Steel producers agree to steep price cut again

Bowing to continuous government pressure, the steel industry today agreed to cut prices by Rs 4,000 a tonne on flat products, used in consumer durables and automobiles, and Rs 2,000 a tonne on long products, used in construction, with immediate effect. The industry also reiterated its April 22 commitment to hold prices for the next three months. The decision to cut prices, the third and the steepest this year, followed a meeting with Prime Minister Manmohan Singh, Finance Minister P Chidambaram and Steel Minister Ram Vilas Paswan.