Harmony Gold and DRDgold said on Monday they had withdrawn an extreme pricing criticism against ArcelorMittal South Africa, a unit of the world's major steel maker. Shares in ArcelorMittal improved on the news and were trade 0.87 percent down at 115 rand by 1217 GMT, after declining as much as 4 percent.

ArcelorMittal in May won an plea next to a record fine of 691.8 million rand forced on the company in September 2007 for charging extremely for flat steel products and preventing customers from selling on steel. The case originally launched with the competition establishment in 2002 was then sent back to a tribunal for futher assessment.

Harmony and DRDGOLD withdraw their grievance, which remains unresolved after several years of proceedings, following the finish of a settlement agreement with ArcelorMittal, the companies said in a joint statement. Harmony and DRDGOLD said the facts of the settlement with ArcelorMittal South Africa would stay private.

The parties wish to focal point on their own core business activities, rather than pursue prolonged and costly litigation of this matter. The company is worried in another unsettled competition case in which it could be fined 10 percent of its yearly revenue and exports for setting up prices with other companies