Korea’s Daewoo in Iraqi Steel Talks

Azzaman reports that the Ministry of Industry and Minerals has asked South Korean firm Daewoo to rehabilitate its steel industry, which has been idle for more than three decades.

Iraq had built one of the Middle East’s largest steel complexes, called the State Company for Iron and Steel, near the port of Umm Qasr, about 45 km south of Basra.

According to the report, the complex was built by a French company and partly completed by the late 1970s, but production was halted  in 1980 with the start of the Iraq-Iran war.

The company, with a capacity of 1.2 million tons a year, was projected to meet domestic needs. But the halt of production has turned Iraq into a major steel and iron importer.

The Industry and Minerals Ministry has issued several invitations for foreign investors to upgrade and repair its iron and steel industries.

The ministry is offering a share of the production to investors willing to repair, modernize and rehabilitate the company.

A team of Daewoo experts is scheduled to travel to the southern Province of Basra and inspect the company.

(Sources: Azzaman, Construction Weekly)

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