Korea Zinc Attempts to Secure Management Rights at Seorin Corporation's General Meeting on the 20th

Ongoing Management Conflict Between Youngpoong and Management

Seorin Corporation, a subsidiary of Korea Zinc, will hold an extraordinary general meeting of shareholders on the 20th. Attention is focused on how the outcome of this meeting will affect the management dispute between Korea Zinc and Young Poong.

According to industry sources on the 14th, Korea Zinc plans to appoint four additional inside directors at this general meeting. The plan is to increase the number of Korea Zinc directors to secure management control of Seorin Corporation.

Seorin Corporation, a key subsidiary that distributes and sells non-ferrous metals overseas for Young Poong and Korea Zinc, is currently managed by Young Poong. However, Korea Zinc is the largest shareholder, holding 66.7% of Seorin Corporation's shares.

The Seorin Corporation board consists of seven members: four from Korea Zinc (Honorary Chairmen Choi Chang-geol and Choi Chang-geun, Vice Chairman Noh Jin-su, and Vice President Lee Seung-ho) and three from Young Poong (Advisor Jang Hyung-jin of Young Poong Group, and CEOs Jang Se-hwan and Ryu Hae-pyeong of Seorin Corporation).

There are plans to additionally appoint Choi Min-seok, president of Steel Cycle and cousin of Korea Zinc Chairman Choi Yoon-beom.

Korea Zinc attempted twice in March to hold a Seorin Corporation board meeting, but Young Poong directors did not attend, resulting in a lack of quorum. Consequently, they filed a petition with the court to approve the convening of the general meeting.

The Seoul Central District Court Civil Division 50 (Presiding Judge Kim Sang-hoon) approved Korea Zinc's petition to convene the Seorin Corporation shareholders' meeting and dismissed Young Poong's request to restrict Korea Zinc's voting rights.

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