ArcelorMittal to build steel mill in Iraq

A preliminary agreement has been signed between ArcelorMittal, the world's largest steelmaker, and its Turkish partner Dayen to set up a steel mill in Northern Iraq to serve the construction industry in the region, Reuters has reported. Construction of the mill is planned to start in the second quarter of 2010, while production is scheduled to commence early in the fourth quarter of 2011. The mini-mill, which will use locally sourced scrap metal to make steel reinforcing bars, is set to cost the two firms $100m to $130m in total, and could produce as much as 500,000 tonnes per year.