Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of Earliest event Reported): May 3, 2010 (May 1, 2010)
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CHINA
PRECISION STEEL, INC.
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(Exact
name of registrant as specified in its
charter)
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Delaware
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000-23039
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14-1623047
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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18th
Floor, Teda Building
87
Wing Lok Street, Sheungwan, Hong Kong
People’s
Republic of China
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(Address
of Principal Executive Offices)
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852-2543-2290
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(Registrant's
telephone number, including area code)
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(Former
name or former address, if changed since last
report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
ITEM
5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS;
ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
On May 1,
2010, Dr. Wo Hing Li resigned from his position as Chief Executive
Officer of China Precision Steel, Inc. (the "Company"), effective immediately,
but will
remain in his
position as Chairman of the Company’s Board of Directors. Mr. Li's
resignation from his position as Chief Executive Officer is not in connection
with any known disagreement with the Company on any matter.
On May 1,
2010, the Company's board of directors appointed Mr. Hai Sheng Chen, the
Company’s General Manager, as Chief Executive Officer in Mr. Li’s stead,
effective immediately, and appointed Mr. Zu De Jiang as the Company’s Chief
Operation Officer.
Mr. Hai
Sheng Chen, age 47, is a co-founder of China Precision Steel and has served as
an Executive Director and General Manager of the Company and its operating
subsidiary, Shanghai Chengtong Precision Strip Co., Ltd., since July
2002. Prior to joining the Company, Mr. Chen served from July 2001 to
July 2002, as the Managing Director of Shanghai Krupp Stainless Steel Co.
Limited, a steel processing company, and from August 1999 to May 2001, as the
Deputy General Manager of Pudong Steel Co. Limited, a subsidiary of the Baosteel
Group, a steel processing company. Mr. Chen has an Executive MBA
Degree from China Europe International Business School and a Bachelors Degree in
Metallic Pressure Processing from the Beijing University of Science and
Technologies.
Mr. Zu De
Jiang, age 64, has been with China Precision Steel since the Company was founded
in 2002. He served as the Company’s Assistant General Manager from
February 2002 to February 2007, and has served as Assistant CEO since March
2007. Prior to joining the Company, Mr. Jiang served from September
1996 to June 2001, as the Deputy General Manager of Shanghai Pudong Stainless
Steel Thin Plate Co., Ltd. and from April 1984 to September 1996, as
the Deputy Head of Operations of the Cold Rolling Plant at Shanghai Pudong Steel
(Group) Co., Ltd. Prior to that, Mr. Jiang held various positions
between September 1967 and April 1984 at Shanghai No. 3 Steel Factory, including
Division Chief of the Cold Rolling Division. Mr. Jiang graduated from Shanghai
Metallurgical Academy in September 1967 and holds a diploma in Steel
Rolling.
The
Company intends to enter into a written agreement with each of Messrs. Chen and
Jiang in connection with their appointment as Chief Executive Officer and Chief
Operating Officer, respectively.
No family
relationship exists between Messrs. Chen and Jiang and any other director or
executive officer of the Company and there are no arrangements or understandings
between any of them and the Company that would require disclosure under Item
404(a) of Regulation S-K. The Company's press release regarding Messrs. Chen and
Jiang’s appointment is filed herewith as Exhibit 99.1.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
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Exhibit No.
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Description
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99.1
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Press
Release, dated May 3, 2010
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CHINA
PRECISION STEEL, INC.
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Dated: May 3,
2010
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By: /s/ Mr. Hai Sheng
Chen
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Mr.
Hai Sheng Chen
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Chief
Executive Officer
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EXHIBIT
INDEX
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Exhibit No.
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Description
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99.1
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Press
Release, dated May 3, 2010
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