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South Korean steelmaker POSCO will end joint venture with Myanmar military
Updated: 2021-04-16 16:50:34 KST
South Korean steel giant POSCO said on Friday that its affiliate POSCO C&C will end its joint venture with a firm controlled by Myanmar's military.
The statement released by POSCO says that the termination with Myanmar Economic Holdings Limited comes as issues have been raised recently likely concerning the military coup in the country.
The world's fifth-largest steelmaker has been under sharp criticism for its business ties with Myanmar's junta, which has killed more than 700 people since February.
Details of how it will end the venture have not been revealed but POSCO hinted that it is not completely pulling out of Myanmar.
The decision comes a few days after reports that the firm is looking into either selling 70-percent of its stake in the venture with MEHL or buying out its partner's stake.
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