China Precision Steel Announces Fiscal 2013 Year End Results

"China's economy appears to be improving as economic activity is increasing and confidence is returning for the country's growth prospects. As a result, many local governments that hadn't been able to expand investments amid the economic slowdown are now restarting their plans to spend on infrastructure which is expected to support the rebound in demand for steel," Mr. Chen continued. "While the economy and the steel industry in particular are in the early stages of turning around, we are taking steps to improve our working capital and operating cash flow by implementing policies to reduce our accounts receivable. We are also working to continue to strengthen our collection efforts as well as tighten controls on all further credit sales to minimize future risks during this difficult environment. We remain committed to our shareholders and will continue to focus on building long-term shareholder value."

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'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, steel roofing and textile needles. The Company sells to manufacturers in the People's Republic of China as well as overseas markets such as Nigeria, Ethiopia, Thailand and Indonesia. 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.

Forward-Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release by China Precision Steel 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 ability of the Company to maintain compliance with the NASDAQ minimum bid price requirements; the ability of the Company to successfully implement planned measures to cut costs and increase profitability and to strengthen its financial position; the likelihood that China's economy will rebound in response to new pro-growth policies and infrastructure projects and that the Company will be able to benefit from any such growth; and predictions and guidance relating to the Company's future financial performance. 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:

Elite IR
Leslie J. Richardson, Partner
+852-3183 0283
Leslie.richardson@elite-ir.com

- Financial Tables Follow -

China Precision Steel, Inc. and Subsidiaries
Consolidated Balance Sheets
			June 30,		June 30,
			2013		2012
Assets
Current assets
	Cash and cash equivalents		$75,243		$1,602,805
	Accounts receivable
		Trade, net of allowances of $30,642,373 and $3,231,613
		at June 30, 2013 and 2012, respectively	29,480,738		59,116,931
	Bills receivable		94,089		173,089
	Other		1,041,255		1,117,243
	Inventories, net		15,837,201		15,516,220
	Prepaid expenses		467,890		668,867
	Advances to suppliers, net of allowance of $19,689,609 and
		$4,623,323 at June 30, 2013 and 2012, respectively	9,304,847		37,384,684
Total current assets			56,301,263		115,579,839
Property, plant and equipment
	Property, plant and equipment, net		61,366,745		67,752,991
	Construction-in-progress		255,996		233,512
			61,622,741		67,986,503
Intangible assets, net			1,903,675		1,880,129
Goodwill			99,999		99,999
Total assets			$119,927,678		$185,546,470
Liabilities and Stockholders' Equity
Current liabilities
	Short-term loans		$28,028,722		$27,246,477
	Long-term loan - current portion		16,200,000		16,200,000
	Accounts payable and accrued liabilities		7,044,007		6,772,892
	Advances from customers		1,456,420		2,253,956
	Other taxes payables		8,295,220		8,446,373
	Current income taxes payable		5,993,574		5,756,178
Total current liabilities			67,017,943		66,675,876
Long-term loan			-		-
Stockholders' equity:
	Preferred stock: $0.001 per value, 8,000,000 shares
		authorized, no shares outstanding at June 30, 2013 and
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