Anglo-Australian miner Rio Tinto PLC (RTP) said Monday it had settled 2009 iron ore contracts with most major Asian customers after finalizing deals with South Korea's POSCO (005490.SE), and Taiwanese steelmakers China Steel Corp. (2002.TW) and Dragon Steel Corp.

Rio Tinto, the world's second-biggest producer of seaborne iron ore, last week said it agreed to cut 2009-10 iron ore prices for Japan's Nippon Steel Corp. (5401.TO) by 33%-44%. The Korean Taiwanese settlements are on the same terms, Rio said.

"We continue to negotiate with our remaining customers, the bulk of whom are in China," Rio Tinto chief executive for iron ore Sam Walsh said in a statement.

Chinese steelmakers have pressed for steeper cuts.

Company Web site: www.riotinto.com

-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com