South Korea's STX Heavy Industries has signed a $3bn deal to build a steel plant and gas-fired power station in Basra. The power plant will have a capacity of 500MW, while the steel plant should output 3m tons annually. The Iraqi State Company for Iron and Steel will take charge of operating the plant after its completion.
According to an STX spokesperson, Iraq needs 8m tons of steel annually for reconstruction and infrastructure.
(Sources: AFP, Chosun)