Yeongpung Advances Payment of 16.4 Billion Won to Partners Ahead of Lunar New Year

Yeongpung Cultural Foundation Donates 240 Million Won to Local Community

Global non-ferrous metals company Yeongpung announced on the 8th that it has made an early payment of 16.4 billion KRW in transaction payments to ease the financial burden of its partner companies ahead of the Lunar New Year holiday.

The early payments, including construction fees and raw and subsidiary material payments, were made ahead of the original payment dates to reduce the financial management burden on partner companies.

A Yeongpung representative said, “This is part of our win-win cooperation and mutual growth policy to support the smooth financial management of our partners,” adding, “We implement early payment of funds every year during the holidays.”

Additionally, Yeongpung provided holiday gift sets worth approximately 150 million KRW this year alone to about 700 employees of partner and construction companies, as well as residents living near Yeongpung Seokpo Smelter, the company’s main business site in Seokpo-myeon, Bonghwa-gun, Gyeongbuk Province.

A view of Yeongpoong Seokpo Smelter, Yeongpoong's main business site in Bonghwa-gun, Gyeongbuk [Photo by Yeongpoong]

Separately, the Yeongpung Cultural Foundation recently designated and donated a total of 200 million KRW, 100 million KRW each, to Andong City and Bonghwa-gun in Gyeongbuk Province through the Community Chest of Korea. The foundation’s donation will be used for emergency support such as living expenses, medical costs, fire recovery, and housing environment improvements for local residents.

The Yeongpung Cultural Foundation also supported the local community with approximately 40 million KRW, including 11 million KRW for clothing support for students in remote villages, 5 million KRW for after-school activity equipment for children from single-parent and multicultural families, and 24 million KRW for heating costs at senior centers.

Founded in 1949, Yeongpung is a global non-ferrous metals company. Its main business site, Yeongpung Seokpo Smelter in Bonghwa-gun, Gyeongbuk Province, is the world’s third-largest non-ferrous metal smelter based on zinc production volume (400,000 tons annually). The smelter employs about 600 workers and, including employees of partner and construction companies, maintains a workforce of about 1,300, playing a key role as a pillar of the local economy.