Korea Zinc seeks nat'l core tech designation amid takeover battle

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Korea Zinc seeks nat'l core tech designation amid takeover battle

Published: 21 Nov. 2024, 16:08

Korea Zinc Chairman Choi Yun-beom speaks during a press conference held in central Seoul on Nov. 13. [NEWS1]

Korea Zinc has applied for the designation of its smelting technologies as national core technologies amid the intensifying battle for control of the world's biggest refined zinc producer, industry sources said Thursday.

According to the sources, Korea Zinc recently submitted an application to the Ministry of Trade, Industry and Energy to add its hematite production and antimony metal manufacturing technologies to the list of national core and national high-tech strategic technologies.

Companies with such designations require government approval for an acquisition by a foreign company, safeguarding them for economic and security reasons.

The application came a few days after the government listed Korea Zinc's high-nickel precursor manufacturing technology as a national core technology.

Korea Zinc has been in a monthslong battle to fend off a takeover bid by a coalition between its largest shareholder, Young Poong, and private equity fund MBK Partners.

Both parties have launched competing tender offers in an effort to secure voting rights.

Korea Zinc's hematite preparation technology from a zinc sulfate solution is a cost-effective and efficient method to recover iron during zinc smelting.

Its antimony metal manufacturing technology reduces air pollutant emissions while enhancing economic and operational efficiency.

Yonhap