In Re: Marsteel Consolidated, Inc.

May 25, 2009 SEC-CFD ORDER NO. 083-09 IN RE: MARSTEEL CONSOLIDATED, INC. ORDER OF REVOCATION The records on file with this Commission show that in its Order dated July 15, 2008, the Commission suspended the registration of and Permit to Sell Securities of Marsteel Consolidated, Inc. for a period of sixty (60) days from the date of receipt of the Order of Suspension, or until the company was able to submit the following reports and/or fully pay the corresponding penalties which shall be computed up to the date of actual submission: a. 2006 Annual Report (SEC Form 17-A) b. 2007 1st Qtr Report (SEC Form 17-Q) c. 2007 2nd Qtr Report (SEC Form 17-Q) d. 2007 3rd Qtr Report (SEC Form 17-Q) e. 2007 SEC Form 20-IS/SEC Form 17-C To date, however, MARSTEEL CONSOLIDATED, INC. (MARSTEEL for brevity) has subsequently and continues to violate SRC Rules 17.1 (1) (A) (i) and (ii), SRC Rule 20/17.1 (1) (A) (iii) of the Implementing Rules and Regulations of the Securities Regulation Code and Section 54 (c) as follows: Violation Frequency Show Cause Assessment Date Updated of Violation Letter Letter Submitted Penalty a) Late filing of 2006 3rd Offense June 27, 2007 August 28, May 21, 2008 P601,000.00 Annual Report (SEC 2007 Form 17-A), in violation of SRC Rule 17.1 (1) (A) (i) b) Late filing of 2007 2nd Offense July 2, 2007 August 29, September 22, P198,800.00 1st Qtr Report 2007 2008 (SEC Form 17-Q), in violation of SRC Rule 17.1 (1) (A) (ii) c) Late filing of 3rd Offense August 30, October 17, September 22, P303,000.00 2007 2nd Qtr Report 2007 2007 2008 (SEC Form 17-Q), in violation of SRC Rule 17.1 (1) (A) (ii) d) Late filing of For September 22, For 2007 3rd Qtr Report 4th Offense January 9, Suspension 2008 Suspension (SEC Form 17-Q) 2008 in violation of SRC Rule 17.1 (1) (A) (ii) e) Non-filing of 3rd Offense December 17, January 9, No submission P930,000.00 1 SEC Form 20-IS/ 2007 2008 (as of March SEC Form 17-C in 30, 2009) violation of SRC Rule 20/SRC Rule 17.1 (1) (A) (iii) f) Non-filing of 5th Offense June 13, 2008 For No submission For 2008 1st Qtr Report Revocation Revocation (SEC Form 17-Q), in violation of SRC Rule 17.1 (1) (A) (ii) g) Non-filing of 6th Offense August 4, For No submission For 2008 2nd Qtr Report 2008 Revocation Revocation (SEC Form 17-Q), in violation of SRC Rule 17.1 (1) (A) (ii) h) Non-filing of 7th Offense January 29, For No submission For 2008 3rd Qtr Report 2009 Revocation Revocation (SEC Form 17-Q), in violation of SRC Rule 17.1 (1) (A) (ii) i) Non-filing of 4th Offense May 12, 2008 For No submission For SEC Form 20-IS/ Suspension Suspension SEC Form 17-C in violation of SRC Rule 20/SRC Rule 17.1 (1) (A) (iii) j) Non-filing of 4th Offense June 18, 2008 For No submission For 2007 Certificate on the Suspension Suspension Attendance of the Board in violation of Section 54 (c) of the SRC k) Non-filing of 3rd Offense January 29, February 2, No submission P475,000.00 2 2007 Certificate on 2009 2009 (as of March the Company's 30, 2009) Extent of Compliance with its Manual on Corporate Governance in violation of Section 54 (c) of the SRC GRAND TOTAL P2,507,800 as of March 30, 2009) ========== Pursuant to the resolution of the Commission in its meeting on May 20, 2009, the company's registration of securities and Permit to Sell Securities are hereby REVOKED. This revocation order, however, shall not exempt the company from complying with its reportorial obligations pursuant to Section 13 (5) of the Implementing Rules and Regulations of the Securities Regulation Code or other pertinent laws. Let a copy of this Order be sent to the Philippine Stock Exchange and uploaded in the Commission's official website for the information and guidance of the public. SO ORDERED. May 25, 2009. (SGD.) JUSTINA F. CALLANGAN Director Footnotes 1. Basic Penalty of P200,000.00 plus (P1,000 x 730 days late as of March 30, 2009). DHAcET 2. Basic Penalty of P50,000 plus (P1,000 x 425 days late as of March 30, 2009).