08:59     ISTEELASIA HOLD<08080> - Quarterly Results Announcement (1)         

                                                                              
    iSteelAsia Holdings Limited announced on 03/02/2005:                      
    (stock code: 08080 )                                                      
    Year end date: 31/03/2005                                                 
    Currency: HKD                                                             
    Auditors' Report: N/A                                                     
    Interim report reviewed by: Audit Committee                               
                                                                              
    Important Note:                                                           
                                                                              
    This result announcement form only contain extracted information          
    from and should be read in conjunction with the detailed results          
    announcement of the issuer, which can be view on the GEM website          
    at http://www.hkgem.com                                                   
                                                                              
                                                            (Unaudited )      
                                         (Unaudited )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/04/2004    from 01/04/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 751,164            1,123,308         
    Profit/(Loss) from Operations      : 1,281              (533)             
    Finance cost                       : (3,796)            (6,122)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (7,789)            (6,442)           
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)    2  : (0.0049)           (0.0041)          
             -Diluted (in dollars)  2  : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (7,789)            (6,442)           
    3rd Quarter Dividend            3  : 0                  0                 
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      3rd Quarter Dividend             : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : 0                                    
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
                                                                              
    For and on behalf of                                                      
    iSteelAsia Holdings Limited                                               
                                                                              
    Name :  Desmond Hay Ching Fu                                              
    Title : Director and Chief Executive Officer                              
                                                                              
    Responsibility statement                                                  
                                                                              
    The directors of the Company (the "Directors") as at the date hereof      
    hereby collectively and individually accept full responsibility for       
    the accuracy of the information contained in this results announcement    
    form (the "Information") and confirm, having made all reasonable          
    inquiries, that to the best of their knowledge and belief the             
    Information are accurate and complete in all material respects and        
    not misleading and that there are no other matters the omission of        
    which would make the Information herein inaccurate or misleading. The     
    Directors acknowledge that the Stock Exchange has no responsibility       
    whatsoever with regard to the Information and undertake to indemnify      
    the Exchange against all liability incurred and all losses suffered       
    by the Exchange in connection with or relating to the Information.        
                                                                              
    Remarks:                                                                  
                                                                              
    1. Basis of preparation                                                   
                                                                              
    The unaudited condensed consolidated accounts have been prepared          
    in accordance with accounting principles generally accepted               
    in Hong Kong and comply with accounting standards issued                  
    by the Hong Kong Institute of Certified Public Accountants.               
    They are prepared under the historical cost                               
    convention, except that investments are stated at fair value.             
                                                                              
    The unaudited condensed consolidated accounts should be read              
    in conjunction with the 2004 annual accounts.