South Korean multinational steelmaker POSCO (formerly Pohang Iron and Steel Company) will invest in Myanmar’s construction industry, according to a company official.
To carry out the construction projects, Myanmar POSCO E&C (Engineering & Construction) Co Ltd was formed and the Directorate of Investment and Company Administration allowed temporary registration to POSCO Company on Monday.
POSCO currently operates two integrated steel mills in South Korea, in Pohang and Gwangyang. In addition, the company also runs a joint venture with U.S Steel and Nippon Steel under two different companies, USS-POSCO and POSCO-Nippon Steel.
In Myanmar, POSCO goes by the name of Myanmar POSCO, which manufactures and sells galvanized iron sheets. Daewoo International, one of its subsidiaries, has already entered Myanmar.
Established in 1968, POSCO has its headquarters in Pohang, South Korea. It had an output of 39.1 million tonnes of crude steel in 2011, making it the world’s fourth-largest steelmaker by this measure.
POSCO E&C, a construction firm of POSCO Group, was established in 1994. POSCO has already formed thirty-five enterprises including POSCO E & C, POSCO Energy, POSCO ICT, and POSCO Terminal.
Source: ELEVEN Media