US signs $24.4bn contract to ramp up missile production as Iran conflict drains stockpiles

WASHINGTON: The US Defense Department on Thursday announced the award of a $24.4 billion contract for Raytheon, an RTX unit, to accelerate production of SM-6 missiles as Washington works to replace the large amount of munitions expended during the Iran war. The missiles are "critical anti-air and anti-surface warfare munition. This five-year agreement, with two additional option years, will drive faster production," the Pentagon said in a statement. The Navy said the multiyear contract is meant