Lee Jejung Vice Chairman "MBK's Hostile M&A is Unfair"
"Cannot Tolerate Predatory Act of Swallowing Korea Zinc"
"Core Technical Personnel Will Stay with Current Management"
"If speculative forces like MBK Partners take over Korea Zinc, core technologies will quickly be transferred overseas, and South Korea's industrial competitiveness will collapse."
‘40-year Korea Zinc veteran’ Lee Je-jung, Vice Chairman of Korea Zinc, said this on the 24th at a press conference held at Korea Zinc headquarters in Gran Seoul, Jongno-gu, Seoul. "All key technical personnel, including myself, and all employees of Korea Zinc will stand with the current management," he said. This press conference was voluntarily arranged by Vice Chairman Lee, the Chief Technology Officer (CTO), after Youngpoong and MBK Partners moved to secure management rights of Korea Zinc. In addition to Vice Chairman Lee, 20 key technical personnel of Korea Zinc attended the meeting.
At the event, Vice Chairman Lee stated, "Our company's technical personnel are united," and added, "We stand here to inform the public about the unfairness of MBK Partners' hostile takeover (M&A) to protect Korea Zinc, which we have built with blood and sweat over 50 years."
He emphasized that Korea Zinc has become the world's top non-ferrous metal company through technology and passion in South Korea, which was once an industrial wasteland. Non-ferrous metals are a foundational industry supplying core raw materials to major domestic industries such as automobiles, semiconductors, and steel. He said MBK Partners, backed by Chinese capital, is trying to swallow Korea Zinc. He added that such predatory behavior cannot be tolerated.
Vice Chairman Lee joined Korea Zinc in 1985 and is credited with elevating Korea Zinc's technology to world-class levels over 40 years. He is regarded as a symbol of Korea Zinc's technological prowess alongside Honorary Chairman Choi Chang-young, who was once selected as one of Korea's top 100 technologists.
Vice Chairman Lee also did not hesitate to criticize Youngpoong advisor Jang Hyung-jin. He said all conflicts between the two companies stem from Advisor Jang and Youngpoong, and if management rights are transferred to Youngpoong and MBK Partners, the efforts of Korea Zinc employees who built the world's top non-ferrous metal smelting company over the past 50 years could be wasted.
He emphasized, "Youngpoong has tried to turn Korea Zinc into Youngpoong's waste disposal site by dumping hazardous waste such as cadmium stored at the Seokpo smelter waste storage site onto Korea Zinc," and said, "All responsibility lies with Advisor Jang Hyung-jin, who effectively managed Youngpoong." He further criticized, "Youngpoong receives huge dividends from Korea Zinc every year and focuses solely on purchasing Korea Zinc shares, showing no interest in efforts or investments to normalize its own Seokpo smelter."
Vice Chairman Lee expressed concern that if MBK secures management rights of Korea Zinc, ongoing new business projects will also be disrupted. He said, "Our ambitious secondary battery materials business and resource recycling business will all be wasted," adding, "This would be a tremendous national loss."
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