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Steel is a key input to industries such as the automotive, construction, rail, power, consumer durable goods and machinery sectors.
Details of BRICS Bank to be announced at the 6th BRICS Summit in Brazil this summer.
BRICS officials will meet on the sidelines of a IMF meet this week.
The Russian President said Moscow appreciates the 'balanced line" toed by Pretoria.
Controversy over the EU invite list has led many African leaders to skip the summit.
Russia and China voted against the resolution while India and South Africa abstained.
BRICS will push for a new equitable global order, the five ministers vowed.
BRICS have earlier highlighted the need for nuclear energy in these five emerging economies.
Steel production in South Africa is recovering from a major fire at an ArcellorMittal plant.
BRICS account for 43 per cent of the world's population.
