iSteelAsia.com Taps Expertise of
McDonald Investments
To Evaluate Business Expansion Opportunities

Hong Kong, February 7, 2001 - iSteelAsia.com Limited ("iSteelAsia.com" or the "Group", HKSE code 8080), the world's leading steel exchange vertical portal, today announced that it will begin working with McDonald Investments Inc., a leading U.S.-based investment bank to the steel industry, to explore and evaluate business development opportunities in key markets around the world.

For more than 70 years, McDonald Investments has been involved in corporate finance and investment banking businesses, with strong participation in the metals' industry. iSteelAsia.com intends to work with McDonald Investments to explore investment opportunities that will benefit iSteelAsia.com in achieving dominance in the online steel trading market, such as global combinations, establishing joint ventures and engaging business partnerships.

"McDonald Investments' financial strength and expertise will greatly enhance iSteelAsia.com's ability to capitalize on the significant expansion opportunities available in our e-marketplace. iSteelAsia.com intends to provide our leading technology and business know-how to further online steel trading and value-added services in selected markets throughout the world," said Andrew Yao, Chairman and CEO of iSteelAsia.com.

For the period ended September 30, 2000, iSteelAsia.com achieved 78% growth in completed transaction volume to a total of approximately US$146 million compared to the first quarter ended June 30, 2000. Moreover, the Group recorded an increase of 23% in membership to over 3,000.

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Corporate Information

iSteelAsia.com Limited
Launched in December 1999, iSteelAsia.com Limited ("iSteelAsia.com") was Asia's first online exchange for trading in steel and steel products. It is the first of its kind to be listed on the Hong Kong Stock Exchange's GEM board in April 2000. Focused on the Asian steel community, iSteelAsia.com aims to offer an open and neutral marketplace for steel trading. Trading competitiveness and efficiency are optimized on iSteelAsia.com as players can access a full spectrum of buyers and sellers and timely market knowledge. iSteelAsia.com serves as a single point of contact offering financing, insurance, surveying, shipping and logistics services, providing members with a one-stop end-to-end steel trading.

To date, iSteelAsia.com has over 3,000 registered members who regularly use its online trading services and access into its online Reuters and Asian Information Resources Limited. For details, please visit : www.isteelasia.com

McDonald Investments Inc.
McDonald Investments Inc. is a leading full-service investment firm serving individuals, corporations, institutions and governments. Established in 1924, it is a subsidiary of KeyCorp, one of the largest U.S. multiline financial services companies. KeyCorp, a Cleveland-based financial services company with assets of approximately US$87 billion, provides investment management, retail and commercial banking, consumer finance and investment banking products and services through a network of offices and subsidiaries in 46 states in the U. S. Visit www.mcdinvest.com or www.Key.com/newsroom.

For further information, please contact:

iSteelAsia.com Limited
Ms. Betty Jane Leon
Senior Marketing Manager
E-mail: betty.leon@isteelasia.com