Sinosteel Co. failed to pay interest due Tuesday on 2 billion yuan (US$315 million) of 5.3 per cent notes maturing in 2017 after saying it will extend the deadline as it plans to add a unit's stock as collateral. That came after the National Development and Reform Commission planned to meet noteholders and ask them not to exercise a redemption option on Tuesday to force full repayment, people familiar with the matter said last week.