Nice thread, who are still having this problem you can use this bat script to start your server.
Code:
@echo off
cls
title StartUp
:hlds
echo (%time%) HLDS Started...
reg add "HKCU\Software\Valve\Steam\ActiveProcess" /v SteamClientDll /t REG_SZ /d "" /f
start /wait hlds.exe -console -game cstrike -master -noipx +map de_dust2 +maxplayers 12 +port 27015
echo n| goto hlds
echo (%time%) HLDS Crashed, restarting...
goto hlds
This script will get rid of error message "Unable to initialize steam".
For windows user only.