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 USD 700 million.
The head of the commission said that the contract includes adding new production lines and increases annual production to 1 million tonnes. The factories were out of order for a long time but production reached to 440.000 tonnes per year.
Although they once produced 440,000 tonnes per year, the factories have been idle for many years. The rehabilitation work will take three years.
Source:
http://www.steelguru.com/middle_east_news/Turkish_Company_signs_USD_700_million_Basra_steel_contracts/293007.html
