The Iraqi Ministry of Industry & Minerals signed a memorandum of understanding with South Korea’s STX to build an iron and steel plant that will operate at a capacity of 3 million tons at a cost of $3 billion, according to a press release on Sunday.

“Negotiations took place with the South Korean company to build the new factory, in addition to a power plant that will operate at a capacity of 500 megawatts,” read the release as received by Aswat al-Iraq news agency.

Meanwhile, the release said that a project is underway to dispose of radioactive contamination in the iron & steel plant below the second and third furnaces.

(Aswat Al Iraq)