Basra Steel Plans "on Hold"

By John Lee.

the Basra Iron & Steel Company (BISCO) has reportedly put its new rebar mill investment on hold due to regional political issues.

A decision on further progress is expected to be taken after talks with the Basra Investment Commission (BIC) later in September.

ArabSteel reports that BISCO, an investment by Isa Unal, owner of Turkish conglomerate Moher Limited, received a licence in May 2012, but the project has not yet broken ground and it is due to expire in October.

Iraq currently has three operational steel producers -- Erbil Steel, G.K. Steel and Al Tanmiya for Steel Industries -- with a fourth, F&F Steel, scheduled to come on line in September. Combined rebar capacity of the four is 1.15 million tonnes per year.

(Source: ArabSteel)

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