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Myanmar Crisis

Posco cuts ties to Myanmar junta as multinationals face scrutiny

Investors press companies to stop working with military's web of 130 businesses

Myanmar's junta chief Senior General Min Aung Hlaing takes part in an army parade on Armed Forces Day in Naypyitaw on March 27.   © Reuters

BANGKOK/SEOUL -- Multinationals in Myanmar face growing calls from shareholders to sever business ties with the junta, with South Korean steelmaker Posco's decision to terminate a joint venture there underscoring the mounting operational risks.

Group company Posco Coated & Color Steel said Friday it is in talks with venture partner Myanma Economic Holdings Public Co. Ltd. -- controlled by Myanmar's military -- to buy MEHL's 30% stake and become the sole owner. The venture, Myanmar Posco C&C, makes steel sheets for construction.

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