China Precision Steel Holds Annual General Meeting of Shareholders

Jun 30, 2010, 09:00 ET from China Precision Steel Inc.

SHANGHAI, June 30 /PRNewswire-Asia/ -- China Precision Steel Inc. (Nasdaq: CPSL), a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, announced that it held its 2010 Annual General Meeting of Shareholders (the "AGM") at 11:00 am on June 30, 2010 (June 29, 11:00 pm EDT), in Hong Kong. Each of the proposals submitted for shareholder approval, as set out in the Company's definitive Proxy Statement, was approved.

    Specifically, the shareholders:

    -- Reelected Dr. Wo Hing Li, Mr. Hai Sheng Chen, Mr. Che Kin Lui, Mr. Tung
       Kuen Tsui, Mr. Daniel Carlson and Mr. David Peter Wong as members of
       the Board of Directors of the Company

    -- Ratified the selection by the Audit Committee of Moore Stephens as the
       Company's independent registered public accounting firm for the fiscal
       year ending June 30, 2010

About China Precision Steel

China Precision Steel, Inc. 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's high precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-rolled steel products are mainly used in the production of automotive components, food packaging materials, saw blades and textile needles. The Company primarily sells to manufacturers in the People's Republic of China and is expanding into overseas markets such as Nigeria, Thailand, Indonesia and the Philippines. China Precision Steel was incorporated in 2002 and is headquartered in Sheung Wan, Hong Kong. Additional information can be found at the Company's website .

    For more information, please contact:

    China Precision Steel
     Dan Carlson

    Elite IR
     Leslie J. Richardson, Partner
     Phone: +852-3183-0283

SOURCE China Precision Steel Inc.