Turkish Company Signs $700m Basra Steel Contract

By John Lee.

The Basra Investment Commission has announced that the Industry Ministry signed a contract with the Turkish company UB Holding to rehabilitate iron and steel factories at a cost of $700 million.

According to Aswat al-Iraq, the head of the commission said that the contract includes adding new production lines and increases annual production to one million tons.

The factories were out of order for a long time, but production reached to 440.000 tons per year.

Although they once produced 440,000 tones per year, the factories have been idle for many years.

The rehabilitation work will take three years.

(Source: Aswat al-Iraq)

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