The world's biggest steel maker ArcelorMittal said on March 16 it plans to build a $130 million steel plant in Kurdish northern Iraq in partnership with the Turkish company Dayen.
ArcelorMittal has signed a memorandum of understanding to establish a joint venture with Turkish partner Dayen to build a steel mini-mill with electric furnace in Sulaimaniyah, a city in the Kurdish-administered northern region.
The Luxembourg-based steel company said it and Dayen would invest between $100 million and $130 million in the plant which will aim to produce at least a quarter of a million tons of steel rods a year.
ArcelorMittal said the plant is planned to be built in the second quarter of this year and expected to produce in late 2011.
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