Iron ore prices in Asia continue to come under pressure due to an uncertain outlook for steel...

|By:, SA News Editor

Iron ore prices in Asia continue to come under pressure due to an uncertain outlook for steel demand. Prices rebounded from a near three-year low earlier this month on optimism that China's pending infrastructure projects would boost steel demand, but the recovery has been unconvincing. Amidst the slump, Australian miner Fortescue Metal (FSUMY.PK) says its taken draconian measures to shore its bottom line - by halting all future funding for employee barbecues at its facility in Port Hedland, Western Australia.