09:16     ISTEELASIA HOLD<08080>-Announcement&Resumption of Trading(1)        

    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.                   
                                                                              
                    North Asia Strategic                                      
            iSteelAsia Holdings Limited        Acquisition Corp.              
            (incorporated in Bermuda with limited liability)                  
    (incorporated in the Cayman Islands                                       
            (Stock code: 8080)        with limited liability)                 
                    &                                                         
                    Mr. Moses Kwok Tai Tsang                                  
                                                                              
    JOINT ANNOUNCEMENT                                                        
                                                                              
    CAPITAL REORGANISATION,                                                   
    OPEN OFFER,                                                               
    SUBSCRIPTION OF NEW SHARES                                                
    AND                                                                       
    CONVERTIBLE BONDS,                                                        
    APPLICATION FOR WHITEWASH WAIVER                                          
    AND                                                                       
    PROPOSED CHANGE OF COMPANY NAME                                           
                                                                              
            Financial adviser to iSteelAsia Holdings Limited                  
    Financial adviser to the Ajia Parties                                     
            Celestial Capital Limited        SOMERLEY LIMITED                 
                                                                              
    Independent financial adviser to the Independent Board Committee          
    and the Independent Shareholders                                          
                                                                              
    ACCESS CAPITAL                                                            
                                                                              
    The iSteelAsia Board and the Ajia Parties announce that agreement has     
    been reached for Proposals for the expansion of the capital base of       
    iSteelAsia and the introduction of the Ajia Parties as the new            
    controlling shareholder of iSteelAsia. The Proposals, which are subject   
    to the conditions set out below, include the following main components:   
                                                                              
    (i)        the Capital Reorganisation which will involve (a) a            
    consolidation of every 100 existing Shares of HK$0.10 each into 1         
    Consolidated Share of HK$10.0; (b) a reduction in the par value of each   
    issued Consolidated Share from HK$10.0 each to HK$0.01 each by            
    cancelling HK$9.99 paid-up capital on each issued Consolidated Share;     
    (c) the reduction of the nominal value of all the unissued Consolidated   
    Shares of HK$10.0 each to HK$0.01 each within iSteelAsia's authorised     
    share capital, by way of (i) cancellation of all the authorised but       
    unissued share capital of iSteelAsia, including the authorised but        
    unissued share capital arising from the Capital Reduction, and (ii) an    
    increase in the authorised share capital of iSteelAsia back to its        
    original amount of HK$400,000,000 by the creation of the requisite        
    number of New Shares of HK$0.01 each; and (d) a reduction of the entire   
    amount standing to the credit of the share premium account of             
    iSteelAsia. The shares of HK$0.01 each after the Capital Reorganisation   
    are referred to in this announcement as "New Shares";                     
                                                                              
    (ii)        the Open Offer to raise approximately HK$2.5 million (before  
    expenses) on the basis of an assured allotment of one Offer Share for     
    each New Share held by the Qualifying Shareholders on the Record Date at  
    the Offer Price of HK$0.1566 per Offer Share. Qualifying Shareholders     
    will be able to apply for Offer Shares in excess of their assured         
    allotments; and                                                           
                                                                              
    (iii)        the Subscription of 63,856,960 New Shares by the Ajia        
    Parties at a subscription price of HK$0.1566 per New Share to raise       
    approximately HK$10 million and a further subscription of HK$20 million   
    nominal of non-interest bearing Convertible Bonds, convertible into       
    127,713,920 New Shares at an initial conversion price of HK$0.1566 per    
    Conversion Share.                                                         
                                                                              
    The Capital Reorganisation is subject to, among other conditions,         
    approval being obtained from Independent Shareholders at the SGM for the  
    Open Offer, the Subscription and the Whitewash Waiver. The Open Offer     
    and the Subscription are inter-conditional and subject to further         
    conditions as set out below, including the grant of the Whitewash         
    Waiver.                                                                   
                                                                              
    Van Shung Chong, through its wholly-owned subsidiary VSC BVI, currently   
    holds 301,026,000 Shares (equivalent to 3,010,260 New Shares upon the     
    Capital Reorganisation taking effect), representing approximately 18.9%   
    of the existing issued share capital of iSteelAsia. VSC BVI has           
    irrevocably undertaken to iSteelAsia to apply in full for its assured     
    allotment under the Open Offer, amounting to 3,010,260 Offer Shares, and  
    has agreed to underwrite the remainder of the Offer Shares. Depending on