Baoshan Iron & Steel (Baosteel), China's largest listed steel mill, has announced its plan to cut most of its steel product prices in October after it raised prices in three straight quarters this year, said xinhuanet.com yesterday.

Steelmakers in China agreed to pay Rio Tinto up to 96.5% more for their iron ore supplies this year. This was on the heels of China's unexpected increase in gasoline and diesel prices by 17% on Friday.

Lakshmi N Mittal said that Arcelor Mittal was committed to setting up 10 million tonne capacity steel plants each in Jharkhand and Orissa, for which the government has assured him the allocation of iron ore mines.

Steelmaker Nucor Corp. representatives said on Monday that it expects second-quarter earnings to be well below Wall Street expectations, hurt by softness in the automotive and residential construction sectors.