China Precision Steel Announces Annual Meeting Date

SHANGHAI, June 28, 2011 /PRNewswire-Asia/ -- China Precision Steel, Inc. (NASDAQ: CPSL) ("China Precision Steel" or the "Company"), 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 Annual Meeting of Shareholders will be Thursday, June 30th, 2011. The meeting will take place at the Company's headquarters, 87 Wing Lok Street, 18/F, Sheung Wan, Hong Kong and commence at 10:00 am Hong Kong time / Wednesday, June 29th 10:00 pm ET. All shareholders of record as of June 2, 2011 will be eligible to vote at the meeting.

The matters to be considered at the Annual Meeting are as follows:

1. To elect five persons to the Board of Directors of the Company, each to serve until the next annual meeting of stockholders of the Company or until such person shall resign, be removed or otherwise leave office;
2. To ratify 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, 2011;
3. To have an advisory vote on executive compensation;
4. To have an advisory vote on the frequency of holding an advisory vote on executive compensation; and
5. To transact such other business as may properly come before the Meeting or any adjournment thereof.

Details on the matters to be considered will be provided in the Company's proxy statement for the annual meeting. A copy of the proxy materials for the Annual Meeting may be obtained by accessing the Company's SEC filings at its website at http://chinaprecisionsteelinc.com.

To participate in the meeting, please dial the following number fifteen minutes prior to the scheduled meeting time: 888-339-2688, international callers should dial 617-847-3007; conference passcode is 784 804 58.

About China Precision Steel, Inc.

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 as well as some 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 http://chinaprecisionsteelinc.com.