09:17     ISTEELASIA HOLD<08080>-Announcement&Resumption of Trading(3)        

    independent board committee and the independent financial adviser and     
    notice of the SGM, will be despatched to the Shareholders as soon as      
    practicable and in accordance with the requirements of the GEM Listing    
    Rules and the Takeovers Code.                                             
                                                                              
    The Proposals are subject to certain conditions set out in this           
    announcement including but not limited to obtaining Independent           
    Shareholders' approval at the SGM and obtaining the Whitewash Waiver.     
    Accordingly, the Proposals may or may not proceed. Shareholders,          
    Warrantholders and potential investors should therefore exercise caution  
    when dealing in the Shares and/or Warrants.                               
                                                                              
    Trading in the Shares and Warrants on GEM was suspended with effect from  
    9:30 a.m. on Wednesday, 20 April 2005 at the request of iSteelAsia        
    pending the issue of this announcement. Application has been made to GEM  
    for the resumption in trading in the Shares and Warrants on GEM with      
    effect from 9:30 a.m. on Friday, 20 May 2005.                             
                                                                              
            For and on behalf of        For and on behalf of                  
            iSteelAsia Holdings Limited        North Asia Strategic           
    Acquisition Corp.                                                         
            Andrew Cho Fai Yao        Chow Savio Sing Nam                     
            Chairman        Director                                          
                    &                                                         
                    Moses Kwok Tai Tsang                                      
                                                                              
    Hong Kong, 19 May 2005                                                    
                                                                              
    The directors of iSteelAsia jointly and severally accept full             
    responsibility for the accuracy of the information contained in this      
    announcement (other than information relating to the Ajia Parties) and    
    confirm, having made all reasonable enquiries, that to the best of their  
    knowledge, opinions expressed in this announcement have been arrived at   
    after due and careful consideration and there are no other facts not      
    contained in this announcement the omission of which would make any       
    statement in this announcement misleading.                                
                                                                              
    The directors of NASAC and Mr. Tsang jointly and severally accept full    
    responsibility for the accuracy of the information contained in this      
    announcement (other than those relating to iSteelAsia) and confirm,       
    having made all reasonable enquiries, that to the best of their           
    knowledge, opinions expressed in this announcement have been arrived at   
    after due and careful consideration and there are no other facts not      
    contained in this announcement the omission of which would make any       
    statement in this announcement misleading.                                
                                                                              
    As at the date of this announcement, the iSteelAsia Board comprises Mr.   
    Andrew Yao (Chairman), Mr. Desmond Hay Ching Fu (being the executive      
    Directors), Mr. David Michael Faktor (being the non-executive Director),  
    Mr. Philip King Huen Ma, Mr. Kennedy Ying Ho Wong, Mr. Kenny King Ching   
    Tam (being the independent non-executive Directors).                      
                                                                              
    The above announcement is a summary only. For the full version of this    
    announcement, please refer to the 'Latest Company Announcement' page on   
    the GEM website at http://www.hkgem.com.                                  
                                                                              
    * For the Chinese name, please refer to the full version on HKEX          
    website.