BASRA / Aswat al-Iraq: Basra's Economic Commission announced today that the Industry Ministry signed a contract with a Turkish company to rehabilitate iron and steel factories with a cost of $700 million.
A statement which was handed to Aswat al-Iraq noted that the head of the commission added that the contract includes adding new production lines and increases the yearly production to one million tons.
The factories were out of order for a long time, but production reached to 440.000 tons per year.
The rehabilitation period, to be carried out by Turkish UB Holding, will extend for three years, the source added.
The factories stopped production, in part, in 1980s during the Iraqi-Iranian war (1980-1988).
Some parts were destroyed during the Second Gulf War in 1990s, before they were plundered during the invasion of US forces in 2003.
Basra, the center of the province, lies 590 km south of the capital, Baghdad.