China Precision Steel, Inc. (Nasdaq:CPSL - News) ("China Precision Steel" or the "Company"), a niche precision steel processing Company principally engaged in producing and selling high precision, cold-rolled steel products, announced today the early retirement of Dr. Wo Hing Li, the Company's Chairman and member of the Board of Directors, effective June 14, 2011, due to health related issues.  Dr. Li is a co-founder of China Precision Steel and has been with the Company since 2003.  The Board thanks Dr. Li for his years of meaningful service and leadership and wishes him all the best. Meanwhile China Precision Steel will continue to progress under the stewardship and direction of its executive management team Mr. Hai Sheng Chen, CEO, Ms. Leada Li, CFO and Mr. Zu De Jiang, COO.

"While we are sad to announce the departure of Dr. Li, I would like to wish him the very best in his retirement.  As co-founder of China Precision Steel, Dr. Li's vision and leadership have been invaluable to the growth and success of the company," commented Mr. Hai Sheng Chen, CEO of China Precision Steel. "Given Dr. Li's many contributions to China Precision Steel over the years, he will be greatly missed."