German steelmaker ThyssenKrupp Steel, a unit of industrial conglomerate ThyssenKrupp AG (TKA.XE), Tuesday said it has struck a deal with Brazilian mining company Vale SA (VALE) on reducing prices for iron ore.

The lower iron ore prices take effect retroactively from April 1, a spokesman for ThyssenKrupp Steel said, adding that the agreed price level is "in line with benchmark deals previously agreed by other steelmakers."

The new prices will be valid for one year, he said.

Company Web site: www.thyssenkrupp-steel.com

-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503; jan.hromadko@dowjones.com