China Precision Steel, Inc. (CPSL), a cold-rolled steel processing company in China, reported preliminary fiscal year 2008 financial results this afternoon after the close. The company expects to achieve $87.7 million in sales, an increase of 62.6% year-over-year from $54.0 million. Analysts expected 2008 revenues of $75.4 million. China Precision Steel expects gross profit for 2008 to be $22.5 million, an improvement of 49.6% from $15.0 million in 2007. Fourth quarter revenue is expected to be approximately $28.5 million, an increase of 70% year-over-year from $16.8 million.