GIANT steel maker Maanshan Iron and Steel (Magang), said prices of its products had fallen four per cent as a result of the Chinese Government's austerity measures. According to Magang, there has been a general decline in the prices of steel products in China because of the tightening of money supply and other economic measures. The four per cent fall was recorded between mid-July and the end of August. But the company said prices for its steel products had been only marginally affected. To manage the fall in prices, Magang has reduced the production of slow-selling steel products and increased the production of products with consistent sales. The company also said about 53 million yuan (HK$71.5 million) had been paid for pollutants ''discharge fees'' to the Maanshan city government in the past three years. Companies are charged if the amount of pollutants discharged exceed Chinese standards, according to the national environmental laws. Magang has invested 150 million yuan to improve its environmental protection facilities. Steel producers on the mainland may face increased competition from abroad if China re-enters as a member of the General Agreement on Tariff and Trade (GATT).