Ssangyong Cement, Changes Company Name to 'Ssangyong C&E'
Pursuing Sustainable Development with Cement and Environmental Businesses as Two Pillars... Approved at March 25 Regular General Meeting
[Asia Economy Reporter Kim Jong-hwa] Ssangyong Cement, the No. 1 cement company in Korea, is changing its name from 'Yanghoe Gongup,' which means cement manufacturing industry, to 'Ssangyong C&E' to reflect its intention to expand its business area into environmental projects.
Ssangyong Cement announced on the 24th that it plans to officially declare the new name, 'Ssangyong C&E,' after obtaining approval at the regular shareholders' meeting scheduled for the 25th of next month.
The new name Ssangyong C&E retains the long-standing corporate identity of 'Ssangyong' as a leading cement company, while adding the initials C&E, which stand for Cement & Environment, expressing the intention to expand its business area into the environmental sector, a core value for the future, and to continue sustainable development as a comprehensive environmental business.
Hong Sa-seung, Chairman of Ssangyong Cement, said, "Ssangyong Cement has led the cement industry for over 60 years, contributing to Korea's industrialization and economic development. Based on our expertise in safely and perfectly recycling circular resources grounded in the cement business, we will expand into the environmental business sector and transform into a comprehensive environmental company that takes the lead in creating a clean and livable future environment."
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Over the past five years, Ssangyong Cement has invested more than 100 billion KRW annually in building eco-friendly production facilities. At the end of last year, it held an extraordinary shareholders' meeting to add numerous environment-related businesses to the company's articles of incorporation. Earlier this year, it declared ESG management and is actively pursuing the establishment of a resource-circulating society, including coal phase-out initiatives.
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