South Koreans Still in Talks for Steel Complex in Iraq

STX Heavy Industries, a South Korean contractor is still in negotiations with Iraq's industry and minerals ministry over the $3bn contract for Basra steel mill project, Meed has reported, citing a source close to the deal.

Upon completion, the Basra steel mill will have a capacity of 1.2 million-t/y of iron bars; 600,000-t/y of section steel; 1.2 million-t/y of hot-rolled products and a 500MW power station.

The project involves either two or three phases as part of a gradual expansion and is scheduled for completion 42 months after the contract is signed, the source told the magazine.