Daewoo in talks over reviving Iraq steel plants
Iraqi ministry and South Korean giant explore investment opportunities
South Korean construction giant Daewoo has been in talks with the Iraqi Ministry of Industry as the two parties explore the possibility of reviving the country's iron and steel production.
According to the ministry, many of Iraq’s factories and companies need large amounts of capital. The Iraqi General Company for Iron and Steel is now disabled and “suffers” from a lack of electric power.
The ministry and the South Korean company explored available investment opportunities and possibility of concluding agreements to rehabilitate and develop the Iraqi General Company for Iron and Steel at a meeting last week.
“Daewoo expressed desire to contribute in rehabilitation and developing of Iraqi factories, companies belonging to the Ministry of Industry, especially in the iron and steel plant,” the ministry said in a statement.