09:07     ISTEELASIA HOLD<08080> - Unusual price & volume movements           

                                                                              
    This announcement, for which the directors of iSteelAsia                  
    Holdings Limited (the "Directors") collectively and                       
    individually accept full responsibility, includes particulars             
    given in compliance with the Rules Governing the Listing of               
    Securities on the Growth Enterprise Market of The Stock Exchange          
    of Hong Kong Limited (the "GEM Listing Rules") for the purpose            
    of giving information with regard to iSteelAsia Holdings Limited.         
    The Directors, having made all reasonable enquiries, confirm that,        
    to the best of their knowledge and belief:                                
    (1) the information contained in this announcement is accurate            
    and complete in all material respects and not misleading;                 
    (2) there are no other matters the omission of which would                
    make any statement in this announcement misleading; and                   
    (3) all opinions expressed in this announcement                           
    have been arrived at after due and careful consideration and are          
    founded on bases and assumptions that are fair and reasonable.            
                                                                              
    iSteelAsia Holdings Limited                                               
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 8080)                                                        
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    This announcement is made at the request of The Stock Exchange of         
    Hong Kong Limited.  The Stock Exchange of Hong Kong Limited               
    takes no responsibility for the contents of this announcement,            
    makes no representation as to its accuracy or completeness and            
    expressly disclaims any liability whatsoever for any loss                 
    howsoever arising from or in reliance upon the whole or any part          
    of the contents of this announcement.                                     
                                                                              
    We have noted the recent fluctuation in price and increase in             
    trading volume of the shares of iSteelAsia Holdings Limited               
    ("the Company") and wish to state that we are not aware of                
    any reasons for such movement.                                            
                                                                              
    Save as disclosed in the announcement dated 30th March, 2005,             
    we also confirm that there are no negotiations or                         
    agreements relating to intended acquisitions                              
    or realisations which are discloseable under Chapters 19 and              
    20 of the GEM Listing Rules, neither is the board of                      
    Directors (the "Board") aware of any matter discloseable                  
    under the general obligation imposed by rule 17.10 of the                 
    GEM Listing Rules, which is or may be of a price-sensitive                
    nature.                                                                   
                                                                              
    Made by the order of the Board, the Directors of which                    
    collectively and individually accept responsibility for                   
    the accuracy of this announcement.                                        
                                                                              
    By Order of the Board                                                     
    Desmond Hay Ching Fu                                                      
    Director and Chief Executive Officer                                      
                                                                              
    Hong Kong, 6th April 2005                                                 
                                                                              
    * For identification purpose only                                         
                                                                              
    As at the date of this announcement, the Board comprised                  
    Andrew Cho Fai Yao (Chairman), Desmond Hay Ching Fu (being                
    the executive Directors), David Michael Faktor (being the                 
    non-executive Director), Philip King Huen Ma,                             
    Kennedy Ying Ho Wong, Kenny King Ching Tam (being the                     
    independent non-executive Directors).                                     
                                                                              
    This announcement will remain on the "Latest Company                      
    Announcements" page of the GEM website for at least                       
    7 days from its date of publication.