The Myanmar Economic Corporation (Burmese: မြန်မာ့စီးပွါးရေး ကော်ပိုရေးရှင်း; abbreviated MEC) is one of the two major conglomerates and holding companies operated by the Burmese military. Founded in 1997 to establish profitable heavy industries that can provide the Burmese military access to supplies of important materials (e.g. cement and rubber), MEC's operations are shrouded in secrecy. In 2009, MEC had 21 factories, including 4 steel plants, a bank, a cement plant and an insurance monopoly. Its headquarters are located on Ahlon Road in Yangon's Ahlon Township. MEC has remained on the United States' list of sanctioned companies due to its affiliation to the Burmese military. MEC also operates Innwa Bank, one of Burma's few banking chains.