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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549 </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of Earliest event Reported):
March 19, 2012 (March 15, 2012)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B><U>CHINA
PRECISION STEEL, INC.<BR>
</U></B></FONT><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD NOWRAP STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 33%">Delaware</TD>
    <TD NOWRAP STYLE="width: 34%; font-weight: bold; text-decoration: underline; text-align: center">000-23039</TD>
    <TD NOWRAP STYLE="width: 33%; font-weight: bold; text-decoration: underline; text-align: center">14-1623047</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD NOWRAP STYLE="text-align: center">(Commission File No.)</TD>
    <TD NOWRAP STYLE="text-align: center">(IRS Employer ID No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">incorporation or organization)</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18th Floor, Teda Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>87 Wing Lok Street, Sheungwan, Hong Kong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>852-2543-2290</B></P>

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Area Code)</P>

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(Former name or former address, if changed since last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (<U>see </U>General Instruction
A.2. below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; &nbsp;Transfer of Listing.</B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On September 22, 2011,
<FONT STYLE="color: black">China Precision Steel, Inc.</FONT> (the &ldquo;Company&rdquo;) reported that it had received a letter
from The NASDAQ Stock Market LLC (&ldquo;NASDAQ&rdquo;)</FONT> <FONT STYLE="font-size: 10pt">notifying the Company that for 30
consecutive business days the bid price of the Company&rsquo;s common stock had closed below $1.00 per share, the minimum closing
bid price required by the continued listing requirements set forth in Listing Rule 5450(a)(1), and that, pursuant to Listing Rule
5810(c)(3)(A), the Company had 180 calendar days, or until March 14, 2012, to regain compliance with the minimum bid price requirement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 15, 2012, the Company received
a second letter from NASDAQ notifying the Company that it had not regained compliance during the initial 180-day grace period,
but that NASDAQ was granting the Company an additional 180-day grace period, or until September 10, 2012, to regain compliance.
NASDAQ&rsquo;s determination was based on the Company having met the continued listing requirement for market value of publicly
held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid
price requirement, and on the Company&rsquo;s written notice to NASDAQ of its intention to cure the deficiency during the second
compliance period by effecting a reverse stock split, if necessary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7.01. Regulation FD Disclosure.
</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information set forth in Item 8.01
above is incorporated by reference herein. A copy of the Company&rsquo;s press release regarding the NASDAQ notice, which the Company
is furnishing to the Securities and Exchange Commission, is furnished as Exhibit 99.1 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in the exhibit
attached hereto shall not be deemed to be &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (&quot;Exchange Act&quot;), or otherwise subject to the liabilities of that section, nor shall such information or such
exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a filing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 12%">Exhibit</TD>
    <TD STYLE="width: 88%">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>Press Release, dated March 19, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD NOWRAP STYLE="width: 50%">Date: &nbsp;March 19, 2012</TD>
    <TD NOWRAP STYLE="width: 50%; font-weight: bold">CHINA PRECISION STEEL, INC.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>By: <U>/s/ Hai Sheng Chen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hai Sheng Chen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD></TR>
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{"company-data": {"conformed-name": "China Precision Steel, Inc.", "cik": "0001044577", "assigned-sic": "3312", "irs-number": "141623047", "state-of-incorporation": "CO", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23039", "film-number": "12699245"}, "business-address": {"street1": "8TH FLOOR, TEDA BUILDING", "street2": "87 WING LOK STREET, SHEUNGWAN", "city": "HONG KONG", "state": "K3", "zip": "000", "phone": "86 21 5994 8500"}, "mail-address": {"street1": "8TH FLOOR, TEDA BUILDING", "street2": "87 WING LOK STREET, SHEUNGWAN", "city": "HONG KONG", "state": "K3", "zip": "000"}, "former-company": {"former-conformed-name": "ORALABS HOLDING CORP", "date-changed": "19970815"}}
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):
March 19, 2012 (March 15, 2012)
CHINA
PRECISION STEEL, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-23039
14-1623047
(State or other jurisdiction of
(Commission File No.)
(IRS Employer ID No.)
incorporation or organization)
18th Floor, Teda Building
87 Wing Lok Street, Sheungwan, Hong Kong
People's Republic of China
(Address of Principal Executive Offices)
852-2543-2290
(Registrant's Telephone Number, Including
Area Code)
_____________________________
(Former name or former address, if changed since last report)
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):
£
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
£
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
£
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard;  Transfer of Listing.
On September 22, 2011,
China Precision Steel, Inc.
(the "Company") reported that it had received a letter
from The NASDAQ Stock Market LLC ("NASDAQ")
notifying the Company that for 30
consecutive business days the bid price of the Company's common stock had closed below $1.00 per share, the minimum closing
bid price required by the continued listing requirements set forth in Listing Rule 5450(a)(1), and that, pursuant to Listing Rule
5810(c)(3)(A), the Company had 180 calendar days, or until March 14, 2012, to regain compliance with the minimum bid price requirement.
On March 15, 2012, the Company received
a second letter from NASDAQ notifying the Company that it had not regained compliance during the initial 180-day grace period,
but that NASDAQ was granting the Company an additional 180-day grace period, or until September 10, 2012, to regain compliance.
NASDAQ's determination was based on the Company having met the continued listing requirement for market value of publicly
held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid
price requirement, and on the Company's written notice to NASDAQ of its intention to cure the deficiency during the second
compliance period by effecting a reverse stock split, if necessary.
Item 7.01. Regulation FD Disclosure.
The information set forth in Item 8.01
above is incorporated by reference herein. A copy of the Company's press release regarding the NASDAQ notice, which the Company
is furnishing to the Securities and Exchange Commission, is furnished as Exhibit 99.1 and incorporated by reference herein.
The information contained in the exhibit
attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or such
exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Description
99.1
Press Release, dated March 19, 2012
SIGNATURES
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.
Date:  March 19, 2012
CHINA PRECISION STEEL, INC.
By:
/s/ Hai Sheng Chen
Hai Sheng Chen
Chief Executive Officer