Document:

LONG-TERM SUPPLY AGREEMENT

THIS AGREEMENT (this "Agreement") is made and executed in Wuxi, Jiangsu Province
on the 5th day of December, 2006 by and between:

Party A: Wuxi Seamless Oil Pipes Company Limited
Address: No. 38, Zhujiang Road, New and Hi-tech Industry Development Zone, Wuxi
Postal code: 214028
Telephone: 0510-5225533-3004
Fax: 0510-5218960

Party B: Wuxi Xuefeng Steel Co., Ltd.
Address:
Postal code:
Telephone:
Fax:

Whereas:

1.    Party B produces oil pipe billets (hereinafter referred to as the
      "Product") and intends to supply the Product to Party A long term;

2.    Party A intends to purchase the Product produced by Party B long term.

NOW, THEREFORE, in accordance with Contract Law of the People's Republic of
China, after friendly consultation in all aspects, the Parties hereby agree as
follows:

ARTICLE 1 SUPPLY AND PURCHASE

During the effective term of the Agreement, Party B agrees to supply, and Party
A agrees to purchase, the Product produced by Party B.

ARTICLE 2 SUPPLY VOLUME

2.1.  During the effective term of the Agreement, Party B agrees to supply Party
      A with 300,000-600,000 tonnes of the Product each year, but Party A has no
      obligation to purchase at least such supply volume of the Product from
      Party B each year.

2.2   Party B undertakes that they shall supply the Product to Party A as a
      priority to meet the demands of Party A.

ARTICLE 3 PRICE

3.1   Both parties agree that the Product price shall be slightly lower than the
      market

      price and the price shall be determined after negotiation between both
      Parties.

3.2   Party A shall have the right to negotiate the Product price with Party B
      for adjustment every year, every half year or every quarter.

ARTICLE 4 PURCHASE ORDER

Party A shall purchase the Products from Party B in the form of purchase orders,
which shall specify the Product name, type, size, quantity, technical standard,
delivery period, unit price, total price and payment term, etc. After execution
by authorized representatives from both Parties, such orders shall constitute an
integral part of this Agreement.

ARTICLE 5 CALCULATION METHOD OF PRODUCT

Both parties agree that the Product weight shall be calculated based on the
theoretical weight by gauges.

ARTICLE 6 FORCE MAJEURE

In case one or both Parties cannot perform the duties provided herein on account
of force majeure, the Party (or Parties) in contingency shall inform the other
Party (or each other) of the situation immediately and may, provided the
situation is duly certified by the competent authorities, delay in performance
of, or partially perform or not perform the relevant obligations hereunder and
shall be partially or entirely exempted from liability for breaching this
Agreement.

ARTICLE 7 TERM OF AGREEMENT

The Agreement shall have a 5-year term commencing on January 1st, 2007 and shall
be renewable by mutual negotiation of both parties after the expiry.

ARTICLE 8 MODIFICATION OR SUPPLEMENT

This Agreement shall not be modified or supplemented without the mutual
agreement and written approval of both parties; any modified and supplemented
agreement shall constitute part of this Agreement and shall be of equal force in
law.

ARTICLE 9 AGREEMENT INTEGRATION

The Agreement herein contains the entire agreement and understanding between the
parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings about such matters.

ARTICLE 10 APPLICABLE LAWS

The execution, effectiveness, interpretation, performance and termination of
this Agreement or other matters in respect to this Agreement shall be governed
by the laws of the People's Republic of China.

ARTICLE 11 DISPUTE RESOLUTION

Any disputes arising from or in connection with this Agreement shall be settled
by both

Parties through friendly consultations. If the Parties fail to settle the
disputes through friendly consultations, either Party may bring a lawsuit in the
People's Court directly.

ARTICLE 12 AGREEMENT TEXT

This Agreement is made in two copies, with each Party holding one copy and each
copy having equal force in law.

The Parties hereto have caused this Agreement to be executed by their authorized
representatives on the date first written above.

           Party A: Wuxi Seamless Oil Pipes Company Limited

           (Seal)
                  -----------------------

           Authorized Representative: /s/
                                      -----------------------

           Party B: Wuxi Xuefeng Steel Co., Ltd

           (Seal)
                  -----------------------

           Authorized Representative: /s/
                                      -----------------------FRAMEWORK AGREEMENT

THIS AGREEMENT (this "Agreement") is made and executed in Wuxi, Jiangsu
Province, P. R. C. on the 5th day of January, 2007 by and between:

Party A: Wuxi Seamless Oil Pipes Company Limited
Address: No. 38, Zhujiang Road, New and Hi-tech Industry Development Zone, Wuxi
Postal code: 214028
Telephone: 0510-5225533-3004
Fax: 0510-5218960

Party B: Wuxi Quanhua Material Co., Ltd.
Address:
Postal code:
Telephone:
Fax:

Whereas:

1.    Party B is a company engaged in the transportation of goods and has
      obtained the relevant qualifications to handle such business and intends
      to provide Party A with the transportation of goods (hereinafter referred
      to as the "Transportation Services");

2.    Party A intends to receive the Transportation Services provided by Party
      B.

NOW, THEREFORE, in accordance with the Contract Law of the People's Republic of
China, after friendly consultation in all aspects, the Parties hereby agree on
the Transportation Services as follows:

ARTICLE 1 PROVISION OF TRANSPORTATION SERVICES

During the effectiveness period of this Agreement, Party B agrees to provide
Party A with the transportation of goods and Party A agrees to receive such
Transportation Services from Party B.

ARTICLE 2 ORDERS FOR GOODS TRANSPORTATION

In executing transportation orders, both Parties shall from time to time reach
an agreement about the price and scope of transportation services through
friendly consultation.

The transportation orders shall not be unilaterally modified or cancelled. In
case either Party needs to modify or cancel orders due to changes in the
situation, such Party shall notify the other Party of such modification or
cancellation 10 days prior to the agreed

shipment date and the modification or cancellation shall be valid only after
confirmation by the other Party.

ARTICLE 3 FREIGHT

For the freight of transportation services under this agreement, both parties
shall negotiate and determine a fair price on the basis of the general
commercial terms and similar market prices that Party A offers to independent
third parties. In case there are no similar transactions to act as a reference
to gauge the general commercial conditions, the freight shall not be less than
the basic price that an independent third party in the market would charge for
similar services.

ARTICLE 4 MAXIMUM FREIGHT

On the basis of the freight paid by Party A and considering the market
situation, both Parties forecast that, within the three financial years ending
December 31, 2009, the annual maximum freight that Party A pays to Party B shall
be RMB 20,000,000, RMB 25,000,000 and RMB 30,000,000.

ARTICLE 5 PAYMENT TERMS

Party A shall pay freight to Party B within 5 days from the date Party B
provides the Transportation Services to Party A in accordance with the order
requirements. [More detailed payment terms shall be determined by the Parties in
the orders]

ARTICLE 6 AGREEMENT TERM

This Agreement shall expire on December 31, 2009. Upon the expiry of the first
agreement period, this agreement shall be automatically extended another three
years on the condition that both Parties meet the requirements of an associated
transaction specified by Chapter 14A of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited, except that either Party
may notify the other Party of the termination of this Agreement three months
prior to the expiry date.

ARTICLE 7 FORCE MAJEURE

In case one or both Parties fails to perform or fully perform the duties
provided herein on account of force majeure, such Party (or Parties) in
contingency may be exempted from liability for breach of this Agreement, but
shall inform the other Party (or each other) of the situation immediately with
accompanying notarized written materials concerning the force majeure issued by
the local public notary authorities. During the existing period of force
majeure, in case the Party (or Parties) in contingency may partially perform the
relevant obligations hereunder, such Party (or Parties) shall do so; in case
such Party (or Parties) can perform none of the obligations, they shall perform
or terminate the performance of the obligations impeded by such force majeure
when the force majeure ends and the other Party has so approved.

ARTICLE 8 CONFIDENTIALITY

(1)   Without the written approval of the other Party, each Party undertakes
      that it shall

      not disclose by itself to a third party or permit its shareholders,
      directors, senior executives, staff and agents to disclose to a third
      party any materials or content concerning the subject of this Agreement
      ("Confidential Information").

(2)   Under the following circumstances, Article 9 shall not impede either
      Party's use or disclosure of Confidential Information that: (a) was known
      prior to disclosure by the other Party; (b) was legally obtained from the
      third party without any violation of confidentiality obligations; (c)
      became available to the general public without fault on the part of either
      Party; (d) was derived without directly or indirectly using such
      information; or (e) was disclosed pursuant to laws, regulations, legal
      procedures or court orders.

(3)   Both Parties acknowledge and agree that Party A may make quick or urgent
      disclosures about this Agreement or any affairs about this Agreement
      pursuant to law or the request of any regulatory agencies (including but
      not limited to the Stock Exchange of Hong Kong Limited or the Hong Kong
      Securities and Futures Commission). Party A shall submit a disclosure
      draft to Party B, but Party B shall give its opinions about the draft
      immediately to meet the time limit stipulation of relevant laws or any
      regulatory agencies.

(4)   Each Party acknowledges and agrees that after the signing of this
      Agreement and the contents thereof, the other Party may issue disclosures
      (except those of the above-mentioned article (3)), circular letters,
      reports and announcements. Prior to the issuance of such disclosures,
      circular letters, reports and announcements, in case the contents are
      related to the other Party or affiliated companies thereof, such Party
      shall obtain prior approval from the other Party (such approval shall not
      be unreasonably withheld or delayed but given promptly). Each Party shall
      submit drafts of such disclosures, circular letters, reports and
      announcements to the other Party. If the other Party gives no reply within
      a reasonable time after receiving the drafts, such Party shall deem it as
      approval by the other Party.

ARTICLE 9 APPLICABLE LAWS

The signing, effectiveness, interpretation, execution, and dispute resolution of
this Agreement shall be governed by the laws of the People's Republic of China.

ARTICLE 10 DISPUTE RESOLUTION

Any disputes arising from or in connection with this Agreement shall be settled
by both Parties through friendly consultations. If the Parties fail to settle
the disputes through friendly consultations, either Party may directly bring a
lawsuit in the People's Court.

The Parties hereto have caused this Agreement to be executed by their authorized
representatives; this Agreement is made in two copies, with each Party holding
one copy.

           (There is no text in this page)

           Party A: WUXI SEAMLESS OIL PIPES COMPANY LIMITED

           (Seal)
                  --------------------

           Authorized Representative: /s/
                                      --------------------

           Party B: WUXI QUANHUA MATERIAL CO., LTD.

           (Seal)
                  --------------------

           Authorized Representative: /s/
                                      --------------------

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