US announces $24.4 bn contract to speed up missile production

The Pentagon on Thursday announced the award of a $24.4 billion contract for Raytheon 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 deal "provides the defense industry with the long-term predictability needed to expand workforce capacity and secure critical supply chains," the statement added.