YANGON: 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 US 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 galvanised 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.

– By arrangement with the ANN/Eleven Media –

More From This Section

Dar takes tax officials to task over target

Chief commissioners were called in to work out means for showing growth in revenue collection to reach the target.

Saudi Arabia warns PIA of halting flights over unpaid dues

Saudi civil aviation authority threatened PIA of stopping all flights in case dues are not cleared by April 17.

Amount of unpaid power bills increases to Rs286bn

Power companies blame poor governance of power sector for the fresh build-up of unpaid bills known as circular debt.

PTA dispels reports of dismal response to 3G, 4G auction

PTA says response was “very encouraging and satisfactory”, and that the auction will go through on April 23.


Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Poll
From The Newspaper
Tweets