SKorea's POSCO C&C says to end Myanmar military-backed joint venture | The Daily Star
11:59 AM, April 16, 2021 / LAST MODIFIED: 12:04 PM, April 16, 2021

SKorea's POSCO C&C says to end Myanmar military-backed joint venture

POSCO Coated & Color Steel Co Ltd (POSCO C&C) said on Friday it will end its joint venture with Myanmar Economic Holdings Public Co Ltd (MEHL), a firm controlled by the military in Myanmar which took control of the country in February.

The South Korean firm did not detail how it will end the venture, saying in a statement that it will continue to disclose related issues. A POSCO C&C spokesman told Reuters that, though the firm is ending the venture relationship, it is not pulling out Myanmar.

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"We hope that our steel business will continue to contribute to improving Myanmar's residential environment and revitalising the economy," POSCO C&C said in a statement.

Reuters previously reported that POSCO C&C, an affiliate of steelmaker POSCO, was reviewing how to end the venture. POSCO booked about 2 billion won ($1.77 million) in profit last year from the steel business in Myanmar.

Activist group Assistance Association for Political Prisoners has said 715 people have died protesting against the Feb. 1 coup that ousted an elected government led by Nobel peace laureate Aung San Suu Kyi.

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