Alternative Liquidity Index LP → GENERAL STEEL HOLDINGS INC

This Schedule 13D relates to shares of Common Stock of the Issuer held in the account of LP, of which GP is the general partner. Management serves as the investment manager of LP and may direct the vote and disposition of the 225,010,000 shares of Common Stock held by LP. As the sole managing member of Management, Mr. Mohs may direct the vote and disposition of the 225,010,000 shares of Common Stock held by LP. On August 19, 2026, the board of directors of Issuer adopted resolutions declaring it advisable and in the best interests of the Issuer to amend the Articles of Incorporation to authorize 500,000,000 shares of Common Stock and 5,000,000 shares of Preferred Stock. On September 11, 2026, the 100 shares of Series C Preferred Stock held by LP pursuant to the Issuance Agreement were converted into 225,000,000 shares of Common Stock. LP additionally held 10,000 shares of Common Stock prior to such conversion.