'Sampyo Industry, the First under the Serious Accident Punishment Act, Largest Ready-Mix Concrete Company in the Seoul Metropolitan Area'

Sampyo Cement Samcheok Plant. [Photo by Asia Economy DB]

[Asia Economy Reporter Kim Jong-hwa] Sampyo Industry, which is likely to become the first workplace subject to the Serious Accident Punishment Act following the burial accident involving three workers, is one of the largest ready-mixed concrete companies in the Seoul metropolitan area.

According to the industry on the 29th, the late Chairman Jeong In-wook of Gangwon Industry Group established Gangwon Coal Mine in 1952 and entered the anthracite coal business. In 1966, he founded Samgang Transport to handle his main business of briquette transportation, which later changed its name to Sampyo Industry.

Since 1990, Jeong Do-won, the second son of the late Jeong In-wook, has been leading the Sampyo Group. Sampyo Industry's ready-mixed concrete division is led by President Yoon In-gon, and the aggregate division by President Lee Jong-shin, each serving as CEO. The company manufactures and sells aggregates, ready-mixed concrete, and concrete products, operating 26 ready-mixed concrete manufacturing and sales plants including the Pungnap plant located in Songpa-gu, Seoul, and 7 aggregate production and sales plants including the Hwaseong branch in Gyeonggi Province.

The Seongsu and Pungnap plants in Seoul are currently in discussions with Seoul City and Songpa District Office regarding relocation of the factory sites. The aggregate business produces aggregates from six quarries including Yangju in Gyeonggi Province, where the recent accident occurred, as well as Incheon, Paju, Hwaseong, Anseong, and Yesan. According to Sampyo Industry's audit report, as of 2020, sales were approximately 653.5 billion KRW, and operating profit was about 10.93 billion KRW.

Sampyo has been criticized as a workplace with frequent industrial accidents, having recorded seven fatal industrial accidents over the past four years, including one in 2019, three in 2020, and two in 2021, up to this year.

Lee Jong-shin, CEO of Sampyo Industry, stated, "We will concentrate all company capabilities to closely cooperate with related organizations and make every effort in rescuing the buried workers and managing site safety. We will take maximum measures to prevent recurrence. We express our deep condolences to the deceased and offer our sincere sympathies to the bereaved families."

This content was produced with the assistance of AI translation services.