Document:

Exhibit 10.1

                               Baotou Steel - GSHI
                                  Special Steel
                             Joint Venture Agreement

                      BAOTOU IRON & STEEL (GROUP) CO., LTD.
                       GENERAL STEEL INVESTMENT CO., LTD.
                       DA QIU ZHUANG METAL SHEET CO., LTD.

                               September 28, 2005

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                             JOINT VENTURE AGREEMENT

                              1. GENERAL PROVISIONS

1.1      In accordance  with the Law of the People's  Republic of China on Joint
         Venture Using Chinese and Foreign  Investment ("Joint Venture Law") and
         other relevant  published laws and regulations of China,  the following
         Parties hereby enter this initial joint venture agreement ("Agreement")
         with the intention of forming a joint venture enterprise.

                         2. PARTIES TO THE JOINT VENTURE

2.1      Parties to this Agreement are as follows:

         Party A: Chinese Party:
         Baotou Iron & Steel (Group) Co., Ltd. (Baotou Steel)
         Located at River West band Industrial district, Kundulun District,
         Baotou City, Inner Mongolia;
         Representative: Lin, Dong Lu, (Nationality: China)

         Party B: General Steel Investment Co., Ltd. (General Steel)
         Located at Offices of Offshore  Incorporations  Limited.
         Offshore Incorporation Centre P.O. Box 957, Road
         Town, Totoria, British Virgin Islands;
         Representative: Yale Yu, (Nationality: USA)

         Party C: Da Qiu Zhuang Metal Sheet Co., Ltd. (Qiu Steel)
         Located at Da Qiu Zhuang, Jing Hai County, Tianjin City;
         Representative Yu, Zuo Sheng (Nationality: China)

2.2      Parties A, B and C may be  hereinafter  referred to  individually  as a
         "Party" and collectively as the "Parties."

2.3      Each of the Parties  hereby  presents and warrants to the other Parties
         that it has full legal authority and power to enter into this Agreement
         and  perform its  obligations  hereunder  and that its  representatives
         named  above  are duly  authorized  to sign  this  Agreement  and other
         relevant documents on behalf of such Party.

                      3. ESTABLISHMENT OF THE JOINT VENTURE

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3.1      In accordance  with the Joint Venture Law and other relevant  published
         laws and  regulations,  the Parties  hereby  agree to establish a Joint
         Venture Limited  Liability Company  (hereinafter  referred to as "Joint
         Venture" or "JV")  within the  territory of Inner  Mongolia  Autonomous
         Region, the People's Republic of China.

3.2      The English name of the Joint  Venture shall be: Baotou Steel - General
         Steel Special Steel Joint Venture Company Limited.

3.3      The legal  address of the Joint  Venture  will be  located at  Kundulun
         District, Baotou City, Inner Mongolia, China.

3.4      All  activities  of the Joint Venture in China shall be governed by the
         laws, decrees and relevant rules and regulations of China.

3.5      The form of  organization  of the  Joint  Venture  shall  be a  limited
         liability  company.  The  liability  of each  Party is  limited  to the
         capital  contribution  to the  registered  capital in  accordance  with
         Section 5 of this Agreement,  including increases and decreases in each
         Party's share of ownership interest made in compliance with the Chinese
         regulations.

             4. PURPOSES, SCOPE AND SCALE OF PRODUCTION AND BUSINESS

4.1      The purposes of the Joint Venture shall be, in conformity with the wish
         of  strengthening  economic  cooperation  and technical  exchanges,  to
         improve the product quality and the production capacity, to develop new
         products and gain  competitiveness  in both domestic and  international
         markets in terms of quality,  variety  and price by  adopting  advanced
         technology  in the  production of steel  products,  and the adoption of
         advanced management methods, so as to constantly raise economic results
         and ensure satisfactory economic benefits for each Party.

4.2      The products of the Joint Venture shall be special steel.  The products
         shall be sold in both domestic and International market. The production
         scale of the Joint Venture will be 600,000 metric tons a year.

              5. TOTAL INVESTMENT, REGISTERED CAPITAL AND OWNERSHIP

5.1      The total  amount of  investment  is  approximately  thirty  million US
         DOLLARS. (USD $30,000,000 or RMB 240,000,000)

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         Party A shall contribute land,  existing  equipment and materials.  The
         estimated value of its investment is 98 million RMB  (approximately USD
         $12,000,000);
         Party A shall have 49% of ownership interest with its contribution;

         Party B shall contribute cash.
         The  estimated  investment  is 62  million  RMB  according  to the base
         exchange rate announced by the People's Bank of China on the day of its
         submission(approximately  USD  $7,500,000);  Party B shall  have 31% of
         ownership interest with its contribution;

         Party C will contribute cash.
         The  estimated   investment  is  40  million  RMB   (approximately  USD
         $5,000,000);  Party C shall  have 20% of  ownership  interest  with its
         contribution;

         The value of land,  existing  equipment,  materials  and  houses of the
         factory  to be  contributed  by  Party  A is  subject  to  the  Chinese
         qualified accountant's appraisal. Party B and Party C shall increase or
         reduce their capital  investment  respectively by the percentage listed
         hereunder, subject to the appraisal results.

         The   registered   capital   of  the  Joint   Venture   should  be  RMB
         (pound)*200,000,000 ( approximately USD $24,000,000);

         Scope of investment:
         Party A: The full  payment  of its  contribution  should be made at the
         date of the approval of Joint Venture;

         Party  B: The  payment  to be made by Party B  towards  the  registered
         capital of the Joint Venture Company will be made as follows:
         a.  30% of its  capital  contribution  within  30 days  of the  date of
         approval of the Joint Venture;
         b. 30% of its  capital  contribution  within  3  months  of the date of
         approval of the Joint Venture;
         c. 40% of its  capital  contribution  within  6  months  of the date of
         approval of the Joint Venture.

         Party  C: The  payment  to be made by Party C  towards  the  registered
         capital of the Joint Venture Company will be made as follows:
         a.  30% of its  capital  contribution  within  30 days  of the  date of
         approval of the Joint Venture;
         b. 30% of its  capital  contribution  within  3  months  of the date of
         approval of the Joint Venture;
         c. 40% of its  capital  contribution  within  6  months  of the date of
         approval of the Joint Venture.

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5.2      After the registered  capital is paid up by the Parties,  an accounting
         firm  registered  in China  appointed by the Parties  shall verify that
         contributions  of this contract  have been made in accordance  with the
         terms and conditions of this Agreement and issue a verification report,
         based on which the Joint Venture shall issue an investment  certificate
         to each Party. This report will be signed by both the President and the
         Vice President of the Joint Venture.

5.3      Should a Party  intend to  assign  all or part of its  interest  in the
         Joint Venture to a third Party,  written  consent must be obtained from
         the other parties and an affirmative decision by the Board of Directors
         and approval from the appropriate  examination  and approval  authority
         shall be required. The registration procedures for the changes shall be
         dealt  with.  In case  of any  transfer  by any  party  herein  in this
         Agreement,  the other Parties herein will have a preemptive  right over
         the shares to be transferred.  Provided the transfer is made to a third
         party,  the terms for the  transfer  shall not be superior to those for
         the Parties herein.  Any transfer  deviating from the rules above shall
         be deemed invalid.

                       6. RESPONSIBILITIES OF THE PARTIES

6.1      Responsibilities of the Party A:

         a. Making  capital  contributions  at the specified  time in accordance
         with term 5.1 and term hereof;

         b. In charge of applying for and obtaining  the approval,  registration
         and business  license and dealing with other  formalities with relevant
         Chinese governmental departments for the establishment and operation of
         the Joint  Venture  and for  obtaining  the best  treatment  granted to
         Sino-Foreign joint ventures;

         c. To promptly provide  sufficient raw materials,  water,  electricity,
         gas,  transportation  and  other  services  for the  Joint  Venture  in
         accordance with the annual production plan and plan for balanced energy
         usage of Party A ;

         d. To provide sufficient water, electricity, gas and transportation for
         the Joint Venture at prices either:

                  1.       Compliance with government  quoted prices if there is
                           any; or

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                  2.       Fair  market  price  as  quoted  to  a  third  party,
                           provided no government quotations exist; or
                  3.       Subject to  negotiations in case neither of the above
                           is applicable;

         e. A contract with respect to the supply of raw materials,  air, water,
         electricity and gas shall be signed separately by the Joint Venture and
         Party A's company.

         f. To acquire the benefit of national and local  preferential  policies
         exclusively for Sino-foreign  joint ventures and programs of Developing
         West China.

6.2      Responsibilities of Party B.

         a. Making capital contributions in accordance with term 5.1;

         b.  Assisting  Party A for  obtaining the  approval,  registration  and
         business license;

         c.  Making  the best  effort in  assisting  Joint  Venture  to  develop
         international market for its products.

6.3      Responsibilities of Party C

         a. Making capital contributions in accordance with term 5.1;

         b.  Assisting  Party A for  obtaining the  approval,  registration  and
         business license.

                       7. PRODUCTION AND SALES OF PRODUCTS

7.1      Production and Products
         The Joint  Venture's  main  production  lines are composed of: 1 set of
         iO850  convertible  slab  machine,  4 sets of iO550  continues  rolling
         mills,  push-type  heating  furnace,  step cooling bed,  nine-high  jib
         straighten machine and relevant automatic control system;

         The Joint  Venture's  products are focused on Special  Steel  Products:
         Alloy and carbon structure steel, and formed steel.

7.2      The products of the Joint Venture  shall be sold in the Chinese  market
         and the best efforts will be made in order to sell part of the products
         in the overseas market.

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7.3      The  products  of the  Joint  Venture  shall be sold  throughout  China
         without  geographic  restriction  and may be sold by the Joint  Venture
         directly or by appropriate  distributors.  The sales methods and prices
         shall be determined by the General Manager following  recommendation of
         the Board of  Directors  of the  Joint  Venture  based on the  domestic
         market  conditions,  competitiveness  of the  products and the economic
         situation  of the Joint  Venture.  The Joint  Venture  shall be free to
         determine  and raise the selling  prices of its products and to sell at
         its own discretion, in accordance with the preceding provisions.

                              8. BOARD OF DIRECTORS

8.1      The Board of Directors  shall be established at the date of issuance of
         the business license.

8.2      The Board of Directors  shall  consist of seven ( 7) directors of which
         three  (3)shall be  appointed by Party A, two ( 2 ) should be appointed
         by Party B and two (2) should be  appointed by Party C. The chairman of
         board shall be appointed by Party A. The vice  chairman by Party C. The
         term of the  directors  is four ( 4) years.  This term of office may be
         renewed upon reappointment by the appointing party.

8.3      The  highest  authority  of the  Joint  Venture  shall be its  Board of
         Directors.  It shall  decide  all  major  issues  concerning  the Joint
         Venture.  In handling  all  important  matters,  the Board of Directors
         shall reach its decision through consultation among the participants in
         the principle of equality and mutual  benefit.  All issues of the Joint
         Venture  shall be  discussed  and  approved by two thirds of  directors
         present at the board meeting.

8.4      The following  major issues will require the unanimous  approval of all
         the directors present at the board meeting:

         a. Amendment of the articles of incorporation of the Joint Venture;
            b. Termination and dissolution of the Joint Venture;
         c. An increase of the  registered  capital of the Joint Venture and any
         transfer of ownership interest by any Party;
         d. Merger or division of the Joint Venture.

8.5      The  chairman  of the  board is the legal  representative  of the joint
         venture.    Should   the   chairman   be   unable   to   exercise   his
         responsibilities, he should authorize the vice chairman of the Board of
         Directors to represent the Joint Venture.

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8.6      The Board of Directors  shall convene at least two meetings every year.
         The meeting  shall be called and  presided  over by the chairman of the
         board.  The general  manager and the vice general  manager could attend
         the meeting.  The board meeting can be held at a site as agreed upon by
         the Parties of the Joint  Venture.  The chairman may convene an interim
         meeting based on proposal made by more than one third of the directors.
         The minutes of all meetings will be kept on file.  The  directors  will
         have the right to be represented by a designated representative.  Union
         representative  can attend meetings,  however the union  representative
         has no voting rights.

8.7      A decision  signed by all the members of the Board of Directors has the
         same validity as a decision made during an official board meeting.

                       9. BUSINESS MANAGEMENT ORGANIZATION

9.1      The Joint  Venture shall  establish a management  office which shall be
         responsible for its daily management.  The management office shall have
         one  general  manager,  three  vice  general  managers  and  one  chief
         financial officer.

         Party A will appoint the general manager;
         Party B will appoint one vice general manager;
         Party C will appoint the chief financial officer;
         Two additional vice general managers will be hired by recommendation of
         Party A;

9.2      The  office is  authorized  by Board of  Directors.  The term of office
         shall be four (4) years.

9.3      The  responsibilities  of the general manager shall be to carry out the
         decisions of the board, and to organize and direct the daily management
         of the  Joint  Venture  in  accordance  with  the  provisions  of  this
         Agreement and the articles of incorporation.

9.4      The Vice  general  managers  shall  assist the general  manager in such
         duties.

9.5      The  department  managers  shall  be  responsible  for the  work in the
         respective departments of production,  technology,  business operation,
         finance  and  administration,  handle the  matters  handed  over by the
         general  manager and the vice manager and shall be accountable to them.
         The  general  manager  shall be present  for  approval  by the Board of
         Directors  organizational structure of the Joint Venture and budget for
         the coming year.

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9.6      The  general  manager  and vice  general  managers  shall  not serve as
         employees  of other  entities,  and shall not serve or act on behalf of
         other economic  entities in  competition  with the Joint Venture except
         that  either of them may be an  officer,  director or employee of their
         respective Party.

9.7      The Board of  Directors  shall  have the power to dismiss  the  general
         manager and the vice general  managers in the event of graft or serious
         dereliction of duty.

                              10. LABOR MANAGEMENT

10.1     Policies  relating  to  matters  such as the total  number of  workers,
         recruitment,  dismissal,  wages,  welfare,  benefits,  labor insurance,
         bonuses and labor  discipline  shall be  determined  by the  management
         office in accordance with Labor Law of China, the "People's Republic of
         China   Administration  on  Labor  Management  of  Foreign   Investment
         Enterprises   Provisions"  and  other  promulgated  relevant  laws  and
         regulations, the policies stipulated by the Board of Directors, and the
         actual financial conditions of the Joint Venture.

10.2     The Joint  Venture  shall have the right to recruit and hire  employees
         directly  from any  available  sources in the Baotou Steel Union You Yi
         Alloy Rod Mill. In all cases, the Joint Venture shall employ only those
         employees who are sufficiently qualified for employment,  as determined
         through tests and/or examinations.

10.3     The Joint  Venture,  acting  through  the  general  manager,  will sign
         individual  labor  Agreements  with each of its  employees.  Each labor
         agreement  shall include type of work,  technical  ability and wages of
         such employee, according to the framework duly approved by the Board of
         Directors,  and  shall  be  filed  for  reference  at the  local  labor
         management department.

10.4     The  labor  agreements  of all  staff and  workers  likely  to  receive
         confidential  information  and/or  particular  training  from the Joint
         Venture or from Party B shall include,  in addition to  confidentiality
         undertakings,  non-competition clauses pursuant to which they shall not
         be entitled to work for an enterprise or organization in the same field
         for a period of two (2) years after leaving the Joint Venture.

10.5     The  employees of the Joint Venture shall have the right to establish a
         labor  union  in  accordance   with   relevant  P.R.   China  laws  and
         regulations.

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                11. TAXES, FINANCE, AUDIT AND PROFIT DISTRIBUTION

11.1     The Joint Venture  shall pay various taxes in accordance  with relevant
         Chinese laws and regulations.

11.2     Staff members and workers of the Joint Venture shall be responsible for
         paying their own individual  income tax or personal  income  adjustment
         tax in accordance  with relevant  Chinese laws and  regulations.  After
         paying their taxes,  the foreign members of the Joint Venture can remit
         their money abroad.

11.3     In accordance  with the "Laws of the People's  Republic of China on the
         Joint Ventures using Chinese and Foreign Investment," allocations for a
         reserve fund, an  enterprise  expansion  fund and a bonuses and welfare
         fund for the  staff  and  workers  shall  be  decided  by the  Board of
         Directors  each year  according to the actual  business  situation  and
         profitability of the Joint Venture of the after tax profit.

11.4     Finance  and  accounting  of the  Joint  Venture  shall be  handled  in
         accordance with the  "Regulations of the People's  Republic of China on
         the Financial  Administration for Foreign  Investment  Enterprises" and
         the "Accounting  System for the Foreign  Investment  Enterprises."  The
         fiscal year of the Joint Venture shall be from January 1 to December 31
         of each year. All vouchers, receipts,  statistical statements,  reports
         and account  books shall be written in Chinese,  provided that any such
         documents  upon request of Party B shall be  translated  into  English.
         Monthly,  quarterly and annual  financial  reports shall be prepared in
         Chinese and English and submitted to the Board of Directors.

11.5     Renminbi shall  generally be used in the settlement of accounts for the
         Joint Venture.

11.6     The Joint Venture shall engage an accountant registered in China agreed
         upon  by both  Parties  to  conduct  its  annual  financial  audit  and
         examination  and to  provide a report  for  submission  to the Board of
         Directors and the general manager.

11.7     All  disbursements  shall  be  signed  by the  general  manager  or his
         authorized personnel.

11.8     Within the first  three (3) months of each  fiscal  year,  the  general
         manager shall organize the  preparation of a balance sheet and a profit
         and loss  statement  in respect  with the  preceding  year as well as a
         proposal  regarding the allocation  and  distribution  of profits,  and
         submit them to the Board of Directors for approval after being examined
         and signed by the chief financial officer.

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11.9     Dividends  to be  paid  to  Party B shall  be  exchanged  into  foreign
         currencies.

                          12. FOREIGN EXCHANGE CONTROL

12.1     All foreign  exchange  matters of the Joint Venture shall be handled in
         accordance  with the provision of the  "Provisional  Regulations of the
         People's  Republic  of China on  Foreign  Exchange  Control"  and other
         relevant  regulations.  The Joint Venture shall remit the profit due to
         Party B to bank accounts  designated by the Foreign Party  respectively
         in accordance with the  "Regulations of the People's  Republic of China
         on the Foreign Exchange Control."

12.2     The Joint Venture is entitled to open foreign exchange deposit accounts
         and  Renminbi  deposit  accounts  with  the  Bank  of  China  or  other
         designated  banks. All foreign  exchange  receipts of the Joint Venture
         (including  capital  contributions  made by Party B, loans from foreign
         banks,  export  revenues,  and so forth)  shall be  deposited  in Joint
         Venture's foreign exchange deposit account. All normal foreign exchange
         disbursements,  as listed  here below but not  limited  to, by order of
         priority:

                  - principal and interest repayments for foreign bank loans.
                  - import of raw materials.
                  - salaries of foreign staff,
                  - overseas traveling expenses.
                  - technical assistance agreement.
                  - transportation expenses.
                  - dividends to the Foreign Party.

12.3     Based on its  business  needs,  the Joint  Venture  may borrow  foreign
         exchange  funds from banks  abroad or in Hong Kong,  provided  that the
         Joint Venture shall file such matters with the local  Administration of
         Foreign  Exchange  Control for the record  within  fifteen (15) days of
         borrowing as required by law.

12.4     Renminbi  shall  generally  be used in the  settlement  of accounts for
         transactions  between  the  Joint  Venture  and the  Chinese  entities,
         enterprises  or  individuals  unless  otherwise  approved  by the local
         Administration of Foreign Exchange Control or where relevant government
         regulations  permit the Joint  Venture to use  foreign  exchange in the
         settlement of accounts.

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12.5     The Joint  Venture will be entitled to utilize all legal means in order
         to obtain the foreign  currencies  needed  such as swap  centers or all
         other legal exchange premises.

                        13. DURATION OF THE JOINT VENTURE

13.1     The  duration  of the  Joint  Venture  shall be 30  years.  The date of
         establishment of the Joint Venture shall be the date of issuance of the
         business  license.  The duration can be prolonged if one Party suggests
         it before six months of the expiring  date and if it is approved by the
         Board of Directors.

          14. DISPOSAL OF ASSETS UPON LIQUIDATION OF THE JOINT VENTURE

14.1     Upon  termination of the Joint Ventures,  liquidation  shall be carried
         out according to relevant laws and regulations.  The liquidated  assets
         shall be distributed in proportion to the capital  contribution made by
         all Parties.

14.2     The  fees  incurred  during  the  liquidation  and the  salary  for the
         Liquidation Committee shall be deducted from the residual equity.

14.3     All the original  copies of documents,  files,  contracts and books and
         records  of the  Joint  Venture  shall  be  kept by  Party A after  the
         liquidation.  Party B and Party C can have certified copies for all the
         documents, files, contracts and books for their records.

                                  15. INSURANCE

15.1     The Joint Venture shall maintain appropriate insurance policies with an
         insurance company in China. The types,  value and duration of insurance
         shall be  decided  by the Board of  Directors  in  accordance  with the
         standards of the insurance  company in China.  The Joint Venture should
         maintain the "5-insurance and 1-fund"  (referring to pension insurance,
         unemployment   insurance,   health  insurance,)  workers'  compensation
         insurance,  maternity insurance and housing reserve fund) for all staff
         and workers.

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              16. AMENDMENT, ALTERATION AND TERMINATION OF CONTRACT

16.1     Any amendment to this Agreement or its appendices shall come into force
         only by written  agreement  signed by All Parties  and  approved by the
         original examination and approval authority.

16.2     Should it become  impossible  to fulfill this  Agreement as a result of
         force  majeure,   or  should  it  become  impossible  to  continue  the
         operations of the Joint  Venture as a result of heavy losses  sustained
         by the Joint  Venture in successive  years,  the Joint Venture and this
         Agreement  may  be  terminated  prior  to the  date  of  expiration  if
         unanimously  decided  by the Board of  Directors  and  approved  by the
         original  examination and approval  authority.  The registration of the
         Joint  Venture  must  then be  canceled  at the  original  registration
         office.  The Joint  Venture may be terminated  prior to its  expiration
         date in the event that both Parties agree that termination of the Joint
         Venture is the mutual and the best interest of the Parties.

16.3     If due to any one Party being unable to fulfill the obligations of this
         Agreement and the articles of incorporation, and if for that reason the
         Joint Venture  Company  cannot  continue its normal  business or cannot
         reach its target  mentioned in the Agreement,  then the Agreement would
         be deemed to have been stopped by the Party who made the violation. The
         other  Parties  have the  right to claim  damages  and to apply for the
         termination  of the  Agreement.  If the other Parties agree to continue
         the business, the Party which committed the violation should compensate
         the economic  damage.  The other Party would have in that case a buying
         option for the shares owned by the  defaulting  Party.  The  purchasing
         price  shall be the  default  party's  ownership  interest of the total
         assets appraised by the public accountant at the date of default.

16.4     In the event  that the Joint  Venture  intends to merge with or acquire
         another production  enterprise or economic  organization in the future,
         approval by all the Parties shall be required.

                                17. FORCE MAJEURE

17.1     Should the performance of this Agreement be directly affected or should
         it become  impossible to perform this Agreement in accordance  with the
         prescribed  terms  as a  result  of  a  force  majeure  event  such  as
         earthquake,  typhoon,  flood, fire, war, civil disorder,  unforeseeable
         events where the occurrences and  consequences  are  unpreventable  and
         unavoidable without limitation,  the Party affected by such event shall
         notify the other  Parties by  telegram or  facsimile  without any delay
         and, within ten (10) days thereafter,  provide the detailed information
         on such event and a valid  certification  document  giving  reasons for
         such Party's  inability to perform all or part of this Agreement or its
         delay of the performance.

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17.2     If  possible,  the said  document  shall be issued  by a notary  public
         office at the  location  where  the force  majeure  event  occurs.  The
         Parties shall decide  through  consultations  whether to terminate this
         Agreement or to waive part of the  obligations  to be  performed  under
         this Agreement or to delay the performance of this Agreement  according
         to the effects of the force  majeure event on the  performance  of this
         Agreement.

                               18. APPLICABLE LAW

18.1     The  execution,  validity,   interpretation  and  performance  of  this
         Agreement and dispute resolution under this Agreement shall be governed
         and protected by the laws of China.

                             19. DISPUTE RESOLUTION

19.1     Any dispute  arising from the execution of or in  connection  with this
         Agreement shall first be settled through friendly consultations between
         the Parties.  In the event that no  settlement  can be reached  through
         consultations,   the  disputes   shall  be  submitted  to  the  Beijing
         International   Economic   and   Trade   Arbitration   Commission   for
         conciliation or arbitration.  The arbitration fees and related expenses
         occurred shall be borne by the losing Party.

19.2     When the dispute,  controversy or claim arising out of or in connection
         with  this  Agreement  are  being  resolved  either  through   friendly
         consultation  or  through  arbitration,  the  Parties  should  take the
         interest  of the whole into  account and shall not hinder or affect the
         performance of the provisions other than in dispute, so as to guarantee
         the smooth operation of the Joint Venture to the extent possible.

                                  20. LANGUAGE

20.1     The  Agreement  is  written  in  Chinese  and  English  versions,  both
         languages are equally authentic.

                                       13
<PAGE>

                 21. EFFECTIVENESS OF CONTRACT AND MISCELLANEOUS

21.1     The following  appendices  formulated in accordance with the principles
         of this Agreement shall be integral part of this Agreement:

         Appendix 1:       Copies  of  business  licenses  of  all  the  parties
                           herein;
         Appendix 2:       Credit certificates of all the parties;
         Appendix 3:       Identification     certificated    of    the    legal
                           representatives  or  authorized  persons  of all  the
                           parties herein;
         Appendix 4:       Authorization  Proxy executed by the  representatives
                           of each Party;
         Appendix 5:       Board resolution for approval of the JV agreement;
         Appendix 6:       Certificates  of  investment  from all parties to the
                           JV;

21.2     This Agreement and its appendices  shall become effective upon approval
         by the original examination and approval authority. The same applies in
         event of amendment.

21.3     This  Agreement  together with its  appendices  constitutes  the entire
         agreement of the Parties with respect of the subject matters hereof and
         shall supersede all prior  agreements  between the Parties with respect
         to the matters hereof.

21.4     The Parties  shall take all such  efforts to carry out the  purposes of
         this Agreement and its appendices.  Neither Party shall take any action
         that might have an adverse competitive effect of adverse consequence on
         the operation of the Joint Venture.

21.5     Any  waiver  by  either  Party at any  time of a breach  of any term or
         provision of this Agreement  shall not be construed as a waiver by such
         a Party of any subsequent breach, its rights to such term or provision,
         or any of its other rights hereunder.

21.6     If any one or more of the provisions contained in this Agreement or the
         appendices hereto shall be invalid, illegal or unenforceable in any
         respect under any applicable law, the validity, legality and
         enforceability of the remaining provisions contained herein or therein
         shall not in any way be affected or impaired.

21.7     Unless otherwise specifically provided, notices or other communications
         to  either  Party  required  or  permitted   hereunder  shall  be:  (a)
         personally  delivered;  (b) transmitted by postage  prepaid  registered
         airmail or by  international  courier;  or (c)  transmitted by telex or
         facsimile  with  answerback  or followed by  registered  airmail or air
         courier. The addresses of the Parties listed in this Agreement shall be
         their  respective  mailing  addresses  and their  respective  facsimile
         numbers.

                                       14
<PAGE>

         Party A's fax:0472_5155484
         Party B's fax:010_68000346
         Party C's fax:022_60730088

21.8     In witness whereof, the Parties have signed this Agreement on September
         28, 2005 by their duly authorized  representatives  in eight originals,
         each Party receiving one original in each version, Chinese and English.

Party A:
              /s/ Lin, Dong Lu                            September 28, 2005
             -------------------------------------        ----------------------
                         Lin, Dong Lu                     Date
             Baotou Iron & Steel (Group) Co., Ltd.

Party B:
              /s/ Yale Yu                                 September 28, 2005
             -------------------------------------        ----------------------
                             Yale Yu                      Date
              General Steel Investment Co., Ltd.

Party C:
              /s/ Yu, Zuo Sheng                           September 28, 2005
             -------------------------------------        ----------------------
                          Yu, Zuo Sheng                   Date
              Da Qiu Zhuang Metal Sheet Co., Ltd.Fourth Amendment

    
      

    

    Exhibit
      10.6

    

     

    FOURTH
      AMENDMENT TO RENEWAL AGREEMENT

     

    THIS
      FOURTH AMENDMENT TO RENEWAL AGREEMENT (this
      “Fourth Amendment”), dated
      as
      of September 29, 2005, is between CNL
      HOTELS & RESORTS, INC. (f/k/a
      CNL Hospitality Properties, Inc.), a Maryland corporation (the “Company”), and
CNL
      HOSPITALITY CORP.,
      a
      Florida corporation (the “Advisor”). (Each a “Party”, and collectively the
“Parties”). Defined terms used herein but not otherwise defined shall have the
      meanings ascribed to such terms in that certain Renewal Agreement, dated as
      of
      March 31, 2005, by and between the Parties (the “Renewal
      Agreement”).

     

    R
      E C I T A L S:

     

    WHEREAS,
      the
      Parties previously have entered into the Renewal Agreement; and

     

    WHEREAS,
      Paragraph Three of the Renewal Agreement provided that i)
      in the
      event that the Parties cannot agree, after good faith negotiations, upon a
      new
      Rate on or before July 1, 2005 (the “Arbitration Date”), the Parties shall
      submit the determination of the Rate to binding arbitration, so long as such
      arbitration shall not be inconsistent with applicable law or the Company’s
      Articles of Amendment and Restatement, as amended (the “Charter”), and
ii)
      if it is
      determined by the Company that arbitration is specifically inconsistent with
      applicable law or the Charter, the Company shall notify the Advisor in writing
      prior to July 1, 2005 (the “Notification Date”) and the Parties will negotiate
      in good faith to agree upon an alternative method to determine the new Rate;
      

     

    WHEREAS,
      the
      Parties agreed to extend until August 1, 2005 the Arbitration Date and the
      Notification Date under the terms of the First Amendment to Renewal Agreement,
      dated as of June 30, 2005 (the “First Amendment”); 

     

    WHEREAS,
      the
      Parties agreed to extend until September 1, 2005 the Arbitration Date and the
      Notification Date under the terms of the Second Amendment to Renewal Agreement,
      dated as of July 29, 2005 (the “Second Amendment”); 

     

    WHEREAS,
      the
      Parties agreed to extend until October 1, 2005 the Arbitration Date and the
      Notification Date under the terms of the Third Amendment to Renewal Agreement,
      dated as of August 30, 2005 (the “Third Amendment”); and

     

    WHEREAS,
      the
      Parties desire to extend until November 1, 2005 the Arbitration Date and the
      Notification Date upon the terms and conditions set forth herein.

     

    NOW,
      THEREFORE, in
      consideration of the foregoing and of the mutual covenants and agreements
      contained herein, the Parties agree as follows:

     

    1. Paragraph
      Three of the Renewal Agreement (as amended by the First Amendment, the Second
      Amendment and the Third Amendment) is amended by deleting the reference to
      October 1, 2005 in each of the fifth and sixth sentences and replacing such
      date
      with November 1, 2005.

     

    2. Except
      as
      amended above, the Renewal Agreement shall remain in full force and effect.
      

     

    3. This
      Fourth Amendment may be executed in counterparts, each of which shall be deemed
      an original and all of which, together, shall constitute a single
      instrument.

     

    IN
      WITNESS WHEREOF,
      the
      Parties have duly executed this Fourth Amendment as of the date and year first
      above written. 

    

     

    
      	 	 	 
	 	
                      
                CNL HOTELS & RESORTS, INC.

            
	 
 	 
 	 (f/k/a
              CNL Hospitality Properties, Inc.)
 
	 	By:  	/s/ C.
              Brian Strickland   
	 	
              
Name:
              C. Brian Strickland
	 	
              Its: Executive
                Vice President and Secretary 

            

      	 	 	 
	 	
                     
                CNL HOSPITALITY CORP.

            
	 
 	 
 	 
 
	 	By:  	/s/ James
              M. Seneff
	 	
              
Name: James
              M. Seneff
	 	Its: Director
              and Chairman

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