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China Precision Steel Announces Date Change for Third Quarter Earnings Conference Call

SHANGHAI, China, May 15 Xinhua-PRNewswire — China Precision Steel (Nasdaq: CPSL), a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, today announced that the date of its earnings conference call originally scheduled on Thursday, May 15, 2008 has been moved to Friday, May 16, 2008 at 9:00 AM Eastern Time.

Joining Dr. Wo Hing Li, Chairman and Chief Executive Officer of China Precision Steel, will be Ms. Leada Li, 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- 482-0024. International callers should dial 617-801-9702. When prompted by the operator, mention Conference Passcode 863 969 80.

If you are unable to participate in the call at this time, a replay will be available for fourteen days starting on Friday, May 16, 2008 at 11:00 a.m. Eastern Time. To access the replay, dial 888-286-8010 and enter the Passcode 18376926. International callers should dial 617-801-6888 and enter the Passcode 18376926.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://www.chinaprecisionsteelinc.com . 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 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 (3.0 mm to 0.03 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's operation is currently located in the People's Republic of China. However, China Precision Steel intends to expand overseas into Japan, Taiwan, Korea, Thailand, the Philippines, the European Union and the United States in the future.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth 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 the Company 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. The Company does not assume any obligation to update the information contained in this press release.

For more information, please contact: Investor Relations Contact: Mr. Crocker Coulson President CCG Elite Investor Relations Tel: +1-646-213-1915 (NY Office) Email: crocker.coulson@ccgir.com Web: http://www.ccgelite.com

SOURCE China Precision Steel

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