The Korea Zinc labor union stated on the 16th, "If the hostile acquisition and merger (M&A) attempts by MBK Partners and Youngpoong are successful, we will protect the company by all means, including a general strike." Korea Zinc is set to hold a showdown among shareholders at an extraordinary general meeting on the 23rd, addressing the agenda proposed by the current management led by Chairman Choi Yoon-bum and the agenda presented by MBK and Youngpoong.
On this day, the Korea Zinc union, through a public statement, appealed to the public, saying, "Please protect Korea Zinc from predatory private equity funds," and added, "We will stop this and protect the company at any cost and sacrifice."
They noted, "Korea Zinc, the world's number one non-ferrous metal company that has been in the black for 99 consecutive quarters, is facing a surprise hostile M&A attempt by speculative capital and failed corporations," adding, "As a result, employees are expressing severe stress and job insecurity."
The union evaluated Youngpoong as "a corporation that has only an average profit margin of minus 1% over the past decade." They further criticized MBK, saying, "In the past, while acquiring corporations in our country, it has had major conflicts with unions, and particularly when looking at numerous cases such as Homeplus, ING, BHC, and CNM Cable Broadcasting, it is impossible to trust the claims they made while acquiring corporations."
The union appealed, "The national core industry Korea Zinc must not be sacrificed as a means for speculative private equity funds to recoup their profits." The Korea Zinc union is a member of the Korean Confederation of Trade Unions Metal Workers' Union, with around 1,200 of the 2,000 employees at Korea Zinc enrolled.
On the same day, 15 key executives from the Korea Zinc technical team, including Chief Technology Officer (CTO) Lee Je-joong, also issued a public statement, clarifying that "if the hostile M&A attempts by MBK Partners and Youngpoong are successful, we will not align ourselves with them," and emphasized, "We will work together with the current management, including Chairman Choi Yoon-bum, for the future growth of Korea Zinc and enhancement of shareholder value."