U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                             Quarterly Report Under
                       the Securities Exchange Act of 1934

                      For Quarter Ended: September 30, 2006

                         Commission File Number: 0-13628

                           BEICANG IRON & STEEL, INC.
                           --------------------------
        (Exact name of small business issuer as specified in its charter)

                              ALPHA SPACECOM, INC.
                              --------------------
                                  (Former Name)

           Nevada                     0-13628                   13-3183646
           ------                     -------                   ----------
State or other jurisdiction     Commission File Number     (IRS Employer ID No.)
     of  incorporation)


                              8/F Beicang Building
                               76 Jianshebei Road
                          Taiyuan City, Shanxi Province
                        People's Republic of China 030013
                        ---------------------------------
                    (Address of principal executive offices)

                                    Room 710
                                Zhou Ji Building
                                No. 16 Ande Road
                               Dongcheng District
                              Beijing, 100011 China
                              ---------------------
                                (Former Address)

                               011-86-351-465-6232
                               -------------------
                           (Issuer's Telephone Number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing  requirements  for the past 90 days: Yes
  X     No      .
-----      -----

                          (Continued on Following Page)

<PAGE>

The number of shares of the  registrant's  only class of common stock issued and
outstanding,  as of November 20, 2006:  999,066,260  shares of Common Stock were
issued and outstanding.

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act)       Yes   X   No
                                -----     -----

Documents Incorporated by Reference: None

                                       2

<PAGE>

                                     PART I

ITEM 1.  FINANCIAL STATEMENTS.

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN AS ALPHA SPACECOM, INC.)
                              Financial Statements
                                   (Unaudited)

                                TABLE OF CONTENTS


FINANCIAL STATEMENTS

             Balance sheet                                    F-1
             Statements of operations                         F-2
             Statements of stockholders' deficit              F-3
             Statements of cash flows                         F-4
             Notes to financial statements                    F-5

                                       3

<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN AS ALPHA SPACECOM, INC.)
                         [(A Development Stage Company)]


                                  BALANCE SHEET
                                   (Unaudited)

                               September 30, 2006

ASSETS

    Total Assets                                                  $         --
                                                                   ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT

     Current liabilities
        Accrued payables                                               432,599
        Advances from the related parties                            1,713,711
                                                                   -----------
            Total current liabilities                                2,146,310
                                                                   -----------

     Total Liabilities                                               2,146,310
                                                                   -----------

     Stockholders' Deficit
        Preferred stock, 20,000,000 shares authorized:
            Series A, $.001 par value; 23,000 shares designated;
               7% cumulative, convertible; 23,000 shares
               issued and outstanding                                       23
            Series B, $.001 par value
               10,000,000 shares designated; convertible;
               No shares issued and
               outstanding                                                  --
        Common stock, $.001 par value;
            1,000,000,000 shares authorized;
            99,869,330 shares issued and
             outstanding                                                99,869
        Common stock subscribed                                        (50,000)
        Additional paid in capital                                     343,799
        Deficit accumulated                                         (2,540,001)
                                                                   -----------

     Total Stockholders' Deficit                                    (2,146,310)
                                                                   -----------

     Total Liabilities and Stockholders' Deficit                   $        --
                                                                   ===========


    The accompanying notes are an integral part of this financial statement.

                                       F-1

                                       4

<PAGE>

<TABLE>
       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN AS ALPHA SPACECOM, INC.)
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

<CAPTION>
                                                                                                  Period From
                                                                                                 Aug. 19, 1998
                                  Three months     Nine months     Three months    Nine months    (Inception)
                                      Ended           Ended            Ended          Ended             To
                                  Sept 30, 2006  Sept 30, 2006    Sept 30, 2005   Sept 30, 2005   Sept 30, 2006
                                  ------------    ------------    ------------    ------------    ------------
<S>                               <C>             <C>             <C>             <C>             <C>
Revenue                           $         --    $         --    $         --    $         --    $         --
                                  ------------    ------------    ------------    ------------    ------------

Operating expenses:
     General and administrative         18,780         124,801          64,970         122,700       2,106,967
                                  ------------    ------------    ------------    ------------    ------------
                                        18,780         124,801          64,970         122,700       2,106,967
                                  ------------    ------------    ------------    ------------    ------------

Gain (loss) from operations            (18,780)       (124,801)        (64,970)       (122,700)     (2,106,967)
                                  ------------    ------------    ------------    ------------    ------------

Other income (expense):
     Cost of share exchange                 --              --              --              --        (415,013)
     Interest expense                       --              --              --              --         (18,137)
     Other                                  --              --              --              --             116
                                  ------------    ------------    ------------    ------------    ------------
                                            --              --              --              --        (433,034)
                                  ------------    ------------    ------------    ------------    ------------
Income (loss) before
     provision for income taxes        (18,780)       (124,801)        (64,970)       (122,700)     (2,540,001)

Provision for income tax                    --              --              --              --              --
                                  ------------    ------------    ------------    ------------    ------------

Net income (loss)                 $    (18,780)   $   (124,801)   $    (64,970)   $   (122,700)   $ (2,540,001)
                                  ============    ============    ============    ============    ============

Net income (loss) per share
(Basic and fully diluted)         $      (0.00)   $      (0.00)   $      (0.00)   $      (0.00)
                                  ============    ============    ============    ============

Weighted average number of
common shares outstanding           99,869,330      99,869,330      57,437,168      28,270,509
                                  ============    ============    ============    ============

</TABLE>

    The accompanying notes are an integral part of this financial statement.

                                       F-2

                                       5

<PAGE>

<TABLE>
       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN AS ALPHA SPACECOM, INC.)
                          (A Development Stage Company)
                       STATEMENTS OF STOCKHOLDERS' DEFICIT
                                   (Unaudited)

<CAPTION>
                                                                                                            Deficit
                                                                                                          Accumulated
                          Common Stock      Preferred Series A  Preferred Series B    Common               During the     Stock-
                                 Par Value (1)      ($.001 Par)         Par Value (1)  Stock     Paid In  Development    holders'
                      Shares (2)    Amount    Shares   Amount    Shares    Amount    Subscribed  Capital      Stage       Deficit
                      ----------- ----------  ------- --------  --------- ---------  ----------  --------  -----------  -----------
<S>                   <C>        <C>           <C>    <C>       <C>       <C>        <C>         <C>       <C>          <C>
Balances at
  December 31, 2004   13,603,846 $     1,360   23,000 $     23  9,587,111 $     959  $  (50,000) $441,349  $(2,252,802) $(1,859,111)

Par value
  adjustment (1)              --      12,243       --       --         --     8,628          --   (20,871)          --           --

Conversion of
  preferred series B  86,283,920      86,284       --       -- (9,587,111)   (9,587)         --   (76,697)          --           --

Net income (loss)
  for the year                --          --       --       --         --        --          --        --     (162,398)    (162,398)
                      ---------- -----------  ------- --------  --------- ---------  ----------  --------  -----------  -----------

Balances at
  December 31, 2005   99,887,766 $    99,887   23,000 $     23         -- $      --  $  (50,000) $343,781  $(2,415,200) $(2,021,509)

Share adjustment         (18,436)        (18)      --       --         --        --          --        18           --           --

Net income (loss)
  for the period
  ended Sept. 30, 2006        --          --       --       --         --        --          --        --     (124,801)    (124,801)
                      ---------- -----------  ------- --------  --------- ---------  ----------  --------  -----------  -----------
Balances at
  Sept. 30, 2006      99,869,330 $    99,869   23,000 $     23         --        --  $  (50,000) $343,799  $(2,540,001) $(2,146,310)
                      ========== ===========  ======= ========  ========= =========  ==========  ========  ===========  ===========

<FN>
(1) $.001 in 2006, 2005 and $.0001 in 2004
(2) As restated for a 1 for 10 reverse stock split on June 16, 2005
</FN>
</TABLE>


    The accompanying notes are an integral part of this financial statement.

                                       F-3

                                       6

<PAGE>

<TABLE>
       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN AS ALPHA SPACECOM, INC.)
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<CAPTION>
                                                                               Period From
                                                                              Aug. 19, 1998
                                                Nine months    Nine months     (Inception)
                                                    Ended          Ended            To
                                               Sept. 30, 2006 Sept. 30,2005  Sept. 30, 2006
                                                 -----------    -----------    -----------
<S>                                                 <C>            <C>         <C>
Cash Flows From Operating Activities:
     Net income (loss)                              (124,801)      (122,700)   $(2,540,001)

     Adjustments to reconcile net loss to net cash provided by (used
     for) operating activities:
          Depreciation and amortization                   --             --        117,270
          Asset write offs                                --             --          3,479
          Bad debts                                       --             --          2,777
          Receivables, deposits & prepayments             --             --             --
          Cost of share exchange                          --             --        107,093
          Accrued payables                           (38,198)        47,265        540,086
          Compensatory stock issuances                    --             --            600
                                                 -----------    -----------    -----------
               Net cash provided by (used for)
               operating activities                 (162,999)       (75,435)    (1,768,696)
                                                 -----------    -----------    -----------
Cash Flows From Investing Activities:
         Fixed asset purchases                            --             --       (120,749)
                                                 -----------    -----------    -----------
               Net cash provided by (used for)
               investing activities                       --             --       (120,749)
                                                 -----------    -----------    -----------
Cash Flows From Financing Activities:
         Sales of common stock                             -              -         54,282
         Advances from related parties               162,999         75,435      2,372,370
         Related party repayments                          -              -       (713,936)
         Shareholder advances                              -              -        176,729
                                                 -----------    -----------    -----------
               Net cash provided by (used for)
               financing activities                  162,999         75,435      1,889,445
                                                 -----------    -----------    -----------
  Net Increase (Decrease) In Cash                          -              -              -

  Cash At The Beginning Of The Period                      -              -              -
                                                 -----------    -----------    -----------

  Cash At The End Of The Period                  $         -    $         -    $         -
                                                 ===========    ===========    ===========

Supplemental Information

  Cash paid for interest                         $         -    $         -    $         -
  Cash paid for income taxes                     $         -    $         -    $         -


Non-cash transactions                            $         -    $         -    $         -

</TABLE>


    The accompanying notes are an integral part of this financial statement.

                                       F-4


<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN ASALPHA SPACECOM, INC. )
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               September 30, 2006

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Alpha Spacecom,  Inc.  formerly,  Tridon  Enterprises,  Inc. (the "Company") was
originally  incorporated  in the State of  Colorado in 1983 under the name Turco
Computer Systems, Inc. In June 2005, the Company  reincorporated in the State of
Nevada.  Prior to the  acquisition  described  below,  the  Company  was seeking
strategic partnerships with companies in the satellite business. However, due to
difficulty in raising working capital to execute the business plans, the Company
ceased the  operations  and was  considered a  development  stage  company until
October 25, 2006 (see below).

On December 10, 2001, pursuant to a share exchange  agreement,  we acquired (the
"Acquisition")  from  Alpha Sky  Investment  Limited  ("ASI")  all of the equity
interests  in both  Accuhigh  Investments  Limited,  a  British  Virgin  Islands
company,  and Tidy Sum Investments Limited, a British Virgin Islands company, in
exchange for  10,000,000  shares of our Series B  convertible  preferred  stock,
which shares of convertible  preferred stock were  convertible  into 900,000,000
shares of our Common Stock. Also on December 10, 2001, Xuedong Hu, Fung Sien and
Wai Man Yu were  appointed  as members of our Board of  Directors.  Brian  Brick
resigned  from the  position of Chief  Executive  Officer.  The  directors  then
elected Xuedong Hu as the Chairman of the Board and Chief Executive  Officer and
appointed Mr. Brian Brick as the Chief Operating  Officer and as a member of the
Board of Directors.  Mr. Brick  resigned his positions with us in February 2005.
On April 1, 2003, Wai Man Yu resigned from the Board and Jian Wang was appointed
in his stead, effective May 26, 2003.

On April 8,  2006,  the  Company  executed  a merger  agreement  with East Glory
Investments  Group Limited  ("EGIG"),  a corporation  incorporated in the Cayman
Islands with business operations based in China. Pursuant to the agreement,  the
Company will issue stock to EGIG  sufficient  to transfer  90%  ownership in the
Company,  in exchange for all the  outstanding  stock of the EGIG. The merger is
contingent upon shareholder approval and other factors.

On October 25, 2006, the Company successfully  consummated the merger with EGIG.
The Company  amended the  Articles of  Incorporation  to increase  the number of
authorized common shares to  1,000,000,000,  par value $0.001 per share and then
acquired  all of  EGIG's  issued  and  outstanding  shares  of  common  stock in
consideration  for 899,196,930  restricted shares of the Company's Common Stock.
As a  result,  there are now  999,066,260  shares of  Common  Stock  issued  and
outstanding  and  the  former   stockholder  of  EGIG  now   beneficially   owns
approximately 90% of the Company's issued and outstanding  Common Stock. As part
of the merger,  the Company  changed its corporate name to "Beicang Iron & Steel
Inc." (see below for the business of EGIG).

In connection  with the stock exchange  transaction,  all the former  directors,
Xuedong Hu and Jian Wang resigned and Mr.  Beicang Hou was appointed as director
and took up the position of Chief Executive Officer,  President, Chief Financial
Officer, Secretary and Treasurer of the Company.

                                       F-6

                                       8
<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN ASALPHA SPACECOM, INC. )
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               September 30, 2006

NOTE 1. ORGANIZATION,  OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)

Basis of Presentation
---------------------

The accompanying unaudited financial statements have been prepared in accordance
with the  instructions  to Form 10-QSB and do not include all of the information
and  disclosures  required  by  generally  accepted  accounting  principles  for
complete  financial  statements.  All  adjustments  which are, in the opinion of
management,  necessary for a fair  presentation of the results of operations for
the  interim  periods  have  been  made  and are of a  recurring  nature  unless
otherwise  disclosed herein.  The results of operations for such interim periods
are not necessarily indicative of operations for a full year.

Use of Estimates
----------------

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  reported  amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial  statements and the reported
amounts of revenues and expenses  during the reporting  period.  Actual  results
could differ from those estimates.

Cash and cash equivalents
-------------------------

The Company considers all highly liquid investments with an original maturity of
three months or less as cash equivalents.

Property and equipment
----------------------

Property and equipment are recorded at cost and  depreciated  under the straight
line method over each item's estimated useful life.

Revenue recognition
-------------------

Revenue is recognized on an accrual basis as earned under contract terms.

Income tax
----------

The Company  accounts for income taxes under  Statement of Financial  Accounting
Standards No. 109 ("SFAS 109").  Under SFAS 109 deferred taxes are provided on a
liability  method  whereby  deferred tax assets are  recognized  for  deductible
temporary   differences  and  operating  loss  carryforwards  and  deferred  tax
liabilities  are  recognized  for  taxable  temporary   differences.   Temporary
differences  are the  differences  between  the  reported  amounts of assets and
liabilities and their tax bases.  Deferred tax assets are reduced by a valuation
allowance  when, in the opinion of  management,  it is more likely than not that
some portion or all of the  deferred  tax assets will not be realized.  Deferred
tax assets and  liabilities  are adjusted for the effects of changes in tax laws
and rates on the date of enactment.

                                       F-7

                                       9
<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN ASALPHA SPACECOM, INC. )
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               September 30, 2006

NOTE 1. ORGANIZATION,  OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)

Net income (loss) per share
---------------------------

The net income (loss) per share is computed by dividing the net income (loss) by
the weighted  average number of shares of common  outstanding.  Warrants,  stock
options,  and  common  stock  issuable  upon  the  conversion  of the  Company's
preferred  stock (if any),  are not  included in the  computation  if the effect
would be  anti-dilutive  and would  increase the  earnings or decrease  loss per
share.

Financial Instruments
---------------------

The carrying value of the Company's  financial  instruments,  as reported in the
accompanying balance sheets, approximates fair value.

Long-Lived Assets
-----------------

In accordance  with Statement of Financial  Accounting  Standard 144 "Accounting
for the  Impairment or Disposal of  Long-Lived  Assets",  the Company  regularly
reviews the carrying  value of intangible  and other  long-lived  assets for the
existence of facts or  circumstances,  both internally and externally,  that may
suggest impairment. If impairment testing indicates a lack of recoverability, an
impairment  loss is  recognized  by the  Company  if the  carrying  amount  of a
long-lived asset exceeds its fair value.

Foreign Currency
----------------

The Company currently conducts limited operations,  and has chosen the US dollar
as its  designated  operating  currency.  If the  Company's  foreign  operations
increase,  it will in all  likelihood  designate the currency of each country in
which it operates as the functional  operating  currency for that area, at which
time foreign  assets and  liabilities  will  generally be  translated  into U.S.
dollars at current  exchange  rates,  and revenues and  expenses  translated  at
average exchange rates during the year. Resulting  translation  adjustments will
be reflected as a separate component of stockholders'  equity.  Foreign currency
transaction gains and losses will be included in consolidated operations.

NOTE 2. GOING CONCERN

The Company had suffered  recurring  losses from operations  since its inception
and  had a large  working  capital  deficit  as of  September  30,  2006.  These
conditions raised substantial doubt about the Company's ability to continue as a
going concern.  With the completion of the merger with EGIG on October 25, 2006,
the Company is considered to continue as a going concern.

                                       F-8

                                       10
<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN ASALPHA SPACECOM, INC. )
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               September 30, 2006

NOTE 3. ADVANCES FROM THE FORMER DIRECTOR AND OFFICER

The Company has  financed  its general  and  administrative  expenses  primarily
through  advances from officers and  shareholders.  During the nine months ended
September 30, 2006, the Company was advanced  approximately  $162,999 by related
parties for general  and  administrative  expenses.  At  September  30, 2006 the
Company had $1,713,711 in Directors and shareholder  advances  outstanding which
were unsecured, non-interest bearing as audited by the auditor of Alpha Spacecom
Inc.  before the merger.  Our new  management  after the merger is verifying the
related  party  advances  outstanding.  As of the date of this  report we are in
negotiations  with this former  officer and director for the  repayment of these
obligations, but no definitive agreement has been reached.


NOTE 4. LEGAL PROCEEDINGS

In November,  2004,  a lawsuit was filed in the District  Court for the City and
County of Denver,  Colorado by certain former Officers and Directors claiming to
represent  the Company  and by Tridon  Trust (an entity  controlled  by a former
Director) as  Plaintiffs  (collectively  referred to as "Former  Directors"  and
"Tridon").  The suit sought to have the Court confirm the alleged resignation of
Mr. Xuedong Hu, Chief Executive Officer and current Director, and Mr. Jian Wang,
current  Director,  each  of who  asserted  that  they  had not  resigned  their
respective  positions  with the  Company.  The action also sought to rescind the
2001 Share Exchange Agreement with Alpha Sky Investment Limited.

("Alpha Sky") through which Mr. Hu received his beneficial ownership interest in
the Company. In January, 2005, a motion to dismiss was filed on behalf of Mr. Hu
and Mr. Wang, which denied the allegations contained in the compliant.

A hearing was held on various motions filed in this matter on March 18, 2005. On
March 30, 2005, a Colorado  District Court Judge signed an Order ruling that Mr.
Hu retained his beneficial  ownership in the Company's common stock and that the
attempt  by the  Former  Directors  to  remove  Mr. Hu and Mr.  Wang from  their
positions as  Directors  did not comply with  Colorado  law. The Judge also held
that a Board  meeting held on October 1, 2004 and continued to October 15, 2004,
lacked a quorum and could not  effectively  terminate  Mr. Hu's  position as the
Company's  CEO.  Finally,  the Court ruled as valid a demand  tendered by Mr. Hu
that the Company hold a special shareholders meeting to consider the election of
Directors and other matters pursuant to the laws of the State of Colorado.  This
meeting was held June 13, 2005.

On March 25, 2005,  Tridon  filed a voluntary  notice of dismissal of its claims
with the Colorado Court. Subsequent to the Court's March 30, 2005 written Order,
Tridon  filed a motion  asking the Court to vacate its Order and declare that it
lacked  jurisdiction  as a result of the notice of  dismissal.  In the  filings,
Tridon  claimed  that the  voluntary  notice of  dismissal  removes  the Court's
authority  to sign the  written  order,  and that the oral  ruling was not valid
until  reduced to writing  and  signed.  Mr. Hu, Mr.  Wang,  and Alpha Sky filed
responses to the Tridon  filings,  arguing  that the Order  entered by the Court
remains valid. On May 11, 2005, the Court issued a second Order stating that its
original order was entered March 18, 2005,  prior to the dismissal,  and that it
retained jurisdiction to sign and enforce its written Order.

                                       F-9

                                       11
<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN ASALPHA SPACECOM, INC. )
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               September 30, 2006

NOTE 4. LEGAL PROCEEDINGS (Continued)

Tridon  filed a notice of appeal  with the  Colorado  Court of Appeals  June 15,
2005;  Case No. 05 CA 1244.  Tridon also filed a Petition for Rule To Show Cause
with the Colorado Supreme Court on June 15, 2005; Case No. 05SA180.  On June 22,
2005, the Colorado Supreme Court denied the Petition.  The Court of Appeals case
remains pending, and is in its early stages.

While that appeal is pending,  the Colorado District Court's Orders of March 18,
2005  and May 11,  2005 are in  effect.  Those  Orders  provide  that the  Board
meetings removing Mr. Hu and Mr. Wang were not valid, and as a result Mr. Hu was
not properly or lawfully  removed as the Company's CEO or a member of the Board.
Similarly,  Mr.  Wang was not  properly or  lawfully  removed  from the Board of
Directors. In reliance upon this Court Order, Messrs. Hu and Wang have continued
to serve as Officers and Directors.

On May 3, 2005, Tridon Trust as plaintiff,  filed a suit in the Federal District
Court  located  in  Los  Angeles,  California,  naming  Xuedong  Hu,  Alpha  Sky
Investment  Limited,  and Alpha Spacecom  Company Limited as defendants.  Tridon
Trust is a shareholder of the Company,  and Alpha Spacecom  Company Limited is a
subsidiary of the Company as a result of the prior Share  Exchange  Agreement of
December  10,  2001.  The suit  seeks  damages  based  upon  alleged  fraud  and
misrepresentations  leading up to the Share Exchange Agreement closing. The suit
also seeks to rescind the Share Exchange Agreement.

On the date  filed,  Tridon  Trust  also  asked  the  Court  to enter  temporary
injunctive   relief   requiring   that  Xuedong  Hu  provide   certain   alleged
representatives of Alpha Spacecom,  Inc. with the current SEC codes necessary to
file documents through the Edgar system. The Judge denied Tridon Trust's request
on May 3, 2005.

Mr. Hu and Alpha Sky  Investment  Limited  filed a motion to dismiss  all of the
claims  in  this  case.  Prior  to  the  date  set  for  hearing,  the  attorney
representing  Tridon Trust filed a First Amended Complaint,  changing the claims
and the parties. Alpha Sky Investment Limited and Alpha Spacecom Company Limited
are no longer  defendants,  Alpha Spacecom,  Inc. has been added as a plaintiff,
and the  Securities and Exchange  Commission has been added as a defendant.  The
Company under the current Board of Directors did not authorize this action.

The First  Amended  Complaint  filed in the case seeks to have the Court declare
that the actions  taken at the June 13, 2005  special  shareholder  meeting were
invalid based upon alleged violations of Federal securities laws relating to the
information required for a valid proxy statement.  The allegations also question
the ownership interest in a large block of Series B Preferred Convertible Stock,
9,777,775 shares in total.

                                      F-10

                                       12
<PAGE>

       BEICANG IRON & STEEL, INC. (FORMERLY KNOWN AS ALPHA SPACECOM, INC.)
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

                               September 30, 2006


The outcomes of this suit and of the case pending  before the Colorado  Court of
Appeals are undecided at the current  time. A ruling by either Court  rescinding
the results of the June 13, 2005 shareholders'  meeting or recognizing  previous
removal of the current Board could restore  control of the Company to the Former
Directors.  The Former  Directors  could  recognize  obligations,  contracts and
expense amounts for 2004 - 2006 not recognized by the current Board.  Therefore,
a Court  ordered  change  in  Board  control  of the  Company  could  result  in
substantial and material changes to the 2004 - 2006 financial  statements.  Such
possible changes are currently indeterminable and inestimable.

NOTE 5. SUBSEQUENT EVENTS

On April 8,  2006,  the  Company  executed  a merger  agreement  with East Glory
Investments  Group Limited  ("EGIG"),  a corporation  incorporated in the Cayman
Islands with business operations based in China. Pursuant to the agreement,  the
Company will issue stock to EGIG  sufficient  to transfer  90%  ownership in the
Company,  in exchange for all the outstanding  stock of the EGIG. The merger was
contingent upon shareholder approval and other factors.

On October 25, 2006, the Company successfully  consummated the merger with EGIG.
The Company  amended the  Articles of  Incorporation  to increase  the number of
authorized common shares to  1,000,000,000,  par value $0.001 per share and then
acquired  all of  EGIG's  issued  and  outstanding  shares  of  common  stock in
consideration  for  899,196,930  "restricted"  shares of our Common Stock.  As a
result,  there are now 999,066,260 shares of Common Stock issued and outstanding
and the former  stockholder of EGIG now  beneficially  owns 90% of the Company's
issued and outstanding  Common Stock. As part of the merger, the Company changed
its corporate name to "Beicang Iron & Steel Inc."

                                      F-11

                                       13
<PAGE>


ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

     The following  discussion  should be read in conjunction with the Financial
Statements and notes thereto included herein. In connection with, and because it
desires  to take  advantage  of, the "safe  harbor"  provisions  of the  Private
Securities  Litigation  Reform Act of 1995, we caution readers regarding certain
forward  looking  statements in the following  discussion  and elsewhere in this
report and in any other  statement made by, or on our behalf,  whether or not in
future  filings with the  Securities  and Exchange  Commission.  Forward-looking
statements are statements not based on historical  information  and which relate
to future  operations,  strategies,  financial  results  or other  developments.
Forward looking  statements are necessarily based upon estimates and assumptions
that are inherently  subject to significant  business,  economic and competitive
uncertainties and  contingencies,  many of which are beyond our control and many
of which,  with  respect to future  business  decisions,  are subject to change.
These  uncertainties and contingencies can affect actual results and could cause
actual results to differ materially from those expressed in any  forward-looking
statements  made by us, or on our behalf.  We disclaim any  obligation to update
forward-looking statements.

Overview

     Alpha Spacecom, Inc., formerly, Tridon Enterprises, Inc. ("we, "us," "our,"
or the "Company"),  was  incorporated in the State of Colorado in 1983 under the
name "Turco Computer Systems,  Inc." Prior to the acquisition described below we
were seeking strategic  partnerships  with companies in the satellite  business.
However,  due to the  difficulty  in raising  working  capital  to  execute  our
business plans, we have ceased these operations.

     On December 10, 2001, pursuant to a share exchange  agreement,  we acquired
(the  "Acquisition") from Alpha Sky Investment Limited ("ASI") all of the equity
interests  in both  Accuhigh  Investments  Limited,  a  British  Virgin  Islands
company,  and Tidy Sum Investments Limited, a British Virgin Islands company, in
exchange for  10,000,000  shares of our Series B  convertible  preferred  stock,
which shares of convertible  preferred stock were  convertible  into 900,000,000
shares of our Common Stock. Also on December 10, 2001, Xuedong Hu, Fung Sien and
Wai Man Yu were  appointed  as members of our Board of  Directors.  Brian  Brick
resigned  from the  position of Chief  Executive  Officer.  The  directors  then
elected Xuedong Hu as the Chairman of the Board and Chief Executive  Officer and
appointed Mr. Brian Brick as the Chief Operating  Officer and as a member of the
Board of Directors.  Mr. Brick  resigned his positions with us in February 2005.
On April 1, 2003, Wai Man Yu resigned from the Board and Jian Wang was appointed
in his stead, effective May 26, 2003.

Control of Company

     Shareholders and potential  investors should be advised that, since October
2004, there has been an ongoing dispute concerning control of our Company.  This
dispute has resulted in two separate lawsuits being filed. See "PART I, Item 3,"
below for a  detailed  description  of these  actions  and the  results  arising
therefrom.

     In addition to the efforts of Mr. Hou Beicang, our current CEO, this report
and the  contents  thereof has been  prepared by Mr. Hu, in his  capacity as our
former CEO, President, CFO and principal shareholder, as well as the Chairman of
our Board of Directors  and by Mr. Wang,  our former  director.  In

                                       14
<PAGE>

drafting  and  filing  this  Report,  Mr. Hou  relied  upon the  representation,
warranties and judgment of Mr. Hu and Wang as former directors and management of
our  company.  Mr. Hu and Wang have relied upon an Order  issued by the Colorado
District  Court,  wherein  the then  current  positions  with our  Company  were
confirmed in March 2005. In that Order, the Court confirmed that a Board meeting
held in October 2004 lacked a quorum,  and Messrs.  Hu and Wang were not removed
from their  respective  Board seats or officer  positions  at that  meeting.  In
deciding  this  issue,   the  Court   reviewed  our  bylaws,   our  articles  of
incorporation,  and  applicable  Colorado  law,  and  determined  that the Board
consisted of four members in October 2004,  and that the two members  present at
such  meeting  did not  constitute  a quorum.  Others  continue  to dispute  the
validity of the Court's Order and have made  allegations  about the ownership of
the  majority of the Series B Preferred  Convertible  shares of our stock.  (See
"Part II, Item 1, Legal Proceedings," below).

Results of Operations

Comparison of Results of Operations for the nine-month  periods ended  September
30, 2006 and 2005

     We generated no revenues during the three month periods ended September 30,
2006 and 2005 and it is not  anticipated  that we will be able to  generate  any
revenues in the foreseeable  future unless we engage in a business  combination,
as described herein. We had no costs of sales.

     General and  administrative  expenses were $124,801  during our  nine-month
period ended  September  30, 2006,  compared to $122,700  during the  nine-month
period ended  September 30, 2005, an increase of $2,101.  The expenses  incurred
during the nine month period ended  September  30, 2006,  arose  primarily  from
professional  fees  relating  to costs  associated  with our  being a  reporting
company under the  Securities  Exchange Act of 1934,  as amended,  including our
merger with East Glory  Investments  Group Ltd.  ("EGIG")  more fully  described
below. In addition,  we incurred legal fees relating to the litigation described
under "PART II, Item 1," below.

     As a result,  we  incurred  a net loss of  $124,801  during  the nine month
period ended  September  30, 2006 (less than $0.01 per share) as compared to our
net loss of $122,700 (less than $0.01 per share) during the comparable period in
2005.  Because we did not generate revenues during the nine-month  periods ended
September 30, 2006 and 2005, the following is our Plan of Operation.

Plan of Operation

     We intend to seek to acquire assets or shares of an entity actively engaged
in business that generates revenues, in exchange for its securities.  We have no
particular  acquisitions  in mind  but as of the  date of this  Report,  we have
entered into various  discussions  regarding  such a business  combination,  but
there is no  definitive  agreement  with any third  party as of the date of this
Report.

     At September 30, 2006 we had no full time paid employees.  Our former Chief
Executive  Officer/President,  Chief Operating  Officer and our former Secretary
each  allocated  a portion of their  time to our  business  activities,  without
compensation.

                                       15
<PAGE>

General Business Plan

     Our  purpose  has  been to seek,  investigate  and,  if such  investigation
warrants,  acquire an  interest  in business  opportunities  presented  to us by
persons  or firms who or which  desire to seek the  perceived  advantages  of an
Exchange Act registered,  trading corporation.  Relevant thereto, in April 2006,
we entered into a Merger Agreement (the "Agreement") with East Glory Investments
Group  Limited,  a Cayman  Islands  corporation  ("EGIG") that has its principal
place of business  located at 8/F,  Beicang  Building,  No.76  Jianshebei  Road,
Taiyuan City, Shanxi Province,  People's Republic of China. The Agreement became
effective  October 24, 2006. As a result,  we issued an aggregate of 899,196,930
shares of our Common Stock  (representing  90% of all shares  outstanding  after
this merger) in exchange  for all of the issued and  outstanding  securities  of
EGIG.

     As a result of the  effectiveness  of the  Agreement,  our  management  has
changed.  Mr. Hou Beicang,  is now our sole director of our company. He has also
assumed the positions of our Chief Executive Officer, President, Chief Financial
Officer,  Secretary  and  Treasurer.  Our  previous  management  resigned on the
effectiveness of the Agreement.

     EGIG was incorporated under the laws of the Cayman Islands on July 26, 2005
and held all of the  issued  and  outstanding  share  capital  of  Trinity  Link
Holdings Ltd.  ("Trinity  Link"),  which was incorporated  under the laws of the
British Virgin  Islands on August 18, 2005,  until the Merger  Agreement  became
effective.  We now hold all of the  issued  and  outstanding  share  capital  of
Trinity Link. Trinity Link holds all of the issued and outstanding share capital
of Shanxi  Bestlink  Management  Consulting  Co.  Ltd.  ("Bestlink"),  which was
incorporated  under the laws of the  People's  Republic of China on December 30,
2005.  Neither  Trinity  Link  or  Bestlink  have  carried  on  any  substantive
operations of their own, except that Bestlink has entered into certain exclusive
agreements  with Pinglu County  Changhong  Ferroalloy  Co. Ltd.  ("PL"),  Fanshi
County Xinyu Iron Resources Co. Ltd. ("FS") and other relevant parties.

     Located in Pinglu County and Fanshi County respectively in the southern and
northern part of Shanxi  Province of China,  PL and FS engage in the refinery of
iron ores. PL produces  ferrochromium alloy, whereas FS produces pelletized iron
that is used in steel manufacturing.  Customers of PL and FS include major steel
manufacturers in China.

     The  majority  of the  paid-in  capital of both PL and FS was funded by the
shareholders  of EGIG.  On  January  5,  2006,  Bestlink  entered  into  certain
exclusive agreements with both PL and FS and their shareholders.  PL and FS hold
the licenses and approvals necessary to operate the iron ore refinery businesses
in China.  Pursuant to these agreements,  Bestlink provides exclusive management
consulting and other general business  operation services to PL and FS in return
of a  services  fee  which is equal to 95% of PL and  FS's  revenue  less  their
operational cost and fees. In addition,  PL and FS's  shareholders  have pledged
their equity interests in PL and FS to Bestlink, irrevocably granted Bestlink an
exclusive option to purchase, to the extent permitted under PRC law, all or part
of the controlling  equity  interests in PL and FS and agreed to entrust all the
rights to exercise  their voting power to the  person(s)  appointed by Bestlink.
Through these contractual arrangements,  EGIG, through Bestlink, has the ability
to substantially  influence PL and FS's daily operations and financial  affairs,
appoint its senior  executives  and approve  all matters  requiring  shareholder
approval.

     As a result  of  these  contractual  arrangements,  which  obligates  EGIG,
through  Bestlink,  to  absorb a  majority  of the risk of loss from PL and FS's
activities  and enable  EGIG,  through  Bestlink,  to receive a

                                       16
<PAGE>

majority of its expected  residual  returns,  EGIG accounts for PL and FS as its
variable  interest  entities  ("VIE")  under FASB  Interpretation  No. 46R ("FIN
46R"),  "Consolidation of Variable Interest  Entities,  an Interpretation of ARB
No.  51",   because  the  equity  investors  in  PL  and  FS  do  not  have  the
characteristics  of  a  controlling   financial  interest  and  EGIG  should  be
considered the primary beneficiary of PL and FS.  Accordingly,  in the future we
will consolidate PL and FS's results of operations, assets and liabilities.

     PL is based in Pinlu County in the southern  part of Shanxi  Province.  Its
main product is ferrochromium alloy (used in the production of stainless steel).
The major production facilities of PL include two owned 6,300 KVA ore hot stoves
and one leased 12,500 KVA ore hot stove.  Annual production  capacity amounts to
40,000 tons of  ferrochromium,  while annual  revenue  amounts to RMB250 million
(US$29 million, unaudited).

     Major raw materials used by PL include chromium,  silica, coke powder, iron
oxide,  etc.  The major  supplies  come  from  chromium  mines in Tibet,  India,
Pakistan,  Turkey and the Philippines.  PL maintains long-term relationship with
import  agents,  which  provides  for the  continuous  and steady  supply of raw
materials.

     FS's main product is acid pellets (used in blast furnace  iron-smelting for
the production of carbon steel).  Its production  facilities are based in Fanshi
County in the northern part of Shanxi Province. FS's plant occupies a total area
of 6.76 hectors (around 16.7 acres), consisting of one 10m(2) shaft furnace with
an annual capacity of 400,000 tons of acid pellets. It is expected that a second
shaft furnace shall be added in the near future.

     The raw  material  for the  production  of acid  pellets is fine ore.  FS's
largest supplier is Changchi Enterprise (Group) Ltd. (a related company owned by
Mr. Hou Beicang).  Changchi  Enterprise  leases from New Linfen Steel & Iron Co.
Ltd (a major state-owned steel manufacturer, hereinafter referred as "Linfen") a
5-year  mining right over 2 iron mines with an  aggregate  reserve of 20 million
tons of 25%-36% iron ores that has an average  annual  output of 2 million tons.
In addition, Changchi Enterprise also operates three ore dressing plants with an
aggregate annual output of 300,000 ton 64.5% fine ore.

     FS has also entered into a 5-year sales contract with Changchi  Enterprise,
which in turn sells to  Linfen.  Changchi  has  agreed to  purchase a minimum of
300,000 tons of acid pellets  produced by FS annually,  representing 75% or more
of FS's current  annual  capacity of 400,000 tons. FS also has sales  agreements
with other  large-scale  steel  manufacturers in China,  including Handan Iron &
Steel Group Co. Ltd. in Hebei  province,  Changzhi Iron & Steel (Group) Co. Ltd.
in Shanxi, Qingdao Iron & Steel Plant and Tianjin Steel Plant.

     As of the date of this  report,  we have 375  employees.  Bestlink  employs
thirteen  persons,  including  Wang Junsheng as Director of Bestlink and General
Manager of FS, Ren Yaoting as Director  of Bestlink  and General  Manager of PL,
and Mr. Hou Beicang as President of Bestlink.

     PL has 158  employees,  150 of which are workers  and 8  managers.  Mr. Ren
Yaoting is employed by  Bestlink  and devotes his time to the  business of PL in
accordance with the Operation and Service  Agreement  between the two companies.
FS has 204 employees, including 197 workers and 7 managers. Mr. Wang Junsheng is
employed by Bestlink  and devotes his time to the  business of FS in  accordance
with the Operation and Service Agreement  between the two companies.  Management
believes that its relationship with its employees is satisfactory.

                                       17
<PAGE>

Liquidity and Capital Resources

     At September 30, 2006, we had no available cash.

     We have financed our general and administrative  expenses primarily through
advances  from  officers  and  shareholders.  At  September  30,  2006,  we  had
$1,713,711  in  related  party  advances   outstanding   that  were   unsecured,
non-interest  bearing,  as audited by the auditor of Alpha Spacecom Inc.  before
the merger.  Our new management  after the merger is verifying the related party
advances outstanding.  As of the date of this report we are in negotiations with
this former officer and director for the repayment of these obligations,  but no
definitive agreement has been reached.

     As a  result  of  the  effectiveness  of  the  Merger  Agreement,  we  have
sufficient capital with which to conduct our operations over the next 12 months.

Critical Accounting Policies and Estimates

     We have  identified  critical  accounting  policies  that,  as a result  of
judgments,   uncertainties,   uniqueness  and  complexities  of  the  underlying
accounting standards and operations involved could result in material changes to
our financial  position or results of operations  under different  conditions or
using different assumptions. The most critical accounting policies and estimates
are:

     >    The preparation of financial  statements in conformity with accounting
          principles generally accepted in the United States of America requires
          management to make estimates and assumptions  that affect the reported
          amounts of assets and liabilities and disclosure of contingent  assets
          and  liabilities  at the  date  of the  financial  statements  and the
          reported amounts of revenue and expenses during the reporting  period.
          Actual results could differ from those estimates.

     >    Fair  value of  instruments.  Our  financial  instruments  consist  of
          accounts  receivable,  accounts  payable and long term debt.  The fair
          value of financial instruments approximate their recorded values. Fair
          value of loans payable to  stockholders  and balances of bank lines of
          credit, in the circumstances, are not reasonably determinable.

     Details  regarding our use of these policies and the related  estimates are
described in the accompanying  consolidated financial statements as of September
30, 2006 and 2005.  During the nine month period ended September 30, 2006, there
have been no material changes to our critical  accounting policies that impacted
our consolidated financial condition or results of operations.

                                       18

<PAGE>

Inflation

     Although  management  expects that our operations are influenced by general
economic  conditions,  we do not believe that inflation had a material effect on
the results of operations during the nine month period ended September 30, 2006.

ITEM 3. CONTROLS AND PROCEDURES

     Within 90 days prior to the date of filing of this quarterly report on Form
10-QSB,   we  carried  out  an  evaluation,   under  supervision  and  with  the
participation of both our current and former management, including our new Chief
Executive  Officer/President/Chief Financial Officer (the "Certifying Officer"),
of the effectiveness of the design and operation of our disclosure  controls and
procedures pursuant to Exchange Act Rule 13a-14. Based upon that evaluation, our
Certifying  Officer  concluded that our  disclosure  controls and procedures are
effective in timely alerting him to material information relating to us required
to be included  in our  periodic  SEC  filings.  Subsequent  to the date of that
evaluation,  there have been no changes in internal controls or in other factors
that could  significantly  affect  internal  controls,  nor were any  corrective
actions   required  with  regard  to  significant   deficiencies   and  material
weaknesses.


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

     We are involved in two legal proceedings related to the December 2001 Share
Exchange Agreement between Tridon Enterprises (currently Alpha Spacecom,  Inc.),
Alpha Sky Investment Limited, and Tridon Trust. All references to "Tridon" below
refer to both Tridon entities,  the Company (now Alpha Spacecom,  Inc.  formerly
Tridon Enterprises) and Tridon Trust, one of our shareholders.

     Each of the below  described  matters  also  involve (1) a dispute over the
identity and  authority of our current  management,  (2) the validity of actions
taken at a special meeting of  shareholders  held June 13, 2005, and (3) certain
allegations  related  to the  ownership  of  9,555,553  shares  of our  Series B
Preferred  Convertible  Stock.  The actions  were  brought by Mr. Sien and other
individuals,  not by Messrs.  Hu and Wang.  Current  shareholders  and potential
purchasers of our securities are strongly  cautioned that the matters  described
below have not been  litigated to  completion  and  investors  should review the
details of these matters from independent sources prior to making any investment
decisions.

Alpha  Spacecom,  Inc. and Tridon Trust v. Xuedong Hu, Jian Wang,  and Alpha Sky
Investment  LTD.,  Case Number 04 CV 9819,  District  Court,  City and County of
Denver, Colorado

     On or about  November  29,  2004,  Tridon  filed a lawsuit in the  Colorado
District Court located in Denver, Colorado. Our current management believes that
this suit was not properly  authorized,  as this action was taken by only two of
our then four  directors.  The complaint filed in that case contained four basic
claims:  (1) to have the judge  declare that  Xuedong Hu and Jian Wang  resigned
their positions as directors by their conduct effective October 15, 2004; (2) to
have the judge declare that the remaining

                                       19
<PAGE>

directors lawfully removed Xuedong Hu as our Chief Executive Officer,  effective
October 15,  2004;  (3) to have the judge order the removal of Hu and Wang under
the guidelines of Colorado law for alleged dishonest and fraudulent conduct; and
(4) asking the judge to rescind the December 2001 Share Exchange Agreement.

     After the suit was filed,  Xuedong Hu, pursuant to the laws of the State of
Colorado, issued a written request that we hold a special shareholder meeting to
address several issues.  On or about January 19, 2005, two of our four directors
sent Mr. Hu a letter declining to hold the requested meeting,  stating that they
did not  consider  him to be a  shareholder  of our  Company  by  virtue  of the
Colorado lawsuit filing seeking rescission.

     On or about January 13, 2005, all three defendants (Hu, Wang and Alpha Sky)
filed a motion to dismiss all four claims. On or about January 26, 2005, Xuedong
Hu filed a motion with the Colorado  District Court under Colorado law to compel
us to hold the requested special shareholder meeting.  Tridon filed responses to
the motions filed by Hu, Wang, and Alpha Sky. The Colorado  District Court Judge
held a hearing  on the  motions  on March 18,  2005.  At the  conclusion  of the
hearing,  the Judge entered an Order and findings  orally and in a minute order.
The  substance  of that Order was later  reduced to writing,  and a copy of that
Order was attached to our Form 8-K filed with the SEC on or about April 7, 2005.
In part, that Order dismissed the first two claims asserted by Tridon,  required
us to hold the requested special shareholder  meeting, and found that Xuedong Hu
is  entitled  to vote at the special  shareholder  meeting  since he remains the
beneficial  owner  of  more  than  82% of  our  outstanding  securities.  At the
conclusion of the hearing,  the Judge also  requested  that the attorney for Mr.
Hu, Mr. Wang, and Alpha Sky prepare a written form of Order and submit it to the
Court. The written Order was ultimately signed by the Judge on March 30, 2005.

     On March 25,  2005,  Tridon  filed a voluntary  notice of  dismissal of its
claims with the Colorado  District  Court.  Subsequent  to the Court's March 30,
2005 written  Order,  Tridon filed a motion asking the Court to vacate its Order
and declare that it lacked  jurisdiction as a result of the notice of dismissal.
In the filings,  Tridon claimed that the voluntary  notice of dismissal  removes
the Court's  authority to sign the written  Order,  and that the oral ruling was
not valid until reduced to writing and signed.  Mr. Hu, Mr. Wang,  and Alpha Sky
filed  responses to the Tridon  filings,  arguing that the Order  entered by the
Court remains  valid.  On May 11, 2005,  the Court issued a second Order stating
that its original Order was entered March 18, 2005, prior to the dismissal,  and
that it retained jurisdiction to sign and enforce its written Order.

     Tridon filed a Notice of Appeal with the Colorado  Court of Appeals on June
15,  2005,  Case No. 05 CA 1244.  Tridon also filed a Petition  for Rule To Show
Cause with the Colorado  Supreme Court on June 15, 2005,  Case No.  05SA180.  On
June 22, 2005,  the Colorado  Supreme  Court denied the  Petition.  The Court of
Appeals has set th date of January 9, 2007 to hear oral arguments in this case.

Alpha Spacecom, Inc. and Tridon Trust, Appellants;  Xuedong Hu, Jian Wang, Alpha
Sky Investment  Company  Limited,  Appellees;  Case Number 05 CA 1244,  Colorado
Court of Appeals

     Tridon has filed its opening  brief with the Court,  arguing that the trial
court  lacked any  jurisdiction  to sign the written  order of March 30, 2005. A
response  brief has also been filed  recently on

                                       20
<PAGE>

behalf of the Appellees  asking the appellate  court to affirm the trial court's
order.  Tridon has also  recently  asked the Court to hear oral  argument on the
matter.

     Tridon did not request any stay of the existing orders, so while the appeal
is pending,  the Colorado  District Court's Orders of March 18, 2005 and May 11,
2005 remain in effect.  Those Orders provide that the Board meeting removing Mr.
Hu and Mr. Wang was not valid.  As a result Mr. Hu was not  properly or lawfully
removed  as our CEO or a  member  of the  Board.  Similarly,  Mr.  Wang  was not
properly or lawfully removed from our Board of Directors. In reliance upon these
Court Orders,  Messrs.  Hu and Wang have  continued to perform their  respective
duties  owed to us,  including  but not  limited to  executing  and filing  this
Report.

Tridon Trust v. Xuedong Hu, Alpha Sky Investment Limited, Alpha Spacecom Company
Limited, and Does 1-10, Case No. CV05 3295DT(RCx),  U.S. District Court, Central
District of California

     On May 3, 2005,  Tridon  Trust filed a suit in the Federal  District  Court
located  in Los  Angeles,  California.  Tridon  Trust  is a  shareholder  of our
Company,  and Alpha Spacecom Company Limited is a subsidiary of our Company as a
result of the prior Share Exchange Agreement of December 9, 2001. The suit seeks
damages based upon alleged fraud and misrepresentations  leading up to the Share
Exchange  Agreement  closing.  The suit also seeks to rescind the Share Exchange
Agreement.

     On the date filed,  Tridon  Trust also asked the Court to enter a temporary
order for  injunctive  relief  requiring  that  Xuedong Hu provide  Mr.  Sien or
another  representative  of Alpha  Spacecom,  Inc.  with the  current  SEC codes
necessary to file documents  through the EDGAR  electronic  filing  system.  The
Judge denied Tridon's request.

     Mr. Hu and Alpha Sky  Investment  Limited  filed a motion to dismiss all of
the  claims  in this  case.  Prior  to the date set for  hearing,  the  attorney
representing  Tridon Trust filed a First Amended Complaint,  changing the claims
and the parties. Alpha Sky Investment Limited and Alpha Spacecom Company Limited
are no longer  defendants,  Alpha Spacecom,  Inc. has been added as a plaintiff,
and the Securities and Exchange Commission has been added as a defendant. We did
not authorize  this action.  The caption for this case is now:  Alpha  Spacecom,
Inc. and Tridon Trust v. Xuedong Hu, the United States  Securities  and Exchange
Commission and Does 1-10,  United States District Court for the Central District
Of California, Case No. CV05 3295DT(RCx).

     Since the First Amended  Complaint was filed,  the Court heard Xuedong Hu's
motion to dismiss and denied  that  motion  based upon the nature of the federal
claims  asserted.  Subsequently,  Tridon  requested  the Court issue a temporary
injunction against the U.S.  Securities and Exchange  Commission  requiring that
they provide access codes to the Plaintiffs. That request was denied.

     The  First  Amended  Complaint  filed in the case  seeks to have the  Court
declare that the actions taken at the June 13, 2005 special  shareholder meeting
were invalid based upon alleged  violations of federal  securities laws relating
to the  information  required for a valid proxy  statement.  Tridon alleges that
under  Section  14a of the  Securities  and  Exchange  Act of 1934 the Notice of
Meeting & Proxy Statements  issued by us for our Special Meeting of Shareholders
held June 13, 2005 violated federal  regulations because they were allegedly not
sent to all  shareholders  of record  and failed to contain a copy of our annual
report. The allegations also question the ownership interest in a large block of
Series  B

                                       21
<PAGE>

Convertible  Preferred  Stock,  9,555,553  shares  in total.  These  allegations
suggest that certain stock powers were signed in favor of Paul A.  Ebeling,  but
do not ask the Court to address the  ownership  of the shares in  question.  Mr.
Ebeling is not a party to this lawsuit.

     On October 12, 2006, the U.S.  District  Court for the Central  District of
California  issued an order staying this matter  (except for discovery  matters)
until such time as the Colorado Court of Appeals reaches a decision.

     Shareholders and potential  investors are strongly cautioned not to rely on
the  lawsuit  allegations,  including  those  related  to the  ownership  of the
majority of the Series B Convertible  Preferred shares. The allegations have not
been fully litigated at this time and the stock ownership  allegations  directly
conflict with the Colorado District Court orders that are in place.

     Shareholders  and potential  investors  are also strongly  cautioned not to
rely on the Schedule  13D filed by Paul A. Ebeling or upon prior press  releases
issued  through PR Newswire or our web site which is not  controlled  by current
management. Mr. Ebeling claims to have acquired ownership of 9,555,553 shares of
Series B Preferred  Convertible  Stock  through  stock powers  effective May 31,
2005.  Prior to that time,  two press releases were issued on March 18, 2005 and
April 12, 2005, both without proper authorization from us. The first stated that
9.55  million  shares  of the  Series B  Convertible  Preferred  stock  had been
returned by an individual to us and cancelled. The April release stated that the
shares  in  question  had been  returned  to us on June 21,  2004.  We have also
recently  received a request to convert  additional Series B Preferred shares of
stock from a representative associated with the Plaintiffs.  These shares do not
appear to have been  lawfully  issued and we have  declined  to convert  them to
Common Stock and have asked the requesting parties to provide  information about
the issuance of these shares. Accordingly,  Shareholders and potential investors
are strongly  advised to review all public  information,  including the Colorado
Court orders  issued March 18, 2005 and May 11, 2005,  and all public  documents
filed with the  Securities  and  Exchange  Commission  or  available  from other
sources.

ITEM 2.  CHANGES IN SECURITIES

     During the nine month period ended September 30, 2006, we did not issue any
of our securities.

Subsequent Event

     Effective October 24, 2006, the Merger Agreement between us and EGIG became
effective. Relevant thereto, we issued an aggregate of 899,196,930 shares of our
common stock in exchange for all of the issued and outstanding stock of EGIG. We
relied  upon  the  exemptions  from   registration   provided  by  Regulation  S
promulgated  under the  Securities  Act of 1933, as amended,  and Section 4/2 of
said Act, to issue these shares.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES - NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - NONE

ITEM 5.  OTHER INFORMATION - NONE

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<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K -

     (a)    Exhibits

     31     Certification of Chief Executive Officer/Chief Financial Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

     32     Certification of Chief Executive Officer/Chief Financial Officer
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

     (b) Reports on Form 8-K

     We did not file any reports on Form 8-K during the three month period ended
September 30, 2006.

Subsequent Event

     On  November  2,  2006 we  filed a  report  on Form  8-K,  advising  of the
effectiveness of the Merger Agreement between us and EGIG, as well as the change
in control of our company that resulted therefrom.

                                       23

<PAGE>

                                   SIGNATURES


     Pursuant to the  requirements  of Section 12 of the Securities and Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                       BEICANG IRON & STEEL INC.
                                       (Registrant)
Dated: November 20, 2006


                                       By: s/Hou Beicang
                                           -------------------------------------
                                           Hou Beicang, Chief Executive Officer


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