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[Alpha Biz=(Chicago) Reporter Kim Jisun] Korea Zinc (Chairman Choi Yoon-bum), the world's No. 1 company in non-ferrous metals, will expand its scope into new businesses such as secondary batteries and resource circulation and invest up to 17 trillion won over the next 10 years to expand its appearance.
Amid expectations that Korea Zinc will directly or indirectly benefit from the Inflation Reduction Act (IRA) after the U.S. government's recent announcement of detailed rules of the Overseas Concern Group (FEOC), the company expressed its ambition to raise consolidated sales to 25 trillion won by 2033.
On the 7th, Korea Zinc held an Investor's Day event for investors and analysts at the Conrad Seoul Hotel in Yeouido. In the event, the first of its kind since its foundation, Korea Zinc's management came out in person to present mid- to long-term management strategies and growth goals over the next 10 years for major domestic investors.
The management said it will double the company's sales to 25.3 trillion won in 10 years by securing future growth engines such as secondary batteries, resource circulation businesses and renewable energy, while maximizing profits by increasing efficiency in the existing smelting sector. To this end, the company plans to invest 17 trillion won in smelting (5 trillion won) and new projects (12 trillion won).
Korea Zinc announced that it would raise annual sales of 10 trillion won and achieve 13 trillion won in smelting business by 2033.
It also announced plans to invest 12 trillion won in new projects to cope with industrial structure and environmental changes.
In particular, with the construction of an all-in-one nickel smelter in Korea, investors expect the sulfuric acid business to meet the IRA benefit criteria.
The company expects to generate sales of 5.3 trillion won by 2033 with an annual production capacity of 80,000 5000t of sulfuric acid, 80,000 tons of precursor and 60,000 tons of copper foil.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
