September 11, 2008

China Precision Steel Announces Conference Call to Discuss Fourth Quarter and Fiscal Year 2008 Results

SHANGHAI, China, Sept. 11 /Xinhua-PRNewswire/ -- China Precision Steel , a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, today announced it will host a conference call at 9:00 a.m. EDT on Tuesday, September 16, 2008, to discuss results for the fourth quarter and full fiscal year 2008.

Joining Dr. Wo Hing Li, Chairman and Chief Executive Officer of China Precision Steel, will be Ms. Leada Li, its Chief Financial Officer.

To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 888-419-5570. International callers should dial 617-896-9871. When prompted by the operator, mention Conference Passcode 508 552 56.

If you are unable to participate in the call at this time, a replay will be available for fourteen days, starting on Tuesday, September 16, 2008 at 11:00 a.m. Eastern Time. To access the replay, dial 888-286-8010 and enter Passcode 592 312 59. International callers should dial 617-801-6888 and enter the same Passcode.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those who are unable to participate during the live broadcast, a 90 day replay will be available shortly after the call by accessing the same link.

About China Precision Steel

China Precision Steel is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment and cutting medium and high carbon hot-rolled steel strips. China Precision Steel produces high precision ultra-thin, high strength (7.5 mm to 0.05 mm) cold- rolled steel products primarily for automotive components, food packaging materials, saw blades and textile needle manufacturing companies in the People's Republic of China. China Precision Steel is expanding into overseas markets such as Nigeria, Thailand, Indonesia and the Philippines, and intends to expand into Japan, the European Union and the United States in the future.

Forward-Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by China Precision Steel on its conference call in relation to this release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; predictions and guidance relating to the Company's future financial performance; and any other statements of non-historical information. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which China Precision Steel is engaged; cyclicality of steel consumption including overcapacity and decline in steel prices, limited availability of raw material and energy may constrain operating levels and reduce profit margins, environmental compliance and remediation could result in increased cost of capital as well as other relevant risks not included herein. The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

   For more information, please contact:    CCG Investor Relations    Crocker Coulson, President    Tel:   +1-646-213-1915    Email: [email protected]    Web:    China Precision Steel    Leada Li, CFO    Email: [email protected]  

China Precision Steel

CONTACT: Leada Li, CFO of China Precision Steel,[email protected], or Crocker Coulson, President of CCG InvestorRelations for China Precision Steel, +1-646-213-1915, [email protected]

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