Korean Confederation of Trade Unions (KCTU) and Korea Zinc management and labor agree to jointly respond to MBK's hostile M&A

*This content was translated by AI.

The Korean Confederation of Trade Unions (KCTU) has decided to take joint action with Korea Zinc to protect workers' jobs from private equity fund MBK Partners, prevent adverse effects such as employment insecurity and deterioration of the regional economy.

On the 23rd, KCTU's Ulsan Regional Headquarters announced that it visited Korea Zinc's Onsan Refinery on the 22nd and held a joint labor-management meeting between Korea Zinc's management and labor. This meeting was organized as part of a field visit to hear about difficulties faced by workplaces under KCTU's Ulsan Headquarters, with KCTU Ulsan Headquarters Baek Seung-u (Chairman), Korea Zinc Labor Union Lee Eun-seon (Chairman), and Kim Seung-hyun, Onsan Refinery Director, in attendance.

While KCTU typically holds meetings with company unions, this meeting is noteworthy because both management and labor came together to discuss negative effects and concerns arising from MBK's hostile M&A attempt, including employment instability. Korea Zinc is a representative stable labor-management workplace, having maintained 38 years of no labor disputes.

At the meeting, KCTU Ulsan Headquarters and Korea Zinc's management and labor discussed joint solidarity measures centered on national core mineral supply chains, the Ulsan regional economy, and employment stability. It was reported that both sides reached a consensus that the Korea Zinc issue is not merely a corporate ownership dispute but a critical matter concerning jobs, the regional economy, and the protection of national key industries in Ulsan.

Furthermore, according to the Korea Zinc Labor Union, the union highlighted during the meeting MBK's management practices after acquiring Homeplus and its attempts to evade responsibility following the Homeplus crisis, emphasizing that private equity-style management could shake employment and the regional economy if it prioritizes short-term profitability over long-term industrial competitiveness. It was also reported that the Korea Zinc Labor Union unusually reiterated its support for the current management team, including Choi Yun-beom (Chairman).

In response, KCTU Ulsan Branch emphasized that Korea Zinc must resolve the dispute and achieve management stability and labor-management harmony, expressing agreement that such measures would secure employment stability for union members.

It was further reported that KCTU Ulsan Branch noted positive developments under the current management and union's harmonious relationship, including not only employment stability but also expanded hiring and continuous improvements in workers' treatment and working conditions. For this reason, KCTU Ulsan Branch stated it believes both the Korea Zinc Labor Union and its members support the current management and expressed willingness to stand in solidarity and make efforts at any time.

The Korea Zinc Labor Union stated, "Lee Eun-sun, Korea Zinc Noh Jo-wi (Director), conveyed to KCTU the intention of the regional labor community to unite in a struggle for survival rights against MBK, which is destroying national key industries and driving workers to death, and to improve laws and regulations to regulate speculative capital."

Baek Seung-woo, President of KCTU Ulsan Headquarters, said, "Strengthening the competitiveness of Korea Zinc, a hometown company of Ulsan and the world's leading non-ferrous metal enterprise, is important. Above all, let us jointly consider various solidarity measures with central and local governments to improve laws and regulations and ensure employment stability for union members."

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*This content was translated by AI.