Home Business News South Korea's POSCO C&C announced an end to the Myanmar military-backed joint...

South Korea’s POSCO C&C announced an end to the Myanmar military-backed joint venture According to Reuters

© Reuters. FILE PHOTO: POSCO logo is seen at the company’s headquarters in Seoul

By Joyce Lee

SEOUL (Reuters) – POSCO (NYSE 🙂 Coated & Color Steel Co Ltd (POSCO C&C) said on Friday that it would end a joint venture with Myanmar Economic Holdings Public Co Ltd (MEHL), a military-controlled company in Myanmar that had taken over. control the country in February. .

The Korean company did not elaborate on how it will end the joint venture, and said in a statement that it will continue to disclose related issues. A POSCO C&C spokesperson told Reuters that, although the company is ending its joint venture relationship, it will not withdraw from Myanmar.

“We hope that our steel business will continue to contribute to the improvement of Myanmar’s residential environment and the recovery of the economy,” POSCO C&C said in a statement.

Earlier, Reuters reported that POSCO C&C, an affiliate of steel maker POSCO, was considering how to end the joint venture. Last year, POSCO recorded a profit of about 2 billion won ($ 1.77 million) from its steel business in Myanmar.

The 715 people died in protest of the February 1 coup that overthrew the elected government led by Nobel Peace Prize winner Aung San Suu Kyi.

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