S.Korea’s POSCO C&C says to finish Myanmar military-backed three way partnership

POSCO Coated & Color Steel Co Ltd (POSCO C&C) stated on Friday it can finish its three way partnership with Myanmar Economic Holdings Public Co Ltd (MEHL), a agency managed by the navy in Myanmar which took management of the nation in February.
The South Korean agency didn’t element the way it will finish the enterprise, saying in a press release that it’ll proceed to reveal associated points. A POSCO C&C spokesman informed Reuters that, although the agency is ending the enterprise relationship, it’s not pulling out Myanmar.
“We hope that our steel business will continue to contribute to improving Myanmar’s residential environment and revitalising the economy,” POSCO C&C stated in a press release.
Reuters beforehand reported that POSCO C&C, an affiliate of steelmaker POSCO, was reviewing how one can finish the enterprise. POSCO booked about 2 billion received ($1.77 million) in revenue final 12 months from the metal enterprise in Myanmar.
Activist group Assistance Association for Political Prisoners has stated 715 folks have died protesting in opposition to the February 1 coup that ousted an elected authorities led by Nobel peace laureate Aung San Suu Kyi.