China Precision Steel, Inc. announced unaudited consolidated earnings results for the first quarter ended September 30, 2009. For the quarter, the company reported net loss of $275,191 or $0.01 per diluted share on sales revenue of $17,041,989 compared to net income of $2,875,734 or $0.06 per diluted share on sales revenue of $25,350,419 for the same period a year ago. Loss from operations was $68,003 compared to income from operations of $3,253,057 for the same period a year ago. Net loss from operations before income tax was $276,424 compared to net income from operations before income tax of $3,046,355 for the same period a year ago. Net cash used in operating activities was$302,459 compared to $1,081,019 for the same period a year ago. Amount spent on purchase of property, plant and equipment including construction in progress was $749,049 compared to $7,263,898 for the same period a year ago. The company reported an impairment of inventories of $42,534 during the first quarter of fiscal 2010.

China Precision Steel, Inc. announced that they will report Q1, 2010 results on November 17, 2009.

China Precision Steel Inc. reported unaudited consolidated earnings results for the fourth quarter and audited results for the full year ended June 30, 2009. For the quarter, the company reported net income of $2,209,362 or $0.05 per diluted share on sales revenues of $25,734,034 compared to net income of $5,618,054 or $0.12 per diluted share on sales revenues of $28,550,266 for the same period a year ago. The company reported income from operations of $1,501,658 and net income before income tax of $2,239,299 compared to income from operations of $4,588,891 and net income before income tax of $5,594,188 for the same period a year ago. Revenue for the 2009 fourth quarter benefited from a $3.2 million subcontracting order, which represented 14.8% of total sales for the quarter. For the year, the company reported net loss of $408,338 or $0.01 per diluted share on sales revenues of $76,281,621 compared to net income of $18,583,111 or $0.43 per diluted share on sales revenues of $87,739,326 for the same period a year ago. The company reported loss from operations of $213,447 and net loss before income tax of $44,854 compared to income from operations of $18,379,697 and net income before income tax of $19,155,434 for the same period a year ago. Net cash provided by operating activities was $15,105,012 and purchase of property, plant and equipment including construction in progress of $16,642,038 compared to net cash used in operating activities was $12,606,520 and purchase of property, plant and equipment including construction in progress of $14,705,302 for the same period a year ago. As of June 30, 2009, the company expects to incur an additional $2.5 million in capital expenditures in relation to the new mill and annealing furnaces. The company has completed the construction of its third cold rolling mill and has begun testing and commissioning of the mill. The new mill is a tandem mill with best in class gauge control and shape performance capable of producing high quality cold rolled steel for exposed and unexposed products and will be used primarily in the production of high carbon cold-rolled steel products. The company expects the new mill to begin production in the third fiscal quarter of 2010 and reach its full design capacity of 100,000 tons within four years.