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Economy1 hour previously (Apr 15, 2021 10: 00PM ET)


© Reuters. FILE PHOTO: The emblem of POSCO is considered on the company’s headquarters in Seoul

By Joyce Lee

SEOUL (Reuters) – POSCO (NYSE:) Coated & Color Steel Co Ltd (POSCO C&C) acknowledged on Friday it would stop its joint project with Myanmar Economic Holdings Public Co Ltd (MEHL), a firm managed by the defense force in Myanmar which took abet a watch on of the country in February.

The South Korean firm did now not part how it would stop the project, pronouncing in a enlighten that it would proceed to sigh connected issues. A POSCO C&C spokesman told Reuters that, even if the firm is ending the project relationship, it is now not pulling out Myanmar.

“We hope that our steel industry will proceed to contribute to enhancing Myanmar’s residential ambiance and revitalising the economy,” POSCO C&C acknowledged in a enlighten.

Reuters previously reported that POSCO C&C, an affiliate of steelmaker POSCO, became reviewing the acceptable solution to total the project. POSCO booked about 2 billion received ($1.77 million) in earnings final One year from the steel industry in Myanmar.

Activist neighborhood Help Affiliation for Political Prisoners has acknowledged 715 folk have died protesting against the Feb. 1 coup that ousted an elected authorities led by Nobel peace laureate Aung San Suu Kyi.

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