| x | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|------------------------------------------------------------------------------------------------|

|  ̈ | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 (No Fee Required) |
|--------|----------------------------------------------------------------------------------------------------------------------|

| Delaware                             |   | 14-1623047               |
|--------------------------------------|--------|--------------------------|
| (State      or other jurisdiction of |   | (I.R.S.      Employer    |
| incorporation      or organization)  |   | Identification      No.) |

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|                                |   | Name      of Exchange          |
|-------------------------------------|--------|--------------------------------|
| Title of Class                      |   | On Which Registered            |
| Common      Stock, par value $0.001 |   | The      NASDAQ Capital Market |

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| Large accelerated filer o       Accelerated filer x       Non-accelerated filer o       Smaller reporting company o |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|             |   |                                            |   | PAGE   |
|------------------|--------|-------------------------------------------------|--------|--------|
| PART      IV     |   |                                            |   |   |
|             |   |                                            |   |   |
| ITEM      15     |   | EXHIBITS      AND FINANCIAL STATEMENT SCHEDULES |   | 4      |
| SIGNATURES  |   |                                            |   |   |

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PARTIV

| EXHIBITNO. |   | DESCRIPTION                                                                                                                                                                                                     |
|------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1        |   | Amended      and Restated Articles of Incorporation (incorporated herein by reference      to the Company’s Form 8-K, dated January 4, 2007, Exhibit    3.1)                                              |
|       |   |                                                                                                                                                                                                            |
| 3.2        |   | Second      Amended and Restated Bylaws (incorporated herein by reference to the      Company’s Form 10-KSB, dated March 31, 1999, Exhibit    3.1.II)                                                     |
|       |   |                                                                                                                                                                                                            |
| 4.1        |   | Specimen      Certificate for Common Stock (incorporated herein by reference to the      Company’s Form 10-Q for the quarterly period ended December 31, 2006,      dated February 13, 2007, Exhibit 3.1) |
|       |   |                                                                                                                                                                                                            |
| 4.2        |   | Form      of Warrant (incorporated herein by reference to the Company’s Form 8-K,      dated February 16, 2007, Exhibit4.1)                                                                               |

| 4.3    |   | Warrant,      dated February 22, 2007, to Belmont Capital Group Limited (incorporated      herein by reference to the Company’s Form 8-K, dated February 16, 2007,      Exhibit 4.2)                                                                                                    |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                          |
| 4.4    |   | Warrant,      dated February 22, 2007, to CCG Elite Investor Relations      (incorporated herein by reference to the Company’s Form 8-K, dated      February 16, 2007, Exhibit 4.3)                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                          |
| 10.1   |   | Redemption      Agreement, dated December 28, 2006 (incorporated herein by reference to      the Company’s Form 8-K, dated January 4, 2007, Exhibit    10.1)                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                          |
| 10.2   |   | Tax      Indemnity Agreement, dated December 28, 2006 (incorporated herein by      reference to the Company’s Form 8-K, dated January 4, 2007, Exhibit      10.2)                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                          |
| 10.3   |   | 2006      Long Term Incentive Plan (incorporated herein by reference to the      Company’s Form 8-K, dated January 4, 2007, Exhibit10.3)                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                          |
| 10.4   |   | 2006      Director Stock Plan, dated March 1, 2006 (incorporated herein by reference      to the Company’s Definitive Proxy Statement, dated November 27, 2006,      Annex 3)                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                          |
| 10.5   |   | Equipment      Mortgage Agreement between Chengtong and Raiffeisen Zentralbank Österreich      AG, dated January 12, 2005 (incorporated herein by reference to the      Company’s Form 8-K, dated January 4, 2007, Exhibit10.4)                                                    |
|   |   |                                                                                                                                                                                                                                                                                          |
| 10.6   |   | Mortgage      Agreement on Immovables between Shanghai Tuorong Precision Strip Company      Limited and Raisffesien Zentralbank Öesterreich AG, dated January 12, 2005      (incorporated herein by reference to the Company’s Form 8-K, dated January      4, 2007, Exhibit 10.5) |

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| 10.7   |   | Letter      of Offer between Chengtong and Raiffeisen Zentralbank Österreich AG, dated      October 14, 2004 (incorporated herein by reference to the Company’s Form      8-K, dated January 4, 2007, Exhibit 10.6)                                                                            |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.8   |   | Amendment      No. 1 to Letter of Offer between Chengtong and Raiffeisen Zentralbank      Österreich AG, dated December 28, 2004 (incorporated herein by reference      to the Company’s Form 8-K, dated January 4, 2007, Exhibit      10.7)                                                   |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.9   |   | Amendment      No. 2 to Letter of Offer between Chengtong and Raiffeisen Zentralbank      Österreich AG, dated May 10, 2005 (incorporated herein by reference to the      Company’s Form 8-K, dated January 4, 2007, Exhibit10.8)                                                              |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.10  |   | Amendment      No. 3 to Letter of Offer between Chengtong and Raiffeisen Zentralbank      Österreich AG,  dated July 26, 2005 (incorporated herein by reference      to the Company’s Form 8-K, dated January 4, 2007, Exhibit      10.9)                                                 |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.11  |   | Debt      Reduction Agreement, dated February 13, 2007, by and among the Company, Wo      Hing Li and Partner Success Holdings Limited (incorporated herein by      reference to the Company’s Form 8-K, dated February 13, 2007, Exhibit      10.1)                                                |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.12  |   | Deed      of Release, dated February 13, 2007, from Wo Hing Li, in favor of the      Company, Partner Success Holdings Limited and Shanghai Chengtong Precision      Strip Company Limited (incorporated herein by reference to the Company’s      Form 8-K, dated February 13, 2007, Exhibit 10.2) |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.13  |   | Amendment      to the Debt Reduction Agreement, dated February 20, 2007, by and among the      Company, Wo Hing Li and Partner Success Holdings Limited (incorporated      herein by reference to the Company’s Form 8-K, dated February 16, 2007,      Exhibit 10.4)                               |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.14  |   | Form      of Stock Purchase Agreement, by and among the Company and the Investors,      dated February 16, 2007 (incorporated herein by reference to the Company’s      Form 8-K, dated February 16, 2007, Exhibit 10.1)                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.15  |   | Form      of Limited Standstill Agreement (incorporated herein by reference to the      Company’s Form 8-K, dated February 16, 2007, Exhibit  10.2)                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.16  |   | Form      of Subscription Agreement, dated November 1, 2007 (incorporated herein by      reference to the Company’s Form 8-K filed on November 1, 2007, Exhibit      10.1)                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                      |
| 10.17  |   | Form      of Placement Agency Agreement, dated October 31, 2007 (incorporated herein      by reference to the Company’s Form 8-K filed on November 1, 2007, Exhibit      10.2)                                                                                                                      |

| 10.18  |   | Executive      Employment Agreement, dated January 1, 2007, between the Company and Hai      Sheng Chen (incorporated herein by reference to Exhibit 10.3 the Company’s      Quarterly Report on Form 10-Q filed on May 11, 2009)                                  |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                     |
| 10.19  |   | Executive      Employment Agreement, dated January 1, 2007, between the Company and Leada      Tak Tai Li (incorporated herein by reference to Exhibit 10.2 the Company’s      Quarterly Report on Form 10-Q filed on May 11, 2009)                                |
|   |   |                                                                                                                                                                                                                                                                     |
| 10.20  |   | Executive      Employment Agreement, dated January 1, 2007, between the Company and Wo      Hing Li (incorporated herein by reference to Exhibit 10.1 the Company’s      Quarterly Report on Form 10-Q filed on May 11, 2009)                                      |
|   |   |                                                                                                                                                                                                                                                                     |
| 21     |   | Subsidiaries      of the Registrant (Incorporated herein by reference to the Company’s      Annual Report on Form 10-K for the year ended June 30, 2008, filed on      September 15, 2008, Exhibit 21)                                                        |
|   |   |                                                                                                                                                                                                                                                                     |
| 22     |   | Published      report regarding matters submitted to vote of security holders      (Incorporated herein by reference to the Company’s Quarterly Report on      Form 10-Q for the quarter ended December 31, 2006, dated February 13,      2007, Exhibit 99.1) |
|   |   |                                                                                                                                                                                                                                                                     |
| 31.1*  |   | Certification      of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the      Securities Exchange Act.                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                     |
| 31.2*  |   | Certification      of Principal Financial and Accounting Officer pursuant to Rule      13a-14(a)/15d-14(a) of the Securities Exchange  Act.                                                                                                                              |

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| 32.1* |   | Certification      of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.           |
|-------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 32.2* |   | Certification      of Principal Financial and Accounting Officer Pursuant to 18 U.S.C.      Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002. |

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|                                | CHINA      PRECISION STEEL, INC.                 |
|-------------------------------------|--------------------------------------------------|
|                                |                                             |
|                                | By:                                              | /s/      Wo Hing Li  |
|                                | Name: Wo      Hing Li                       |
|                                | Title:        Chief Executive Officer  |
| Date:   May 13,      2009 | (Principal      Executive Officer)               |
|                                |                                             |
|                                | By:                                              | /s/      Leada Tak Tai Li |
|                                | Name: Leada      Tak Tai Li                 |
|                                | Title:        Chief Financial Officer  |
| Date:   May 13,      2009 | (Principal      Financial and AccountingOfficer) |

| SIGNATURE                      |   | TITLE                                                       |   | DATE              |
|--------------------------------|--------|-------------------------------------------------------------|--------|-------------------|
|                           |   |                                                        |   |              |
|                           |   | Chief      Executive Officer (Principal Executive Officer), |   |              |
| /s/      Wo Hing Li            |   | President      and Director                                 |   | May      13, 2009 |
| Wo      Hing Li                |   |                                                        |   |              |
|                           |   | Chief      Financial Officer,                               |   |              |
|                           |   | Secretary      and Treasurer                                |   |              |
| /s/      Leada Tak Tai Li      |   | (Principal      Financial Officer)                          |   | May      13, 2009 |
| Leada      Tak Tai Li          |   |                                                        |   |              |
|                           |   |                                                        |   |              |
| /s/      Hai Sheng Chen        |   | General      Manager, Director                              |   | May      13, 2009 |
| Hai      Sheng Chen            |   |                                                        |   |              |
|                           |   |                                                        |   |              |
| /s/      Che Kin Lui           |   | Director                                                    |   | May      13, 2009 |
| Che      Kin Lui               |   |                                                        |   |              |
|                           |   |                                                        |   |              |
| /s/      David Peter Wong      |   | Director                                                    |   | May      13, 2009 |
| David      Peter Wong          |   |                                                        |   |              |
|                           |   |                                                        |   |              |
| /s/      Tung Kuen Tsui   |   | Director                                                    |   | May      13, 2009 |
| Tung      Kuen Tsui            |   |                                                        |   |              |

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| EXHIBITNO. |   | DESCRIPTION                                                                                                                                                                                                     |
|------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                                                                                            |
| 3.1        |   | Amended      and Restated Articles of Incorporation (incorporated herein by reference      to the Company’s Form 8-K, dated January 4, 2007, Exhibit    3.1)                                              |
|       |   |                                                                                                                                                                                                            |
| 3.2        |   | Second      Amended and Restated Bylaws (incorporated herein by reference to the      Company’s Form 10-KSB, dated March 31, 1999, Exhibit    3.1.II)                                                     |
|       |   |                                                                                                                                                                                                            |
| 4.1        |   | Specimen      Certificate for Common Stock (incorporated herein by reference to the      Company’s Form 10-Q for the quarterly period ended December 31, 2006,      dated February 13, 2007, Exhibit 3.1) |
|       |   |                                                                                                                                                                                                            |
| 4.2        |   | Form      of Warrant (incorporated herein by reference to the Company’s Form 8-K,      dated February 16, 2007, Exhibit4.1)                                                                               |

| 4.3    |   | Warrant,      dated February 22, 2007, to Belmont Capital Group Limited (incorporated      herein by reference to the Company’s Form 8-K, dated February 16, 2007,      Exhibit 4.2)                                                                                                               |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                     |
| 4.4    |   | Warrant,      dated February 22, 2007, to CCG Elite Investor Relations      (incorporated herein by reference to the Company’s Form 8-K, dated      February 16, 2007, Exhibit 4.3)                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.1   |   | Redemption      Agreement, dated December 28, 2006 (incorporated herein by reference to      the Company’s Form 8-K, dated January 4, 2007, Exhibit    10.1)                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.2   |   | Tax      Indemnity Agreement, dated December 28, 2006 (incorporated herein by      reference to the Company’s Form 8-K, dated January 4, 2007, Exhibit      10.2)                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.3   |   | 2006      Long Term Incentive Plan (incorporated herein by reference to the      Company’s Form 8-K, dated January 4, 2007, Exhibit10.3)                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.4   |   | 2006      Director Stock Plan, dated March 1, 2006 (incorporated herein by reference      to the Company’s Definitive Proxy Statement, dated November 27, 2006,      Annex 3)                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.5   |   | Equipment      Mortgage Agreement between Chengtong and Raiffeisen Zentralbank Österreich      AG, dated January 12, 2005 (incorporated herein by reference to the      Company’s Form 8-K, dated January 4, 2007, Exhibit10.4)                                                               |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.6   |   | Mortgage      Agreement on Immovables between Shanghai Tuorong Precision Strip Company      Limited and Raisffesien Zentralbank Öesterreich AG, dated January 12, 2005      (incorporated herein by reference to the Company’s Form 8-K, dated January      4, 2007, Exhibit 10.5)            |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.7   |   | Letter      of Offer between Chengtong and Raiffeisen Zentralbank Österreich AG, dated      October 14, 2004 (incorporated herein by reference to the Company’s Form      8-K, dated January 4, 2007, Exhibit 10.6)                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.8   |   | Amendment      No. 1 to Letter of Offer between Chengtong and Raiffeisen Zentralbank      Österreich AG, dated December 28, 2004 (incorporated herein by reference      to the Company’s Form 8-K, dated January 4, 2007, Exhibit      10.7)                                                  |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.9   |   | Amendment      No. 2 to Letter of Offer between Chengtong and Raiffeisen Zentralbank      Österreich AG, dated May 10, 2005 (incorporated herein by reference to the      Company’s Form 8-K, dated January 4, 2007, Exhibit10.8)                                                             |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.10  |   | Amendment      No. 3 to Letter of Offer between Chengtong and Raiffeisen Zentralbank      Österreich AG,  dated July 26, 2005 (incorporated herein by reference      to the Company’s Form 8-K, dated January 4, 2007, Exhibit      10.9)                                                |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.11  |   | Debt      Reduction Agreement, dated February 13, 2007, by and among the Company, Wo      Hing Li and Partner Success Holdings Limited (incorporated herein by      reference to the Company’s Form 8-K, dated February 13, 2007, Exhibit      10.1)                                               |
|   |   |                                                                                                                                                                                                                                                                                                     |
| 10.12  |   | Deed      of Release, dated February 13, 2007, from Wo Hing Li, in favor of the      Company, Partner Success Holdings Limited and Shanghai Chengtong Precision      Strip Company Limited (incorporated herein by reference to the Company’s      Form 8-K, dated February 13, 2007, Exhibit10.2) |

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| 10.13  |   | Amendment      to the Debt Reduction Agreement, dated February 20, 2007, by and among the      Company, Wo Hing Li and Partner Success Holdings Limited (incorporated      herein by reference to the Company’s Form 8-K, dated February 16, 2007,      Exhibit 10.4) |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                        |
| 10.14  |   | Form      of Stock Purchase Agreement, by and among the Company and the Investors,      dated February 16, 2007 (incorporated herein by reference to the Company’s      Form 8-K, dated February 16, 2007, Exhibit 10.1)                                              |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.15  |   | Form      of Limited Standstill Agreement (incorporated herein by reference to the      Company’s Form 8-K, dated February 16, 2007, Exhibit  10.2)                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.16  |   | Form      of Subscription Agreement, dated November 1, 2007 (incorporated herein by      reference to the Company’s Form 8-K filed on November 1, 2007, Exhibit      10.1)                                                                                            |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.17  |   | Form      of Placement Agency Agreement, dated October 31, 2007 (incorporated herein      by reference to the Company’s Form 8-K filed on November 1, 2007, Exhibit      10.2)                                                                                        |

| 10.18  |   | Executive      Employment Agreement, dated January 1, 2007, between the Company and Hai      Sheng Chen (incorporated herein by reference to Exhibit 10.3 the Company’s      Quarterly Report on Form 10-Q filed on May 11, 2009)                                  |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                     |
| 10.19  |   | Executive      Employment Agreement, dated January 1, 2007, between the Company and Leada      Tak Tai Li (incorporated herein by reference to Exhibit 10.2 the Company’s      Quarterly Report on Form 10-Q filed on May 11, 2009)                                |
|   |   |                                                                                                                                                                                                                                                                     |
| 10.20  |   | Executive      Employment Agreement, dated January 1, 2007, between the Company and Wo      Hing Li (incorporated herein by reference to Exhibit 10.1 the Company’s      Quarterly Report on Form 10-Q filed on May 11, 2009)                                      |
|   |   |                                                                                                                                                                                                                                                                     |
| 21     |   | Subsidiaries      of the Registrant (Incorporated herein by reference to the Company’s      Annual Report on Form 10-K for the year ended June 30, 2008, filed on      September 15, 2008, Exhibit 21)                                                        |
|   |   |                                                                                                                                                                                                                                                                     |
| 22     |   | Published      report regarding matters submitted to vote of security holders      (Incorporated herein by reference to the Company’s Quarterly Report on      Form 10-Q for the quarter ended December 31, 2006, dated February 13,      2007, Exhibit 99.1) |
|   |   |                                                                                                                                                                                                                                                                     |
| 31.1*  |   | Certification      of President pursuant to Rule 13a-14(a)/15d-14(a) of the Securities      Exchange Act.                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                     |
| 31.2*  |   | Certification      of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the      Securities Exchange Act.                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                     |
| 32.1*  |   | Certification      of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                                                                               |
| 32.2*  |   | Certification      of Principal Financial and Accounting Officer Pursuant to 18 U.S.C.      Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      of 2002.                                                                                     |

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