POSCO's biggest business in Myanmar is gas; the lucrative Shwe gas field earned US$193.9M in revenue for the state-owned Myanma Oil and Gas Enterprise (MOGE) in 2017/18 alone. MOGE is now under control of the military junta.
POSCO operates a steel joint venture (Myanmar POSCO C&C) with military conglomerate MEHL, on land that rightfully belongs to the people of Myanmar. MEHL’s 30% stake in the joint venture provided cash flow during the military’s genocide against the Rohingya in 2017.
POSCO and LOTTE corporation have built a five-star hotel in Yangon on military-owned land, providing a direct line of off-budget financing to the office of the quartermaster general of the Myanmar army, which purchases arms used in the military’s atrocity crimes.
Myanmar POSCO C&C is developing a construction supply business, using their international links to gain market share. Any supplier of raw materials to POSCO, such as Australia's Roy Hill Holdings, risks being implicated in a supply chain that profits the Myanmar military.
Första AP-fonden (AP1) of Sweden, is one example of a national pension fund that invests in POSCO, helping to enrich the Myanmar military. Forsta AP-fonden manages assets of 393 billion SEK (over US$46 billion) and claims to invest responsibly.
Credit Agricole Group of France has provided a loan to POSCO Asia, which finances Myanmar POSCO C&C, a source of off-budget revenue for the Myanmar Military.