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The consignment of sulfuric acid originated from Young Poong's Seokpo Smelter adds to the operational risks for Korea Zinc Young Poong has passed the costs and risks associated with sulfuric acid management to Korea Zinc while backlash from the local community adds to the burden Additional supply will put a strain on Korea Zinc's already tight capacity; Given the current scale of sulfuric acid consignment, Young Poong is expected to be capable of handling it internally On April 9, Korea Zinc announced that it has decided to terminate joint sourcing and marketing with Young Poong to improve its earnings performance and reduce costs SEOUL, South Korea, April 16, 2024 /PRNewswire/ -- Korea Zinc announced today that the company has decided not to renew the sulfuric acid consignment contract with Young Poong, which is scheduled to expire on June 30, 2024. Korea Zinc's Onsan Refinery operates 20 sulfuric acid tanks and handled 1.6 million tonnes of sulfuric acid annually, including over 400,000 tonnes of sulfuric acid consigned by Young Poong's Seokpo Smelter in 2023. Sulfuric acid, for which the consignment contract is set to terminate, is a byproduct of zinc smelting and a highly toxic, hazardous chemical substance. That is, handling sulfuric acid requires rigorous management to prevent safety accidents and is accompanied by risks and liabilities in accordance with the Chemicals Control Act. Accordingly, the consignment has added to a socioeconomic burden that Korea Zinc has been facing with its in-house generated sulfuric acid, and it is also costly to turn sulfuric acid into industrial-grade sulfuric compounds. The decision to discontinue the consignment contract came as Korea Zinc decommissioned some of its aging sulfuric acid handling facilities, needed to make additional investments to upgrade the facilities, and had a capacity shortage due to a steady increase in the amount of in-house generated sulfuric acid. Notably, Korea Zinc is expected to generate additional 185,000 tonnes of sulfuric acid annually, once its subsidiary KEMCO starts its new all-in-one nickel refinery in 2026. Moreover, the sulfuric acid consignment by Young Poong's Seokpo Smelter has dwindled to 190,000 tonnes per year due to production disruption and cuts. The amount is small enough to be transported to East Sea Port near Seokpo Smelter. Young Poong has transported sulfuric acid over 300km of distance to Korea Zinc's Onsan Refinery using the Onsan Train Line, instead of East Sea Port, which is only 65km away, passing the risks and the burden of managing hazardous substances on to Korea Zinc. Notably, as large-scale apartment complexes are being created along the Onsan Line, there is a growing call from civic groups and environmental organizations to close down the Onsan Line, and the backlash from the local community is causing fallout on Korea Zinc. That said, in the spirit of the longstanding partnership, Korea Zinc gave prior notice about its intention to terminate the consignment contract. Korea Zinc is committed to collaborating with Young Poong, offering a sufficient grace period to help Young Poong transport through East Sea Port and build its own sulfuric acid handling facilities. Earlier, Korea Zinc announced that the company ended its joint sourcing and marketing agreement with Young Poong, which enabled them to enter joint contracts when procuring key raw materials such as zinc and selling products. The expiration of the contract marks an end to these joint operations. Accordingly, the two companies are going to negotiate and enter contracts separately with vendors and customers. Recently, the non-ferrous metals market has come under pressure, due to difficulties in sourcing raw materials and selling products amid macroeconomic headwinds. Korea Zinc's latest move is to improve earnings and save costs at a time when internal and external uncertainties and unfavorable operating environments make it increasingly challenging to do business. "It is the path forward to enhance Korea Zinc's enterprise value and earnings performance" said Korea Zinc. "Korea Zinc will continue to do its best to bring greater shareholders' value."
IVECO GROUP N.V. Iveco_Group_Hyundai_Motor_Company_MoU_signing Turin, Italy and Seoul, South Korea, 7 March 2022. Iveco Group (MI: IVG) and Hyundai Motor Company (HYMTF) have signed a Memorandum of Understanding (MoU) on the 4th of March to explore possible collaborations on shared vehicle technology, joint sourcing, and mutual supply. The signing took place at Hyundai Motor Company and the major participants include Gerrit Marx, CEO of Iveco Group; Marco Liccardo, Chief Technology & Digital Officer of Iveco Group; Jaehoon Chang, President and CEO, Hyundai Motor Company; and Martin Zeilinger, Executive Vice President and Head of Commercial Vehicle Development Tech Unit of Hyundai Motor Company. The MoU is a preliminary step in assessing the potential for the two groups to cooperate in the domains of technology and platforms, encompassing components and systems. Areas of possible mutual interest pertain to electric powertrains and platforms including fuel-cell systems, vehicle automation and connectivity for commercial vehicles. This agreement is a further step in Iveco Group’s and Hyundai Motor Company’s independent strategies to create leading innovative solutions in today’s fast-changing environment by building an ecosystem of mutually beneficial partnerships. Iveco Group N.V. (MI: IVG) is a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain, and related Financial Services arenas. Each of its eight brands is a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; Iveco Defence Vehicles, for highly-specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; Magirus, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs approximately 34,000 people around the world and has 29 manufacturing plants and 31 R&D centres. Further information is available on the Company’s website www.ivecogroup.com Media Contacts: Francesco Polsinelli, Tel: +39 335 1776091 Fabio Lepore, Tel: +39 335 7469007 E-mail: mediarelations@ivecogroup.com About Hyundai Motor Company Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,' Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Urban Air Mobility (UAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies. More information about Hyundai Motor and its products can be found at: http://worldwide.hyundai.com or http://globalpr.hyundai.com Contact: Jin Cha Global PR Team / Hyundai Motor Company sjcar@hyundai.com +82 2 3464 2128 Attachments 20220307_PR_Iveco_Group_MOU_IVG_HMC IVECO GROUP N.V.
A12 藝術空間
joint sourcing
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