2024-11-18
(Maeil Business News Paper, Nov.18)
The smelting industry involves meticulous management of 20,000 to 30,000 factors that interact in complex ways from exchange rates to ore blending ratio and changes in dissolution rates based on temperature, according to Choi Yun-beom, chairman of South Korean non-ferrous metal smelting company Korea Zinc Co.
Choi urged shareholders to make a rational judgment about which management team is essential for Korea Zinc, a key player in the national core industry. Choi withdrew a previously proposed capital increase plan worth up to 2.5 trillion won ($1.79 billion) this month, which was intended to defend his control of the company.
The decision came after criticism that the plan would force the company to borrow money and pass the debt onto shareholders to gain an edge in the ownership battle with the MBK alliance.
The ongoing management dispute is expected to culminate in a showdown over voting rights at the upcoming extraordinary shareholders’ meeting scheduled for the end of this year.
Full Article: Korea Zinc chief urges shareholders to make rational judgment(Maeil Business News Paper, Nov.18)
