SEOUL Aug. 19 (UPI) -- Involved in a year-long management rights dispute, Korea Zinc and Young Poong reported opposite results for the first half of this year. Korea Zinc cruised well, while Young Poong struggled.
Young Poong Corp., a conglomerate that focuses on the mining, electronics and book-selling industries, said Monday that it posted $843 million in sales, down 22% from a year ago. Its operating loss more than tripled to $108 million year-on-year.
The firm's Seokpo refinery, about 125 miles southeast of Seoul, saw its operating rate fall to less than 40% this year, a large factor in the disappointing results.
Young Poong noted that the smelter, which manufactures zinc used to guard against steel corrosion, was shut down for two months this year after discharging polluted wastewater without approval.
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