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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Jisun] Korea Zinc criticized MBK Partners, which has entered into a management dispute, stating that the private equity firm "lacks understanding of the non-ferrous metal business."
On the 10th, Korea Zinc issued a press release pointing out that MBK, during a press conference the same day, presented an expansion roadmap for Korea Zinc's promising businesses. The company highlighted that MBK categorized the business of recovering valuable metals from solar panel waste as a long-term project, despite it already being underway.
According to Korea Zinc, between April and October, the company had already processed 150,000 panels at the Evetera Hub in the U.S. Additionally, the recycling of waste batteries, which MBK also categorized as a long-term project, has already reached the pilot plant stage at Korea Zinc's Onsan Smelter.
Korea Zinc also pointed out inaccuracies in MBK's presentation, noting that nickel metal should be classified as a final product, not a raw material, as MBK had suggested. The company emphasized, "MBK has no understanding of Korea Zinc's business or technology and lacks even basic knowledge."
The company also countered MBK's claim regarding a decline in total shareholder returns (TSR). MBK had stated that TSR had dropped from 32% in 2021 to 15% in 2022 and turned negative at -5% last year. Korea Zinc argued that MBK selectively used data only up to 2023 to suit its narrative, ignoring subsequent improvements.
Korea Zinc explained that although TSR turned negative last year due to a temporary stock price decline, it rebounded to positive territory by August 2024.
The company further noted that MBK's shareholder value recovery plan closely resembled the shareholder-friendly policies Korea Zinc had already announced last month, offering little distinction.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
