S Korean steel giant POSCO mulls how to exit Myanmar military-backed venture

Employees of POSCO walk out of the company's headquarters in Seoul July 22, 2011. Photo: Reuters

Giant South Korea steelmaker POSCO has begun reviewing how it might end a joint venture with a firm controlled by the military in Myanmar in the wake of the coup there in February, two people with first-hand knowledge of the matter told Reuters.

As Myanmar‘s army rulers continue a deadly crackdown on protest, with hundreds killed, the people said the Korean parent’s POSCO C&C arm is looking into either selling its 70% stake in the venture with Myanmar Economic Holdings Ltd (MEHL), or buying out its partner’s stake. It wasn’t immediately clear how much the 30% holding might be worth.

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