South Korea's Posco (005490.SE) said Thursday it is still in talks with the three major iron ore suppliers to decide on iron ore contract prices for the year starting April.

The three suppliers are BHP Billiton Ltd. (BHP.AU), Rio Tinto Ltd. (RIO.AU) and Brazilian mining giant Companhia Vale do Rio Doce (RIO), or Vale.

"We have yet to conclude the talks with the three iron ore suppliers," Posco spokesman Choi Doo-jin said.

The deadline for the talks is September, said the world's fourth-largest steelmaker by output.

Last month, Y.T. Kwon, senior executive vice president of Posco's raw material procurement department, said the company had asked suppliers to cut iron ore prices by 50%.

-By Kyong-Ae Choi, Dow Jones Newswires; 822-2198-2236; kyong-ae.choi@dowjones.com