UPDATE 1-General Steel Q3 results beat estimates, shares jump
* Q3 EPS $0.22 beats est. $0.10
* Q3 revenue $484.8 mln vs est. $456.1 mln
* Shipment volumes jump 67 pct
* Shares up as much as 17 pct
Nov 6 (Reuters) - General Steel Holdings Inc (GSI.N), posted third-quarter earnings that beat estimates, helped by higher shipment volumes and gross margins, sending its shares up as much as 17 percent in morning trade.
In the latest quarter, the Chinese producer of steel products, posted a net income of $10.4 million, or 22 cents a share, compared with $20.5 million, or 57 cents a share, a year ago.
Revenue for the quarter rose 18 percent to $484.8 million.
Two analysts on average were looking for earnings of 10 cents a share, before items, on revenue of $456.1 million, according to Thomson Reuters I/B/E/S.
The company said its aggregate shipment volumes climbed 67 percent to about 1 million metric tons in the quarter.
Shares of the Beijing-based company rose to $4.59 in early trade, but pared some gains to trade up 11 percent at $4.36 Friday morning on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Unnikrishnan Nair)
