Winnipeg Free Press By: Kim Tong-Hyung, The Associated Press Posted:
Last Modified: 12:16 AM CDT Friday, Apr. 16, 2021 Save to Read Later
SEOUL, Korea, Republic Of - A South Korean steelmaker on Friday said it plans to end a joint venture with a military-controlled firm in Myanmar following criticism that its business has benefited military leaders who have violently suppressed pro-democracy protests there.
South Korean peace activists on the ladders stage a rally supporting Myanmar s democracy, outside the POSCO office in Seoul, South Korea on Feb. 22, 2021. POSCO Coated & Color Steel said Friday, April 16, 2021, it s ending a joint venture with a military-controlled firm in Myanmar following criticism that its business has benefited military leaders who have violently suppressed pro-democracy protests in the country. (AP Photo/Ahn Young-joon)
Kim Tong-Hyung
South Korean peace activists on the ladders stage a rally supporting Myanmar s democracy, outside the POSCO office in Seoul, South Korea on Feb. 22, 2021. POSCO Coated & Color Steel said Friday, April 16, 2021, it s ending a joint venture with a military-controlled firm in Myanmar following criticism that its business has benefited military leaders who have violently suppressed pro-democracy protests in the country. (AP Photo/Ahn Young-joon) April 15, 2021 - 10:16 PM
SEOUL, Korea, Republic Of - A South Korean steelmaker on Friday said it plans to end a joint venture with a military-controlled firm in Myanmar following criticism that its business has benefited military leaders who have violently suppressed pro-democracy protests there.
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South Korean steelmaker to end partnership with Myanmar military
South Korean peace activists on the ladders stage a rally supporting Myanmar s democracy, outside the POSCO office in Seoul, on Feb 22, 2021. (Photo: AP Images)
16 Apr 2021 01:36PM (Updated:
16 Apr 2021 01:37PM) Share this content
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SEOUL: A South Korean steelmaker on Friday (Apr 16) said it plans to end a joint venture with a military-controlled firm in Myanmar following criticism that its business has benefited military leaders who have violently suppressed pro-democracy protests there.
POSCO Coated & Color Steel said it has decided to discontinue its partnership with Myanmar Economic Holdings Public Company Limited, which is about 40 per cent owned by Myanmar’s Defense Ministry.
International News
Apr 16, 2021
SEOUL, South Korea (AP) A South Korean steelmaker on Friday said it plans to end a joint venture with a military-controlled firm in Myanmar following criticism that its business has benefited military leaders who have violently suppressed pro-democracy protests there.
POSCO Coated & Color Steel said it has decided to discontinue its partnership with Myanmar Economic Holdings Public Company Limited, which is about 40% owned by Myanmar’s Defense Ministry. However, the South Korean company said it would not pull out of Myanmar.
POSCO C&C owns 70% of its joint venture with MEHL, Myanmar POSCO C&C. Min Ji-hyun, an official from POSCO C&C, said the company has informed MEHL it wants to buy the Myanmar firm’s 30% stake so that it can continue operating the venture with full ownership. MEHL has yet to respond to POSCO C&C’s offer, Min said.
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