Exhibit
        10.23

       

      Loan
        Agreement

      (English
        Translation)

      


      This
        Loan
        Agreement (the “Agreement”) is entered into as of December 20, 2007 between the
        following two parties:

      


      
        	
                Borrower:

              	
                Sutor
                  Steel Technology Co., Ltd. 

              
	
                Address:

              	
                No.8
                  Huaye Road, Dongbang Industrial Park,

              
	 	
                Changshu
                  City, Jiangsu Province, 

              
	 	
                People’s
                  Republic of China, 215534 

              


      

      


      
        	
                Lender:

              	
                Lifang
                  Chen 

              
	
                Address:

              	
                No.8
                  Huaye Road, Dongbang Industrial Park,

              
	 	
                Changshu
                  City, Jiangsu Province, 

              
	 	
                People’s
                  Republic of China, 215534 

              


      

      


      The
        Borrower and the Lender will each be referred to as a “Party” and collectively
        referred to as the “Parties.”

      


      WHEREAS,
        the Borrower wishes to borrow a loan from the Lender for working capital
        and the
        Lender agrees to provide such loan to the Borrower after reviewing the status
        and the request of the Borrower. 

      


      NOW
        THEREFORE, the Parties agree as follows:

      


      


      Article
        1 CURRENCY, AMOUNT AND TERM OF THE LOAN:

      


      1.1
        The
        currency for the loan shall be U.S Dollars.

      


      1.2
        The
        Lender agrees to provide a loan in the amount of
        7,100,000 U.S
        Dollars (the “Loan”) to the Borrower. 

      


      1.3
        The
        term of the Loan shall be
        24
months
        from the date of this Agreement. 

      


      1.4
        The
        loan shall be remitted to the bank account designated by the Borrower no
        later
        than December 20, 2007. 

      


      Article
        2 THE PURPOSE OF THIS LOAN 

      


      2.1 The
        Borrower agrees that the Loan shall only be used as working capital of the
        Borrower.

      


      2.2. Without
        the Lender’s prior written approval, the Borrower shall not use the Loan for any
        other purpose. 

      


      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Article
        3 THE INTEREST RATE AND CALCULATION OF INTEREST:

      


      3.1 Interest
        rate: The annual interest rate shall be 5
        %
        during
        the term of this Agreement. If the Chinese related authority adjusts the
        interest rate or the manner of calculation of interest, the interests of
        the
        Loan shall be adjusted accordingly after the date of such adjustment. The
        Lender
        is entitled to make such adjustment of interest without informing the Borrower.
        

      


      3.2 The
        interest shall be calculated on the actual days the Borrower uses the Loan,
        from
        the date the Borrower makes the first drawdown to the date the Loan is repaid.
        For purpose of this Agreement, one year shall be calculated as 360 days.
        

      


      Article
        4 REPAYMENT PLAN

      


      4.1
        The
        Borrower shall repay the loan, including principle and interests no later
        than
        the date on which the term of this Agreement expires. 

      


      4.2
        The
        Borrower shall repay to the Lender the entire amount of the Loan as
        follows:

      


      
        	 	
                Repayment
                  Due Date

              	
                Amount
                  of Principal:

              
	 	 	 
	 	
                December
                  20, 2009

              	
                USD7,100,000
                  or RMB equivalent amount 

              


      

      


      Article
        5 GOVERNING LAW AND DISPUTES RESOLUTION 

      


      5.1 The
        execution, effectiveness, construction, performance, amendment and termination
        of this Agreement and resolution of disputes shall be governed by the laws
        of
        the People’s Republic of China. 

      


      5.2 In
        the
        event of any dispute with respect to the construction and performance of
        this
        Agreement, the Parties shall first resolve the dispute through friendly
        consultations. In the event the Parties fail to reach an agreement through
        consultations, either Party may submit the relevant dispute to the court
        in the
        jurisdiction where the Lender domiciles. 

      


      Article
        6  MISCELLANEOUS

      


      6.1 This
        Agreement shall become effective on the date hereof, and shall expire upon
        the
        date of full performance by the Parties of their respective obligations under
        this Agreement.
        

      


      6.2 This
        Agreement shall be executed in 2 copies in English, each Party having one
        copy
        with equal legal validity. 

      


      6.3 The
        invalidity of any provision of this Agreement shall not affect the validity
        of
        any other provision of this Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      
        	 	
                Borrower:
                  Sutor Steel Technology Co., Ltd.

              
	 	
                By:
                  /s/ Yongfei Jiang

              
	 	
                Name:
                  Yongfei Jiang 

              
	 	
                Title:
                  Chief Financial Officer 

              
	 	 
	 	 
	 	
                Lender:
                  

              
	 	
                /s/
                  Lifang Chen

              
	 	
                Lifang
                  Chen