China Precision Steel Announces Retirement of Chairman

China Precision Steel, Inc. CPSL announced today the early retirement of Dr. Wo Hing Li, the Company's Chairman and member of the Board of Directors, effective June 14, 2011, due to health related issues. Dr. Li is a co-founder of China Precision Steel and has been with the Company since 2003. The Board thanks Dr. Li for his years of meaningful service and leadership and wishes him all the best. Meanwhile China Precision Steel will continue to progress under the stewardship and direction of its executive management team Mr. Hai Sheng Chen, CEO, Ms. Leada Li, CFO and Mr. Zu De Jiang, COO.