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South Korea's Posco to stick with Myanmar gas business

Steelmaker says Q1 operating profit soars amid stimulus-induced price rises

South Korean steelmaker Posco is sticking with its gas business in Myanmar.

SEOUL -- South Korean steelmaker Posco said on Monday that it will continue to operate a gas field business in Myanmar as it announced that first quarter operating profit more than doubled thanks to rising steel prices amid strong global demand and production cuts in China.

Posco, South Korea's largest steelmaker, said this month that it was cutting its coating business's ties with Myanmar's Myanma Economic Holdings Public Co. due to its relations with the military junta. The military has received widespread international condemnation since it took over the Southeast Asian country on Feb. 1.

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