| Nevada                                                              | 13-3140715                                                        |
|---------------------------------------------------------------------|-------------------------------------------------------------------|
|  (State or other jurisdiction of incorporation ororganization) |  (I.R.S. Employer Identification No.)    |

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|                                                                                                | PAGE                                                                                                                         |
|-----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|
| PART I. FINANCIAL INFORMATION                                                                       |                                                                                                                         |
|                                                                                                |                                                                                                                         |   |
| Item 1. Financial Statements                                                                        | 3                                                                                                                            |
|                                                                                                |                                                                                                                         |   |
|                                                                                                | Fushi Copperweld, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets                                      | 3 |
|                                                                                                |                                                                                                                         |   |
|                                                                                                | Fushi Copperweld, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Income and Other Comprehensive Income | 4 |
|                                                                                                |                                                                                                                         |   |
|                                                                                                | Fushi Copperweld, Inc. and Subsidiaries Unaudited Condensed Statements of Cash Flows                                         | 5 |
|                                                                                                |                                                                                                                         |   |
|                                                                                                | Notes to the Unaudited Condensed Financial Statements                                                                        | 6 |
|                                                                                                |                                                                                                                         |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 12                                                                                                                           |
|                                                                                                |                                                                                                                         |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                  | 20                                                                                                                           |
|                                                                                                |                                                                                                                         |
| Item 4. Controls and Procedures                                                                     | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |   |
| PART II. OTHER INFORMATION                                                                          |                                                                                                                         |
|                                                                                                |                                                                                                                         |   |
| Item 1. Legal Proceedings                                                                           | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |   |
| Item 1A. Risk Factors                                                                               | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                 | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |   |
| Item 3. Defaults Upon Senior Securities                                                             | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |
| Item 4. Other Information                                                                           | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |   |
| Item 5. Exhibits                                                                                    | 21                                                                                                                           |
|                                                                                                |                                                                                                                         |   |
| Signatures                                                                                          | 22                                                                                                                           |

----

|                                                                                                                                                                            |   | March 31, |         |   | December 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------------|--------|-------------------|--------|
|                                                                                                                                                                            |   | 2011           |         |   | 2010              |   |
|                                                                                                                                                                            |   |           | USD          |   |              |   | USD |   |
| ASSETS                                                                                                                                                                          |   |           |         |   |              |   |   |   |
| Current assets:                                                                                                                                                                 |   |           |    |   |              |   |    |   |
| Cash                                                                                                                                                                            |   |           | 134,438,395  |   |              |   | 123,000,338 |   |
| Accounts receivable, net of allowance for doubtful accounts                                                                                                                     |   |           | 63,238,073   |   |              |   | 65,765,722 |   |
| Inventories                                                                                                                                                                     |   |           | 18,624,451   |   |              |   | 16,143,922 |   |
| Advances to suppliers                                                                                                                                                           |   |           | 13,279,119   |   |              |   | 15,022,976 |   |
| Prepaid expenses and other current assets                                                                                                                                       |   |           | 909,681      |   |              |   | 743,206 |   |
| Total current assets                                                                                                                                                            |   |           | 230,489,719  |   |              |   | 220,676,164 |   |
|                                                                                                                                                                            |   |           |         |   |              |   |   |   |
| Property, plant and equipment, net                                                                                                                                              |   |           | 121,766,952  |   |              |   | 124,177,512 |   |
| Intangible assets                                                                                                                                                               |   |           | 510,318      |   |              |   | 577,587 |   |
| Land use rights                                                                                                                                                                 |   |           | 13,095,516   |   |              |   | 13,089,733 |   |
| Deposits for land use rights                                                                                                                                                    |   |           | 9,698,760    |   |              |   | 9,623,181 |   |
| Goodwill                                                                                                                                                                        |   |           | 1,741,697    |   |              |   | 1,669,789 |   |
| Other non-current assets                                                                                                                                                        |   |           | 584,053      |   |              |   | 443,397 |   |
| Total assets                                                                                                                                                                    |   |           | 377,887,015  |   |              |   | 370,257,363 |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                      |   |           |         |   |              |   |   |   |
| Current liabilities:                                                                                                                                                            |   |           |    |   |              |   |   |   |
| Current portion of long-term bank loan                                                                                                                                          |   |           | 650,000      |   |              |   | 650,000 |   |
| Accounts payable                                                                                                                                                                |   |           | 5,039,350    |   |              |   | 3,241,428 |   |
| Accrued expenses and other current liabilities                                                                                                                                  |   |           | 11,215,401   |   |              |   | 15,542,111 |   |
| Total current liabilities                                                                                                                                                       |   |           | 16,904,751   |   |              |   | 19,433,539 |   |
| Long-term bank loan                                                                                                                                                             |   |           | 5,525,000    |   |              |   | 5,687,500 |   |
| Deferred income tax liabilities                                                                                                                                                 |   |           | 671,091      |   |              |   | 669,540 |   |
| Other non-current liabilities                                                                                                                                                   |   |           | 41,190       |   |              |   | 65,057 |   |
| Total liabilities                                                                                                                                                               |   |           | 23,142,032   |   |              |   | 25,855,636 |   |
|                                                                                                                                                                            |   |           |         |   |              |   |   |   |
| Shareholders’ equity:                                                                                                                                                     |   |           |         |   |              |   |    |   |
| Common stock, $0.006 par value, 100,000,000 shares authorized; 38,203,638 and 38,099,138 shares issued and outstanding as of March 31, 2011 and December 31, 2010, respectively |   |           | 229,223      |   |              |   | 228,596 |   |
| Additional paid-in capital                                                                                                                                                      |   |           | 168,457,599  |   |              |   | 167,596,792 |   |
| Retained earnings                                                                                                                                                               |   |           | 147,289,125  |   |              |   | 140,462,840 |   |
| Accumulated other comprehensive income                                                                                                                                          |   |           | 38,769,036   |   |              |   | 36,113,499 |   |
| Total shareholders’ equity                                                                                                                                                |   |           | 354,744,983  |   |              |   | 344,401,727 |   |
| Commitments and contingencies                                                                                                                                                   |   |           |         |   |              |   |   |   |
| Total liabilities and shareholders’ equity                                                                                                                                |   |           | 377,887,015  |   |              |   | 370,257,363 |   |

----

|                                                             |   | Three-Month Period Ended March 31, |       |
|------------------------------------------------------------------|--------|--------------------------------------------------------|------------|
|                                                             |   | 2011                                                   |       |   | 2010 |   |
|                                                             |   | USD                                                    |       |   | USD |   |
|                                                             |   |                                                   |       |   |   |   |
| Revenues                                                         |   |                                                   | 65,925,866 |   |   |   | 59,549,842 |   |
| Cost of revenues                                                 |   |                                                   | 48,777,114 |   |   |   | 41,728,576 |   |
| Gross profit                                                     |   |                                                   | 17,148,752 |   |   |   | 17,821,266 |   |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Operating expense:                                               |   |                                                   |       |   |   |   |   |   |
| Selling expenses                                                 |   |                                                   | 1,149,524  |   |   |   | 1,251,962 |   |
| General and administrative expenses                              |   |                                                   | 5,515,123  |   |   |   | 3,722,550 |   |
| Total operating expenses                                         |   |                                                   | 6,664,647  |   |   |   | 4,974,512 |   |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Income from operations                                           |   |                                                   | 10,484,105 |   |   |   | 12,846,754 |   |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Other income (expense):                                          |   |                                                   |       |   |   |   |   |   |
| Interest income                                                  |   |                                                   | 228,854    |   |   |   | 192,790 |   |
| Interest expense                                                 |   |                                                   | (98,094    | ) |   |   | (508,482 | ) |
| Gain on cross-currency interest swap derivative                  |   |                                                   | -          |   |   |   | 128,861 |   |
| Loss on extinguishment of HY Notes                               |   |                                                   | -          |   |   |   | (2,395,778 | ) |
| Other expense, net                                               |   |                                                   | (354,892   | ) |   |   | (141,072 | ) |
| Total other expense                                              |   |                                                   | (224,132   | ) |   |   | (2,723,681 | ) |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Income before income taxes                                       |   |                                                   | 10,259,973 |   |   |   | 10,123,073 |   |
| Income tax expense                                               |   |                                                   | (3,433,688 | ) |   |   | (1,050,534 | ) |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Net income                                                       |   |                                                   | 6,826,285  |   |   |   | 9,072,539 |   |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Other comprehensive income:                                      |   |                                                   |       |   |   |   |   |   |
| Foreign currency translation adjustment, net of nil income taxes |   |                                                   | 2,655,537  |   |   |   | (124,739 | ) |
| Comprehensive income                                             |   |                                                   | 9,481,822  |   |   |   | 8,947,800 |   |
|                                                             |   |                                                   |       |   |   |   |   |   |
| Earnings per share:                                              |   |                                                   |       |   |   |   |   |   |
| Basic                                                            |   |                                                   | 0.18       |   |   |   | 0.26 |   |
| Diluted                                                          |   |                                                   | 0.18       |   |   |   | 0.26 |   |
|                                                             |   |                                                   |       |   |   |   |   |   |

----

|                                                               |   | Three-Month Period Ended March 31, |        |
|--------------------------------------------------------------------|--------|--------------------------------------------------------|-------------|
|                                                               |   | 2011                                                   |        |   | 2010 |   |
|                                                               |   | USD                                                    |        |   | USD |   |
| Cash flows from operating activities:                              |   |                                                   |        |   |   |   |
| Net cash provided by operating activities                          |   |                                                   | 15,013,956  |   |   |   | 6,680,019 |   |
|                                                               |   |                                                   |        |   |   |   |   |   |
| Cash flows from investing activities:                              |   |                                                   |        |   |   |   |   |   |
| Payment for acquisition of Jinchuan                                |   |                                                   | -           |   |   |   | (5,075,000 | ) |
| Purchases of property, plant and equipment                         |   |                                                   | (282,486    | ) |   |   | (1,262,493 | ) |
| Cash acquired from acquisition of Jinchuan                         |   |                                                   | -           |   |   |   | 859,243 |   |
| Net cash used in investing activities                              |   |                                                   | (282,486    | ) |   |   | (5,478,250 | ) |
|                                                               |   |                                                   |        |   |   |   |   |   |
| Cash flows from financing activities:                              |   |                                                   |        |   |   |   |   |   |
| Payment for acquisition of  Jinchuan                          |   |                                                   | (4,819,107  | ) |   |   | - |   |
| Repayment on revolving line of credit                              |   |                                                   | -           |   |   |   | (4,033,783 | ) |
| Repayment on bank loan                                             |   |                                                   | (162,500    | ) |   |   | - |   |
| Repayment of notes payable                                         |   |                                                   | -           |   |   |   | (35,600,000 | ) |
| Proceeds from issuance of common stock and warrants                |   |                                                   | 622,275     |   |   |   | 59,800,050 |   |
| Transaction costs paid in connection with issuance of common stock |   |                                                   | -           |   |   |   | (3,438,550 | ) |
| Net cash provided by (used in) financing activities                |   |                                                   | (4,359,332  | ) |   |   | 16,727,717 |   |
|                                                               |   |                                                   |        |   |   |   |   |   |
| Effect of foreign currency exchange rate changes on cash           |   |                                                   | 1,065,919   |   |   |   | 8,891 |   |
| Net increase in cash                                               |   |                                                   | 11,438,057  |   |   |   | 17,938,377 |   |
|                                                               |   |                                                   |        |   |   |   |   |   |
| Cash at beginning of period                                        |   |                                                   | 123,000,338 |   |   |   | 60,597,849 |   |
|                                                               |   |                                                   |        |   |   |   |   |   |
| Cash at end of period                                              |   |                                                   | 134,438,395 |   |   |   | 78,536,226 |   |
|                                                               |   |                                                   |        |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                  |   |                                                   |        |   |   |   |   |   |
| Interest paid                                                      |   |                                                   | 98,595      |   |   |   | 1,395,799 |   |
| Income taxes paid                                                  |   |                                                   | 2,572,995   |   |   |   | 1,802,931 |   |
| Accrual for the acquisition of Jinchuan                            |   |                                                   | -           |   |   |   | 4,819,107 |   |

----

|            |   | Three-Month Period Ended March 31, |       |
|-----------------|--------|--------------------------------------------------------|------------|
|            |   | 2011                                                   |       |   | 2010 |   |
|            |   | USD                                                    |       |   | % |   |   | USD |   |   | % |   |
|            |   |                                                   |       |   |   |   |   |   |   |   |   |   |
| PRC             |   |                                                   | 50,279,987 |   |   |   | 76 | % |   |   | 45,693,565 |   |   |   | 76 | % |
| US              |   |                                                   | 11,148,647 |   |   |   | 17 | % |   |   | 10,024,017 |   |   |   | 17 | % |
| Other countries |   |                                                   | 4,497,232  |   |   |   | 7 | % |   |   | 3,832,260 |   |   |   | 7 | % |
| Total           |   |                                                   | 65,925,866 |   |   |   | 100 | % |   |   | 59,549,842 |   |   |   | 100 | % |

----

|                            |   | March 31,2011 |       |   | December 31,2010 |   |
|---------------------------------|--------|--------------------|------------|--------|-----------------------|--------|
|                            |   | USD                |       |   | USD                   |   |
|                            |   |               |       |   |                  |   |
| Trade receivables               |   |               | 63,781,207 |   |                  |   | 66,304,625 |   |
| Allowance for doubtful accounts |   |               | (543,134   | )      |                  |   | (538,903 | ) |
| Accounts receivable, net        |   |               | 63,238,073 |   |                  |   | 65,765,722 |   |

|              |   | March 31,2011 |       |   | December 31,2010 |   |
|-------------------|--------|--------------------|------------|--------|-----------------------|--------|
|              |   | USD                |       |   | USD                   |   |
|              |   |               |       |   |                  |   |
| Raw materials     |   |               | 9,270,318  |   |                  |   | 7,916,853 |   |
| Work in progress  |   |               | 4,308,397  |   |                  |   | 3,089,533 |   |
| Finished goods    |   |               | 5,045,736  |   |                  |   | 5,137,536 |   |
| Total inventories |   |               | 18,624,451 |   |                  |   | 16,143,922 |   |

|                                |   | March 31,2011 |        |   | December 31,2010 |   |
|-------------------------------------|--------|--------------------|-------------|--------|-----------------------|--------|
|                                |   | USD                |        |   | USD                   |   |
|                                |   |               |        |   |                  |   |   |   |
| Plant and buildings                 |   |               | 64,550,714  |   |                  |   | 64,213,601 |   |
| Machinery and equipment             |   |               | 89,370,582  |   |                  |   | 88,747,928 |   |
| Office equipment and furniture      |   |               | 1,545,532   |   |                  |   | 1,531,608 |   |
| Motor vehicles                      |   |               | 4,572,814   |   |                  |   | 4,537,499 |   |
| Construction in progress            |   |               | 3,661,549   |   |                  |   | 3,493,726 |   |
| Total property, plant and equipment |   |               | 163,701,191 |   |                  |   | 162,524,362 |   |
| Less accumulated depreciation       |   |               | (41,934,239 | )      |                  |   | (38,346,850 | ) |
| Property, plant and equipment, net  |   |               | 121,766,952 |   |                  |   | 124,177,512 |   |

----

|                                                 |   | Note   |   | March 31,2011 |       |   | December 31,2010 |   |
|------------------------------------------------------|--------|--------|--------|--------------------|------------|--------|-----------------------|--------|
|                                                 |   |   |   | USD                |       |   | USD                   |   |
|                                                 |   |   |   |               |       |   |                  |   |
| Accrued payroll                                      |   |   |   |               | 2,674,381  |   |                  |   | 2,100,461 |   |
| Income tax payable                                   |   |   |   |               | 3,460,492  |   |                  |   | 2,599,717 |   |
| Value-added-tax payable                              |   |   |   |               | 807,048    |   |                  |   | 1,862,864 |   |
| Accrual for the acquisition of Jinchuan              |   |   |   |               | -          |   |                  |   | 5,075,000 |   |
| Others                                               |   | (a)    |   |               | 4,273,480  |   |                  |   | 3,904,069 |   |
| Total accrued expenses and other current liabilities |   |   |   |               | 11,215,401 |   |                  |   | 15,542,111 |   |

| Name of lender                          |   | March 31,2011 |      |   | December 31,2010 |   |
|---------------------------------------------------|--------|--------------------|-----------|--------|-----------------------|--------|
|                                              |   | USD                |      |   | USD                   |   |
|                                              |   |               |      |   |                  |   |
| Regions Bank term loan – current portion    |   |               | 650,000   |   |                  |   | 650,000 |   |
| Regions Bank term loan – noncurrent portion |   |               | 5,525,000 |   |                  |   | 5,687,500 |   |
| Total bank loans                                  |   |               | 6,175,000 |   |                  |   | 6,337,500 |   |

| December 31,                  |   | Amount |      |
|------------------------------------|--------|--------|-----------|
|                               |   | USD    |      |
|                               |   |   |      |
| April 1, 2011 to December 31, 2011 |   |   | 487,500   |   |
| 2012                               |   |   | 650,000   |   |
| 2013                               |   |   | 650,000   |   |
| 2014                               |   |   | 650,000   |   |
| 2015                               |   |   | 650,000   |   |
| 2016                               |   |   | 650,000   |   |
| Beyond 2016                        |   |   | 2,437,500 |   |
|                               |   |   |      |   |
| Total                              |   |   | 6,175,000 |   |

|                                                |   | Three-Month Period Ended March 31, |       |
|-----------------------------------------------------|--------|--------------------------------------------------------|------------|
|                                                |   | 2011                                                   |       |   | 2010 |   |
|                                                |   | USD                                                    |       |   | USD |   |
| Numerator:                                          |   |                                                   |       |   |   |   |
| Net income for basic and diluted earnings per share |   |                                                   | 6,826,285  |   |   |   | 9,072,539 |   |
|                                                |   |                                                   |       |   |   |   |   |   |
| Denominator:                                        |   |                                                   |       |   |   |   |   |   |
| Denominator for basic earnings per share-           |   |                                                   |       |   |   |   |   |   |
| Weighted average number of common stock outstanding |   |                                                   | 38,151,832 |   |   |   | 34,673,692 |   |
| Warrants                                            |   |                                                   | 18,369     |   |   |   | 326,534 |   |
| Stock options                                       |   |                                                   | 140,717    |   |   |   | 222,788 |   |
| Nonvested shares                                    |   |                                                   | 77,467     |   |   |   | 86,833 |   |
| Denominator for diluted earnings per share          |   |                                                   | 38,388,385 |   |   |   | 35,309,847 |   |
| Earnings per share                                  |   |                                                   |       |   |   |   |   |   |
| Basic                                               |   |                                                   | 0.18       |   |   |   | 0.26 |   |
| Diluted                                             |   |                                                   | 0.18       |   |   |   | 0.26 |   |

----

|                                           |   | Three-Month Period Ended March 31, |    |
|------------------------------------------------|--------|--------------------------------------------------------|---------|
|                                           |   | 2011                                                   |    |   | 2010 |   |
|                                           |   |                                                   |    |   |   |   |   |   |
| Shares issuable upon exercise of share options |   |                                                   | 983,000 |   |   |   | 697,333 |   |
| Shares issuable upon exercise of warrants      |   |                                                   | 100,000 |   |   |   | 100,000 |   |

|                                |   | Number ofWarrantsOutstanding |     |   | WeightedAverageExercise Price |   |   | Weighted AverageRemainingContractual Life |   |
|-------------------------------------|--------|-----------------------------------|----------|--------|------------------------------------|--------|--------|-----------------------------------------------------|--------|
|                                |   |                              |     |   | USD                                |   |   | Years                                               |   |
|                                |   |                              |     |   |                               |   |   |                                                |   |
| Outstanding as of December 31, 2010 |   |                              | 200,000  |   |                               |   | 11.44  |                                                |   |   | 0.47 |   |
| Exercised                           |   |                              | (100,000 | )      |                               |   |   |                                                |   |   |   |   |
| Outstanding as of March 31, 2011    |   |                              | 100,000  |   |                               |   | 16.8   |                                                |   |   | 0.72 |   |

----

|                                |   | Number ofNonvestedShares |    |   | WeightedAverage GrantDate Fair Value |   |
|-------------------------------------|--------|-------------------------------|---------|--------|-----------------------------------------------------|--------|
|                                |   |                          |    |   | USD                                                 |   |
|                                |   |                          |    |   |                                                |   |
| Outstanding as of December 31, 2010 |   |                          | 70,000  |   |                                                |   | 8.74 |   |
| Granted                             |   |                          | 48,000  |   |                                                |   | 8.09 |   |
| Outstanding as of March 31, 2011    |   |                          | 118,000 |   |                                                |   | 8.47 |   |

| Expected volatility                               | 60%           |
|---------------------------------------------------|---------------|
| Expected dividend yield                           | 0%            |
| Expected term (years)                             | 3 years       |
| Risk-free interest rate (per annum)               | 1.02%-1.29%   |
| Fair value of underlying common stock (per share) | USD 8.09-8.83 |

|                                |   | Number ofOptionsOutstanding |      |   | WeightedAverageExercise Price |   |   | Weighted AverageRemainingContractual Life |   |   | AggregateIntrinsic Value |   |
|-------------------------------------|--------|----------------------------------|-----------|--------|------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|-------------------------------|--------|
|                                |   |                             |      |   | USD                                |   |   | Years                                               |   |   | USD                           |   |
|                                |   |                             |      |   |                               |   |   |                                                |   |   |                          |   |
| Outstanding as of December 31, 2010 |   |                             | 1,299,333 |   |                               |   | 11.29  |                                                |   |   |                          |   |   |   |
| Grant                               |   |                             | 54,000    |   |                               |   | 8.17   |                                                |   |   |                          |   |   |   |
| Forfeited                           |   |                             | (413      | )      |                               |   | 8.61   |                                                |   |   |                          |   |   |   |
| Exercised                           |   |                             | (4,500    | )      |                               |   | 4.95   |                                                |   |   |                          |   |   |   |
| Expired                             |   |                             | (28,050   | )      |                               |   | 11.5   |                                                |   |   |                          |   |   |   |
| Outstanding as of March 31, 2011    |   |                             | 1,320,370 |   |                               |   | 11.18  |                                                |   |   | 4.01                          |   |   |   | 678,357 |   |
| Exercisable as of March 31, 2011    |   |                             | 902,185   |   |                               |   | 12.01  |                                                |   |   | 1.78                          |   |   |   | 663,957 |   |

----

|                             |   | Three–Month Period Ended March 31, 2011 |       |
|----------------------------------|--------|------------------------------------------------------------------------|------------|
|                             |   | PRC                                                                    |       |   | US |   |   | Total |   |
|                             |   | USD                                                                    |       |   | USD |   |   | USD |   |
|                             |   |                                                                   |       |   |   |   |   |   |   |
| Revenues from external customers |   |                                                                   | 51,291,699 |   |   |   | 14,634,167 |   |   |   | 65,925,866 |   |
| Intersegment revenues            |   |                                                                   | 691,310    |   |   |   | - |   |   |   | 691,310 |   |
| Segment operating income         |   |                                                                   | 12,290,092 |   |   |   | 527,896 |   |   |   | 12,817,988 |   |

|                             |   | Three–Month Period Ended March 31, 2010 |       |
|----------------------------------|--------|------------------------------------------------------------------------|------------|
|                             |   | PRC                                                                    |       |   | US |   |   | Total |   |
|                             |   | USD                                                                    |       |   | USD |   |   | USD |   |
|                             |   |                                                                   |       |   |   |   |   |   |   |
| Revenues from external customers |   |                                                                   | 46,243,754 |   |   |   | 13,306,088 |   |   |   | 59,549,842 |   |
| Intersegment revenues            |   |                                                                   | 1,120,948  |   |   |   | - |   |   |   | 1,120,948 |   |
| Segment operating income         |   |                                                                   | 13,379,273 |   |   |   | 470,190 |   |   |   | 13,849,463 |   |

|                                            |   | Three-Month Period Ended March 31, |       |
|-------------------------------------------------|--------|--------------------------------------------------------|------------|
|                                            |   | 2011                                                   |       |   | 2010 |   |
|                                            |   | USD                                                    |       |   | USD |   |
|                                            |   |                                                   |       |   |   |   |
| Total segment operating income                  |   |                                                   | 12,817,988 |   |   |   | 13,849,463 |   |
| Corporate operating expenses                    |   |                                                   | (2,333,883 | ) |   |   | (1,002,709 | ) |
| Interest income                                 |   |                                                   | 228,854    |   |   |   | 192,790 |   |
| Interest expense                                |   |                                                   | (98,094    | ) |   |   | (508,482 | ) |
| Gain on cross-currency interest swap derivative |   |                                                   | -          |   |   |   | 128,861 |   |
| Loss on extinguishment of HY Notes              |   |                                                   | -          |   |   |   | (2,395,778 | ) |
| Other expense, net                              |   |                                                   | (354,892   | ) |   |   | (141,072 | ) |
| Consolidated income before income taxes         |   |                                                   | 10,259,973 |   |   |   | 10,123,073 |   |

----

|   | · | Investing in organic growth in both infrastructure-based and fast-growing markets; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | Focusing on margin enhancement through investment into new machinery and research and development that will improve the performance and capabilities of our bimetallic products and allow us to enter new markets; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Optimizing capacity and utilization rates throughout the Company by focusing on key performance indicators and operational excellence; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Protecting and enhancing the Fushi Copperweld brand; and strategically hiring and developing talent, to improve the effectiveness of our performance management process, and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Pursuing acquisitions that expand our strategic capabilities, our access to customers and our product lines as well as downstream in our value chain.  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Revenues increased by 10.7% from $59.5 million in the first quarter of 2010 to $65.9 million; |
|--------|--------|-----------------------------------------------------------------------------------------------|

|   | · | Organic revenues growth of 7.6%, excluding the contribution from the acquisition of Dalian Jinchuan; |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | · | Net cash provided by operating activities of $15.0 million, up 124% from $6.7 million in the first quarter of 2010; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

----

|   | · | A strong cash position of $134.4 million at the end of first quarter of 2011. |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | Continued investment in telecommunication projects in emerging economies; |
|--------|--------|---------------------------------------------------------------------------|

|   | · | Government initiatives focused on infrastructure: high-speed railways, transmission and distribution and power grid build out; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continued strength of grounding wire market; |
|--------|--------|----------------------------------------------|

|   | · | Worldwide underlying long-term growth trends in electric utility and infrastructure markets; and |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | · | Continuing demand for cost effective, energy saving alternatives. |
|--------|--------|-------------------------------------------------------------------|

|                                         |   | Three Months Ended |   |   |           |   |
|----------------------------------------------|--------|------------------------------|--------|--------|----------------|--------|
|                                         |   | March 31,               |   |   | March 31, |   |   | Change |   |
|                                         |   | 2011                         |   |   | 2010           |   |   | % |   |
|                                         |   |                         |   |   |           |   |   |   |   |
| Revenues                                     |   |                         | 65.9   |   |           |   | 59.5 |   |   |   | 10.7 | % |
| Gross profit                                 |   |                         | 17.1   |   |           |   | 17.8 |   |   |   | -3.9 | % |
| Selling, general and administrative expenses |   |                         | 6.7    |   |           |   | 5.0 |   |   |   | 34.0 | % |
| Income from operations                       |   |                         | 10.5   |   |           |   | 12.8 |   |   |   | 18.0 | % |
| Income before income taxes                   |   |                         | 10.3   |   |           |   | 10.1 |   |   |   | 2.0 | % |
| Income tax expense                           |   |                         | (3.4   | )      |           |   | (1.1 | )  |   |   | 209.1 | % |
| Net income                                   |   |                         | 6.8    |   |           |   | 9.1 |   |   |   | -25.3 | % |

----

| (in millions, except  |   | Revenues                                         |   |   |   |   |   |   |   |
|--------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| percentage)                          |   | Three Months Ended March 31, |   |   |   |   |   |   |   |
|                                 |   | 2011                                             |   |   | 2010   |   |   |   |   |   |   |   |
|                                 |   | Amount                                           |   |   | %      |   |   | Amount |   |   | % |   |   | Change inamount |   |   | Change in% |   |
| PRC                                  |   | $                                                | 51.3   |   |   |   | 77.8   | %      |   | $ | 46.2 |   |   |   | 77.6 | % |   | $ | 5.1 |   |   |   | 11.0 | % |
| US                                   |   |                                             | 14.6   |   |   |   | 22.2   | %      |   |   | 13.3 |   |   |   | 22.4 | % |   |   | 1.3 |   |   |   | 9.8 | % |
| Total revenues                       |   | $                                                | 65.9   |   |   |   | 100.0  | %      |   | $ | 59.5 |   |   |   | 100.0 | % |   | $ | 6.4 |   |   |   | 10.7 | % |

| (in MTs, except  |   | Metric Tons Sold                       |   |   |   |   |   |   |   |
|---------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| percentage                      |   | Three Months Ended March 31, |   |   |   |   |   |   |   |
|                            |   | 2011                                             |   |   | 2010   |   |   |   |   |   |   |   |
|                            |   | MT                                               |   |   | %      |   |   | MT     |   |   | % |   |   | Change inMT |   |   | Change in % |   |
| PRC *                           |   |                                             | 6,732  |   |   |   | 74.8   | %      |   |   | 6,669 |   |   |   | 73.3 | % |   |   | 63 |   |   |   | 0.9 | % |
| US                              |   |                                             | 2,265  |   |   |   | 25.2   | %      |   |   | 2,431 |   |   |   | 26.7 | % |   |   | -166 |   |   |   | -6.8 | % |
| Total sales volume              |   |                                             | 8,997  |   |   |   | 100.0  | %      |   |   | 9,100 |   |   |   | 100.0 | % |   |   | -103 |   |   |   | -1.1 | % |

----

|                                 |   | Revenues                                         |   |   |   |   |   |   |   |
|--------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| (in millions, except  |   | Three Months Ended March 31, |   |   |   |   |   |   |   |
| percentage)                          |   | 2011                                             |   |   | 2010   |   |   |   |   |   |   |   |
|                                 |   | Amount                                           |   |   | %      |   |   | Amount |   |   | % |   |   | Change inamount |   |   | Change in% |   |
| Telecommunication                    |   | $                                                | 24.3   |   |   |   | 36.9   | %      |   | $ | 25.1 |   |   |   | 42.2 | % |   | $  | -0.8 |   |   |   | -3.2 | % |
| Utility                              |   |                                             | 38.6   |   |   |   | 58.5   | %      |   |   | 29.5 |   |   |   | 49.6 | % |   |   | 9.1 |   |   |   | 30.8 | % |
| Transportation                       |   |                                             | 1.1    |   |   |   | 1.7    | %      |   |   | 0.6 |   |   |   | 1.0 | % |   |   | 0.5 |   |   |   | 83.3 | % |
| Other                                |   |                                             | 1.9    |   |   |   | 2.9    | %      |   |   | 4.3 |   |   |   | 7.2 | % |   |   | -2.4 |   |   |   | -55.8 | % |
| Total revenues                       |   | $                                                | 65.9   |   |   |   | 100.0  | %      |   | $ | 59.5 |   |   |   | 100.0 | % |   |  $ | 6.4 |   |   |   | 10.7 | % |

| (in MTs, except  |   | Metric Tons SoldThree Months Ended March 31, |   |   |   |   |   |   |   |
|---------------------------------|--------|----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| percentage                      |   | 2011                                                                       |   |   | 2010   |   |   |   |   |   |   |   |
|                            |   | MT                                                                         |   |   | %      |   |   | MT     |   |   | % |   |   | Change inMT |   |   | Change in% |   |
| Telecommunication               |   |                                                                       | 3,717  |   |   |   | 41.3   | %      |   |   | 4,351 |   |   |   | 47.8 | % |   |   | -634 |   |   |   | -14.6 | % |
| Utility *                       |   |                                                                       | 4,720  |   |   |   | 52.5   | %      |   |   | 3,703 |   |   |   | 40.7 | % |   |   | 1,017 |   |   |   | 27.5 | % |
| Transportation                  |   |                                                                       | 136    |   |   |   | 1.5    | %      |   |   | 74 |   |   |   | 0.8 | % |   |   | 62 |   |   |   | 83.8 | % |
| Other                           |   |                                                                       | 424    |   |   |   | 4.7    | %      |   |   | 972 |   |   |   | 10.7 | % |   |   | -548 |   |   |   | -56.4 | % |
| Total sales volume              |   |                                                                       | 8,997  |   |   |   | 100.0  | %      |   |   | 9,100 |   |   |   | 100.0 | % |   |   | -103 |   |   |   | -1.1 | % |

|   |   | Three Months Ended March 31, 2011 |   |
|--------|--------|------------------------------------------------------------|--------|
|   |   | PRC                                                        |   |   | US |   |
|   |   | Capacity(MT)                                               |   |   | TotalVolume(MT) |   |   | Capacity(MT) |   |   | TotalVolume(MT) |   |
| CCA    |   |                                                       | 10,000 |   |   |   | 6,589 |   |   |   | 3,100 |   |   |   | 783 |   |
| CCS    |   |                                                       | 2,050  |   |   |   | 31 |   |   |   | 4,075 |   |   |   | 1,446 |   |
| Total  |   |                                                       | 12,050 |   |   |   | 6,620 |   |   |   | 7,175 |   |   |   | 2,229 |   |

----

| (in MTs, except  |   | Metric Tons Sold                       |   |   |   |   |   |   |   |
|---------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| percentage                      |   | Three Months Ended March 31, |   |   |   |   |   |   |   |
|                            |   | 2011                                             |   |   | 2010   |   |   |   |   |   |   |   |
|                            |   | MT                                               |   |   | %      |   |   | MT     |   |   | % |   |   | Change inMT |   |   | Change inMT |   |
| CCA                             |   |                                             | 7,371  |   |   |   | 81.9   | %      |   |   | 7,330 |   |   |   | 80.5 | % |   |   | 41 |   |   |   | 0.6 | % |
| CCS                             |   |                                             | 1,477  |   |   |   | 16.4   | %      |   |   | 1,619 |   |   |   | 17.8 | % |   |   | -142 |   |   |   | -8.8 | % |
| Others                          |   |                                             | 149    |   |   |   | 1.7    | %      |   |   | 151 |   |   |   | 1.7 | % |   |   | -2 |   |   |   | -1.3 | % |
| Total sales volume *            |   |                                             | 8,997  |   |   |   | 100.0  | %      |   |   | 9,100 |   |   |   | 100.0 | % |   |   | -103 |   |   |   | -1.1 | % |

|                                            |   | Three Months Ended March 31, |   |   | Change |   |
|-------------------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|
| (in millions, except percentage) |   | 2011                                             |   |   | 2010   |   |   | Amount |   |   | % |   |
| Gross Profit                                    |   | $                                                | 17.1   |   |   | $      | 17.8 |   |   | $ | -0.7 |   |   |   | -3.9 | % |
| Gross Margin                                    |   |                                             | 26.0   | %      |   |   | 29.9 | % |   |   |   |   |   |   | -3.9 | % |

|                                  |   | Three Months Ended March 31, |   |   | Change |   |
|---------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|
| (in millions, except percentage) |   | 2011                                             |   |   | 2010   |   |   | Amount |   |   | % |   |
| Selling Expenses                      |   | $                                                | 1.1    |   |   | $      | 1.3 |   |   | $ | -0.2 |   |   |   | -15.4 | % |
| as a percentage of revenues           |   |                                             | 1.7    | %      |   |   | 2.2 | % |   |   |   |   |   |   | -0.5 | % |

|                                            |   | Three Months Ended March 31, |   |   | Change |   |
|-------------------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|
| (in millions, except percentage) |   | 2011                                             |   |   | 2010   |   |   | Amount |   |   | % |   |
| General and Administrative Expenses             |   | $                                                | 5.5    |   |   | $      | 3.7 |   |   | $ | 1.8 |   |   |   | 48.6 | % |
| as a percentage of revenues                     |   |                                             | 8.3    | %      |   |   | 6.3 | % |   |   |   |   |   |   | 2.0 | % |

|  (in millions, except percentage) |   | Three Months Ended March 31, |   |   |   |   |   |   |   |
|-------------------------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                  |   | 2011                                             |   |   | 2010   |   |   |   |   |   |   |   |
|                                                  |   | Amount                                           |   |   | %      |   |   | Amount |   |   | % |   |   | Change in amount |   |   | Change in % |   |
| PRC                                                   |   | $                                                | 12.3   |   |   |   | 117.1  | %      |   | $ | 13.3 |   |   |   | 103.9 | % |   | $ | (1.0 | ) |   |   | -7.5 | % |
| US                                                    |   | $                                                | 0.5    |   |   |   | 4.8    | %      |   | $ | 0.5 |   |   |   | 3.9 | % |   | $ | - |   |   |   | 0 | % |
| Segment income from operations                        |   | $                                                | 12.8   |   |   |   | 121.9  | %      |   | $ | 13.8 |   |   |   | 107.8 | % |   | $ | (1.0 | ) |   |   | -7.2 | % |
| Corporate  expenses                         |   | $                                                | (2.3   | )      |   |   | -21.9  | %      |   | $ | (1.0 | ) |   |   | -7.8 | % |   | $ | (1.3 | ) |   |   | 130.0 | %  |
| Total income from operations                          |   | $                                                | 10.5   |   |   |   | 100.0  | %      |   | $ | 12.8 |   |   |   | 100.0 | % |   | $ | (2.3 | ) |   |   | -18.0 | % |

----

|                                            |   | Three Months Ended March 31, |   |   | Change |   |
|-------------------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|
| (in millions, except percentage) |   | 2011                                             |   |   | 2010   |   |   | Amount |   |   | % |   |
| Interest Income                                 |   | $                                                | 0.2    |   |   | $      | 0.2 |   |   | $ | - |   |   |   | - | % |
| Interest Expenses                               |   | $                                                | (0.1   | )      |   | $      | (0.5 | ) |   | $ | 0.4 |   |   |   | -80.0 | % |
| Net Interest Income (Expenses)                  |   | $                                                | 0.1    |   |   | $      | (0.3 | ) |   | $ | 0.4 |   |   |   | -133.33 | % |
| as a percentage of revenues                     |   |                                             | 0.2    | %      |   |   | -0.5 | % |   |   |   |   |   |   | 0.7 | % |

|                                  |   | Three Months Ended March 31, |   |   | Change |   |
|---------------------------------------|--------|--------------------------------------------------|--------|--------|--------|--------|
| (in millions, except percentage) |   | 2011                                             |   |   | 2010   |   |   | Amount |   |   | % |   |
| Income before Income Taxes            |   | $                                                | 10.3   |   |   | $      | 10.1 |   |   | $ | 0.2 |   |   |   | 2.0 | % |
| Income tax expense                    |   |                                             | 3.4    |   |   |   | 1.1 |   |   |   | 2.3 |   |   |   | 209.1 | % |
| Effective income tax rate             |   |                                             | 33.0   | %      |   |   | 10.9 | % |   |   |   |   |   |   | 22.1 | % |

|                                  |   | Selected Balance Sheet Data |   |
|---------------------------------------|--------|--------------------------------------------|--------|
|                                  |   | March 31,2011,                        |   |   | December 31, 2010 |   |   | Change |   |
| (in millions, except percentage) |   |                                       |   |   |   |   |   | Amount |   |   | % |   |
| Cash                                  |   | $                                          | 134.4  |   |   | $ | 123.0 |   |   | $ | 11.4 |   |   |   | 9.3 | % |
| Accounts Receivable, net              |   | $                                          | 63.2   |   |   | $ | 65.8 |   |   | $ | -2.6 |   |   |   | -4.0 | % |
| PP&E (a)                          |   | $                                          | 121.8  |   |   | $ | 124.2 |   |   | $ | -2.4 |   |   |   | -1.9 | % |
| Total Assets                          |   | $                                          | 377.9  |   |   | $ | 370.3 |   |   | $ | 7.6 |   |   |   | 2.1 | % |
| Short Term Debt                       |   | $                                          | 0.7    |   |   | $ | 0.7 |   |   | $ | - |   |   |   | - | % |
| Long Term Debt                        |   | $                                          | 5.5    |   |   | $ | 5.7 |   |   | $ | -0.2 |   |   |   | -3.5 | % |
| Shareholders' Equity                  |   | $                                          | 354.7  |   |   | $ | 344.4 |   |   | $ | 10.3 |   |   |   | 3.0 | % |

----

|                                                |   | Three Months Ended March 31, |   |
|-----------------------------------------------------|--------|--------------------------------------------------|--------|
| (in millions)                                  |   | 2011                                             |   |   | 2010 |   |
| Net cash provided by operating activities           |   | $                                                | 15.0   |   |   | $ | 6.7 |   |
| Net cash used in investing activities               |   | $                                                | (0.3   | ) |   | $ | (5.5 | ) |
| Net cash provided by (used in) financing activities |   | $                                                | (4.4   | )  |   | $ | 16.7 |   |
| Effect of exchange rate on cash                     |   | $                                                | 1.1    |   |   | $ | 0.0 |   |
| Cash at beginning of period                         |   | $                                                | 123.0  |   |   | $ | 60.6 |   |
| Cash at end of period                               |   | $                                                | 134.4  |   |   | $ | 78.5 |   |

----

|                  |   | Year ended December 31, 2010           |   | Three months ended March 31, 2011 |
|-----------------------|--------|------------------------------------------------------------|--------|------------------------------------------------------------|
| Customer Payment Term |   | Payment in advance/up to 120 days |   | Payment in advance/up to 120 days |
| Supplier Payment Term |   | Payment in advance/up to 30 days  |   | Payment in advance/up to 30 days  |

| Contractual obligations |   | Total |      |   | Payment due byless than 1 year |   |    | 2 – 3 years |   |   | 4-5 years |   |   | More than 5years |      |
|------------------------------|--------|-------|-----------|--------|---------------------------------------------------------|--------|---------|----------------------------------|--------|--------|----------------|--------|--------|----------------------------|-----------|
| Long-term debt*              |   | $     | 6,972,615 |   |                                                    |   | 809,746 |                             |   |   | 1,565,995      |   |   | $                          | 1,494,667 |   |   | $ | 3,102,206 |   |
| Capital lease obligation     |   | $     | 125,328   |   |                                                    |   | 84,138  |                             |   |   | 41,190         |   |   | $                          |  -   |   |   | $ |  - |   |
| Total                        |   | $     | 7,097,943 |   |                                                    |   | 893,884 |                             |   |   | 1,607,185      |   |   | $                          | 1,494,667 |   |   | $ | 3,102,206 |   |

----

|   | ·  | Enhancing the supervision, monitoring and reviewing of financial statement preparation processes; |
|--------|--------------|---------------------------------------------------------------------------------------------------|

|   | ·  | Engaging qualified consultants to arrange training for financial and accounting personnel on a periodic basis so that they could have adequate knowledge about US GAAP and SEC rules and regulations; and |
|--------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ·  | Purchasing on-line database services on US GAAP and SEC rules so that the accounting personnel could access the full content of US GAAP and receive the latest US GAAP and SEC regulation updates. |
|--------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ExhibitNo. |    | Document Description                                                                                                                                                                                          |
|------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |         |                                                                                                                                                                                                               |
| 31.1       |         | Certification of the Principal Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                |
|       |         |                                                                                                                                                                                                               |
| 31.2       |         | Certification of the Principal Accounting and Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |

| 32.1 |   | Certification of the Principal Executive Officer and of the Principal Accounting and Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002). |
|------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|               | FUSHI COPPERWELD, INC.                                                     |
|--------------------|----------------------------------------------------------------------------|
|               |                                                                       |   |
| Date: May 10, 2011 | By:                                                              | /s/ Craig H. Studwell |
|               | Name: Craig H. Studwell                                                    |
|               | Title: Chief Financial Officer(Principal Accounting and Financial Officer) |

----

| ExhibitNo. |    | Document Description                                                                                                                                                                                          |
|------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |         |                                                                                                                                                                                                               |
| 31.1       |         | Certification of the Principal Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                |
|       |         |                                                                                                                                                                                                               |
| 31.2       |         | Certification of the Principal Accounting and Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|       |         |                                                                                                                                                                                                               |
| 32.1       |         | Certification of the Principal Executive Officer and of the Principal Accounting and Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).                                 |

----