South Korea's POSCO Coated & Color Steel Co Ltd (POSCO C&C) has announced that it will end its joint venture with Myanmar Economic Holdings Public Co Ltd (MEHL), Reuters reported.

The South Korean firm said it is in talks to buy MEHL's 30% stake to continue operations with full ownership. The venture mainly makes sheet metal for residential and factory roofing, earning 2020 operating profit of 2 billion won ($1.79 million).

"We plan to carry on with our business in Myanmar. We have informed them that we want to buy their stake," said a POSCO C&C spokesman, adding the stake's valuation is yet to be determined.