South Korea's Posco C&C looks to buy Myanmar military's 30% stake to end steel JV

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

POSCO Coated & Color Steel Co Ltd (POSCO C&C) said on Friday it will end its joint venture with the Myanmar Economic Holdings Public Co Ltd (MEHL), a firm controlled by the military in Myanmar, which took control of the country in February.

The South Korean firm said it is in talks to buy MEHL’s 30% stake to continue operations with full ownership. The venture mainly makes sheet metal for residential and factory roofing, earning 2020 operating profit of 2 billion won ($1.79 million).

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