 2014 Financial and Operating Results

Total Sales

Total sales for the first six months of 2014 decreased by 9.4% year-over-year to $1.2 billion, compared with $1.3 billion in the first six months of 2013. The year-over-year sales decreases were due to decreases in both average selling price of rebar and sales volume.

  • Total sales volume in the first six months of 2014 was 2.62 million metric tons, a decrease of 2.4% compared with 2.69 million metric tons in the first six months of 2013.
  • The average selling price of rebar at Longmen Joint Venture in the first six months of 2014 decreased to approximately $450.4 per metric ton, down by 9.6% from $498.4 per metric ton in the first six months of 2013.

Gross Profit/Loss

Gross profit for the first six months of 2014 was $5.5 million, or 0.5% of total sales, as compared with a gross loss of $(31.5) million, or (2.4%) of total sales in the first six months of 2013.

Operating Expenses and Operating Loss

Selling, general and administrative expenses for the first six months of 2014 were $39.9 million, slightly increased from $39.8 million in the first six months of 2013. General and administrative expenses were $21.9 million, compared with $22.5 million in the same period of 2013. Selling expenses increased by 4.1% to $18.0 million, compared to $17.3 million in the same period of 2013.

Other operating loss from change in the fair value of profit sharing liability during the first six months of 2014 was $(3.0) million, compared with a gain of $56.3 million in the same period of last year.

Correspondingly, loss from operations for the first six months of 2014 was $(37.3) million, compared with loss from operations of $(15.0) million for the first six months of 2013.

Finance Expense

Finance and interest expense in the first six months of 2014 was $55.3 million, of which, $10.7 million was the non-cash interest expense on capital lease as compared with $10.2 million in the same period of 2013, and $44.6 million was the interest expense on bank loans and discounted note receivables as compared with $35.9 million in the first six months of 2013.

Net Loss and Net Loss per Share

Net loss attributable to General Steel for the first six months of 2014 was $(54.6) million, or $(0.98) per diluted share, based on 55.8 million weighted average shares outstanding. This compares to a net loss of $(36.7) million, or $(0.67) per diluted share, based on 54.9 million weighted average shares outstanding in the first six months of 2013.

Balance Sheet

As of June 30, 2014, the Company had cash and restricted cash of approximately $492.9 million, compared to $431.3 million as of December 31, 2013. The Company had an inventory balance of $209.0 million as of June 30, 2014, compared to $212.9 million as of December 31, 2013.

Business Outlook

For the six months ending December 31, 2014, the Company reiterates that it currently projects:

  • Sales to range from $1.3 billion to $1.4 billion, on sales volume of approximately 3 million metric tons;
  • Net income attributable to the Company to range from $4.5 million to $6.5 million; and
  • EPS attributable to the Company to range from $0.08 to $0.12.

Conference Call and Webcast:

General Steel will hold a corresponding conference call and live webcast at 8:00 a.m. EDT on Thursday, August 14, 2014 (which corresponds to 8:00 p.m. Beijing/Hong Kong Time on Thursday, August 14, 2014) to discuss the results and answer questions from investors. Listeners may access the call by dialing:

US Toll Free:

1-866-250-8117

International Toll:

1-412-317-6011

China Toll

400-120-3170

China Toll Free

800-870-0210

Conference ID:

83542725

The call will also be available as a live, listen-only Webcast under the "Events and Presentations" page on the "Investor Relations" section of the Company's Website at http://www.corpasia.net/us/GSI/irwebsite/index.php?mod=event. Following the live Webcast, an online archive of the Webcast will be available for 90 days.

About General Steel Holdings, Inc.

General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality, with seven million metric tons of crude steel production capacity under management. For more information, please visit www.gshi-steel.com.

To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company's Annual Report on Form 10-K, please send your request to [email protected].

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash; and (e) other risks, including those disclosed in the Company's Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission.  Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.

Contact Us

General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: [email protected]

Asia Bridge Capital Limited

Carene Toh
Tel: +1-888-957-3362
Email: [email protected]

 

 




GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS


(UNAUDITED)

(In thousands)







June 30,


December 31,

ASSETS



2014


2013

CURRENT ASSETS:







 Cash

$

 

44,749


$

 

31,967


 Restricted cash


448,106



399,333


 Notes receivable


36,948



60,054


 Restricted notes receivable


106,873



395,589


 Loans receivable - related parties


4,540



4,540


 Accounts receivable, net


5,277



4,078


 Accounts receivable - related parties


5,788



2,942


 Other receivables, net


54,804



54,716


 Other receivables - related parties


57,983



54,106


 Inventories


208,971



212,921


 Advances on inventory purchase


58,503



44,897


 Advances on inventory purchase - related parties


119,279



83,003


 Prepaid expense and other


3,322



1,388


 Prepaid taxes


12,489



28,407


 Short-term investment


2,763



2,783

TOTAL CURRENT ASSETS



1,170,395



1,380,724










 PLANT AND EQUIPMENT, net


1,253,351



1,271,907










 OTHER ASSETS:







 Advances on equipment purchase


92,133



6,409


 Investment in unconsolidated entities


16,710



16,943


 Long-term deferred expense




552



668


 Intangible assets, net of accumulated amortization


23,333



23,707

TOTAL OTHER ASSETS



132,728



47,727










TOTAL ASSETS



$

2,556,474


$

2,700,358










LIABILITIES AND DEFICIENCY












 CURRENT LIABILITIES:







 Short term notes payable

$

875,479


$

1,017,830


 Accounts payable


418,468



434,979


 Accounts payable - related parties


262,103



235,692


 Short term loans - bank


201,673



301,917


 Short term loans - others


64,395



62,067


 Short term loans - related parties


153,996



126,693


 Current maturities of long-term loans - related party

 Other payables and accrued liabilities


      62,374

      48,343



      53,013

      45,653


 Other payable - related parties


98,209



94,079


 Customer deposits


136,288



87,860


 Customer deposits - related parties


142,888



64,881


 Deposit due to sales representatives


21,435



24,343


 Deposit due to sales representatives - related parties


1,658



1,997


 Taxes payable


4,181



4,628


 Deferred lease income, current


2,171



2,187


 Capital lease obligations, current


6,443



4,321


TOTAL CURRENT LIABILITIES


2,500,104



2,562,140










 NON-CURRENT LIABILITIES:







 Long-term loans - related party


9,750



19,644


 Deferred lease income, noncurrent


73,620



75,257


 Capital lease obligations, noncurrent


384,830



375,019


 Profit sharing liability at fair value


164,067



162,295


 TOTAL NON-CURRENT LIABILITIES


632,267



632,215

TOTAL LIABILITIES




3,132,371



3,194,355










 COMMITMENTS AND CONTINGENCIES















DEFICIENCY:







Preferred stock, $0.001 par value, 50,000,000 shares
authorized, 3,092,899 shares issued and outstanding as
of June 30, 2014 and December 31, 2013


3



3


Common stock, $0.001 par value, 200,000,000 shares
authorized, 58,314,688 and 58,234,688 shares issued,
55,842,382 and 55,762,382 shares outstanding as of
June 30, 2014 and December 31, 2013, respectively


58



58


Treasury stock, at cost, 2,472,306 shares as of June 30, 2014 and December 31, 2013


(4,199)



(4,199)


 Paid-in-capital


107,097



106,878


 Statutory reserves


6,408



6,243


 Accumulated deficits


(469,381)



(414,798)


 Accumulated other comprehensive income


3,016



729


TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY



(356,998)



(305,086)










 NONCONTROLLING INTERESTS


(218,899)



(188,911)


TOTAL DEFICIENCY



(575,897)



(493,997)










TOTAL LIABILITIES AND DEFICIENCY



$

2,556,474


$

2,700,358

 

 

 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(UNAUDITED)

(In thousands, except per share data)



Three months ended June 30,


Six months ended June 30,



2014


2013


2014


2013














SALES


$

508,637


$

517,350


$

1,020,642


$

1,019,781














SALES - RELATED PARTIES



79,376



136,301



161,582



285,161

  TOTAL SALES



588,013



653,651



1,182,224



1,304,942














COST OF GOODS SOLD



482,011



540,271



1,012,755



1,038,897














COST OF GOODS SOLD - RELATED PARTIES



77,908



148,916



163,936



297,514

  TOTAL COST OF GOODS SOLD



559,919



689,187



1,176,691



1,336,411














GROSS PROFIT (LOSS)



28,094



(35,536)



5,533



(31,469)














SELLING, GENERAL AND ADMINISTRATIVE EXPENSES



(18,849)



(20,848)



(39,902)



(39,803)

CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY



(2,920)



9,494



(2,969)



56,273














INCOME (LOSS) FROM OPERATIONS



6,325



(46,890)



(37,338)



(14,999)














OTHER INCOME (EXPENSE)













  Interest income



4,066



3,383



7,258



5,882

  Finance/interest expense



(26,619)



(21,216)



(55,314)



(46,073)

  Gain (loss) on disposal of equipment and intangible assets



(142)



(235)



(96)



96

  Income from equity investments



54



132



67



90

  Foreign currency transaction gain (loss)



(963)



98



(1,817)



126

  Lease income



542



539



1,088



1,071

  Other non-operating income (expense), net



302



521



126



790

    Other expense, net



(22,760)



(16,778)



(48,688)



(38,078)














LOSS BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST



(16,435)



(63,668)



(86,026)



(53,077)














PROVISION FOR INCOME TAXES













  Current



107



105



112



176

  Deferred



-



-



-



-

    Provision for income taxes



107



105



112



176














NET LOSS



(16,542)



(63,773)



(86,138)



(53,253)














Less: Net loss attributable to noncontrolling interest



(5,523)



(23,955)



(31,555)



(16,538)














NET LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC.


$

(11,019)


$

(39,818)


$

(54,583)


$

(36,715)














NET LOSS


$

(16,542)


$

(63,773)


$

(86,138)


$

(53,253)














OTHER COMPREHENSIVE LOSS













  Foreign currency translation adjustments



(929)



(7,210)



3,741



(9,736)














COMPREHENSIVE LOSS



(17,471)



(70,983)



(82,397)



(62,989)














Less: Comprehensive loss attributable to noncontrolling interest



(5,875)



(26,745)



(30,101)



(20,290)














COMPREHENSIVE LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC.


$

(11,596)


$

(44,238)


$

(52,296)


$

(42,699)














WEIGHTED AVERAGE NUMBER OF SHARES













  Basic and Diluted



55,842



54,980



55,828



54,893














LOSS PER SHARE













  Basic and Diluted


$

(0.20)


$

(0.72)


$

(0.98)


$

(0.67)















 

GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)






For the

Six months ended June 30,






2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:







Net (loss) income

$

(86,138)


$

(53,253)


 Adjustments to reconcile net loss to cash provided by (used in) operating activities:






Depreciation, amortization and depletion


47,788



43,067



Change in fair value of derivative liabilities-warrants


-



(1)



Change in fair value of profit sharing liability


2,969



(56,273)



(Gain) loss on disposal of equipment and intangible assets


96



(96)



Provision for doubtful accounts


(250)



(169)



Reservation of mine maintenance fee


278



215



Stock issued for services and compensation


219



480



Amortization of deferred financing cost on capital lease


9,253



10,217



Income from equity investments


(67)



(90)



Foreign currency transaction (gain) loss


1,817



(126)



Deferred lease income


(1,088)



(1,071)


Changes in operating assets and liabilities








Notes receivable


45,931



(64,424)



Accounts receivable


(1,008)



(33,951)



Accounts receivable - related parties


(2,875)



8,969



Other receivables


(307)



(857)



Other receivables - related parties


(4,275)



10,275



Inventories


1,286



38,014



Advances on inventory purchases


(13,968)



23,215



Advances on inventory purchases - related parties


(36,971)



(48,019)



Prepaid expense and other


(1,947)



(1,115)



Long-term deferred expense


111



317



Prepaid taxes


15,747



2,742



Accounts payable


(18,050)



43,122



Accounts payable - related parties


28,204



55,227



Other payables and accrued liabilities


2,637



5,002



Other payables - related parties


4,824



(16,987)



Customer deposits


49,187



(6,103)



Customer deposits - related parties


78,667



(14,502)



Taxes payable


(413)



(6,639)



Other noncurrent liabilities



-



1,378



     Net cash provided by (used in) operating activities


121,657



(61,436)

CASH FLOWS FROM INVESTING ACTIVITIES:







Restricted cash


(51,820)



(49,988)


Cash proceeds from short term investment


-



80


Cash proceeds from sales of equipment and intangible assets


24



16


Equipment purchase and intangible assets


(112,713)



(52,350)



     Net cash used in investing activities


(164,509)



(102,242)












CASH FLOWS FINANCING ACTIVITIES:







Restricted notes receivable


286,485



244,940


Borrowings on short term notes payable


900,202



812,577


Payments on short term notes payable


(1,035,408)



(1,001,301)


Borrowings on short term loans - bank


185,023



141,484


Payments on short term loans - bank


(285,100)



(83,433)


Borrowings on short term loan - others


19,949



47,903


Payments on short term loans - others


(25,417)



(47,055)


Borrowings on short term loan - related parties


32,576



213,576


Payments on short term loans - related parties


(19,233)



(124,059)


Deposits due to sales representatives


(2,736)



(3,734)


Deposit due to sales representatives - related parties


(326)



529


Payments on long-term loans - related party


-



(17,544)



     Net cash provided by financing activities


56,015



183,883

EFFECTS OF EXCHANGE RATE CHANGE IN CASH


(381)



1,199

INCREASE IN CASH


12,782



21,404

CASH, beginning of period


31,967



46,467

CASH, end of period

$

44,749


$

67,871

 

 

SOURCE General Steel Holdings, Inc.

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SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
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A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.