I got this in my RSS feeds...Already tried it and it works..It's about time......
Valve has updated its website to include an 'Activate a Product on Steam' page, where users of the popular gaming service can easily redeem product codes. This page can be found by clicking on the drop-down menu where your Steam user-ID appears. Although the feature does not appear to be available in the drop-down for all regions just yet, it can be accessed by directly visiting here.