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[Alpha Biz=(Chicago) Reporter Paul Lee] Korea Nickel, an affiliate of Youngpoong Group, jointly established by Korea Zinc and POSCO, will go through liquidation procedures. The plant has been shut down since last year and its stake in partner companies has been completed by last month. Liquidation has been decided to actively respond to the secondary battery nickel market. It is said that Korea Nickel products are stainless steel (STS) and are not suitable for secondary batteries.
According to related industries on the 13th, Korea Nickel will go through the liquidation process at this month's general meeting. Youngpoong Group will be operated separately by two business companies, Youngpoong and Korea Zinc, and Korea Nickel is a business company in charge of Korea Zinc.
A Korea Zinc official explained that he started the process of liquidating the corporation, judging that it was difficult to utilize Korea Nickel's facilities while focusing on the secondary battery business, and the goal is to liquidate it by the end of this year with the approval of the general meeting of shareholders.
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