South Korea's STX Heavy Industries said Thursday it has signed an initial three billion dollar deal with Iraq to build a steel plant and gas-fired power station as part of post-war reconstruction.
The firm said in a statement it signed a memorandum of understanding to build the power plant with a 500 megawatt capacity and a steel plant with an annual three million ton capacity in the southern city of Basra.
Iraq needs eight million tons of steel a year for reconstruction and infrastructure, STX Heavy said, adding it would seek more reconstruction contracts.
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