"POSCO Considering Joint Liquidation with Myanmar Military-Owned Company" (Comprehensive)

Myanmar POSCO Steel Sheet Factory

[Asia Economy Reporter Cho Hyun-ui] POSCO is reportedly deliberating on how to end its joint investment with Myanmar military-owned company Myanmar Economic Holdings Limited (MEHL).

According to major foreign media on the 5th, POSCO Coated & Color Steel (C&C) is considering either selling its 70% stake in the joint venture or buying out MEHL's 30% stake. The exact value of MEHL's 30% stake has not been disclosed.

Earlier that day, APG, a Dutch public pension fund and shareholder of POSCO, expressed concerns about POSCO's business in Myanmar through the Financial Times. APG stated, "The military is killing people every day," and demanded that POSCO sever ties with the Myanmar military.

POSCO Coated & Color Steel, a POSCO affiliate, has been criticized for financially contributing to the Myanmar military's ethnic minority massacres through its joint venture with MEHL. Since the Rohingya human rights abuses surfaced, POSCO Coated & Color Steel has explained that it has "halted dividends since 2017."

Regarding the withdrawal from the Myanmar business, POSCO Coated & Color Steel said, "The company's position remains unchanged." A POSCO Coated & Color Steel official stated, "This business has a small scale with annual sales around 20 billion KRW and profits of only a few hundred million KRW. We are currently reviewing the overall response, including a reassessment of the business."

This content was produced with the assistance of AI translation services.