POSCO Coated & Color Steel has announced it would end its partnership with a Myanmar military-controlled firm amidst backlash that its business benefited the military leadership, on Friday.
The South Korean steelmaker said it would end its business with junta-controlled Myanmar Economic Holdings Public Company Limited (MEHL), as rights groups and pro-democracy protesters pressured businesses to cut ties with the latter.
The South Korean company however said it still wants to continue its business in Myanmar.
“We will end our partnership with MEHL because of issues raised against it…We hope that our steel business in Myanmar continues to help improve Myanmar’s residential environment,” the company said.
The company which owns 70 percent of its joint venture with the Myanmar firm, said it wants to buy the latter’s 30 percent stake for continued operations in Myanmar with full ownership.
MEHL did not yet respond on the offer.
The United States has imposed sanctions on MEHL and Myanmar Economic Corp., another military-controlled firm.
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