Turkish Company wins $700m Deal to Revive Steel Plant

The Director General of Iraq's State Company for Iron and Steel has announced a deal with a Turkish company to rehabilitate its factory at the Khor al-Zubair complex, about 45km south of Basra, according to a report from Azzaman.

The plant, which was built by a french company in the early 1970s, and was once an important business in the area, has been idle since being looted following the U.S. invasion in 2003.

Abbas Jial said Iraq has agreed to pay $700 million to put the steel company back on its feet.

(Sources: Azzaman, SCIS)

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