LG Chem, Korea Zinc join hands for US recycling business
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LG Chem, Korea Zinc join hands for US recycling business

Both companies plan to share market and policy trends using the U.S. recycling network and establish a resource circulation system

  • By ICN Bureau | March 18, 2024

Korea Zinc and LG Chem have joined hands to jointly solve waste resource environmental problems and accelerate ESG management. Both companies recently signed a business agreement (MoU) with LG Chem regarding the 'project to build a resource circulation system through recycling of US waste plastic'.

Lee Sang-geun, Head of Korea Zinc's Planning Division, and LG Chem's Sustainability Business Division Head Hwa-young Lee attended this contract.

Korea Zinc and LG Chem have experience in establishing the Korea Precursor Co., Ltd. joint venture in May 2022 with a 51:49 ratio between Korea Zinc's subsidiary Chemco and LG Chem. Korea Precursor Co., Ltd. will begin test runs in the first half of this year and mass produce products in 2025. We plan to produce and ship.

Through the signing of this memorandum of understanding, both companies plan to share market and policy trends using the U.S. recycling network and establish a resource circulation system (closed-loop) by promoting waste plastic recycling projects. The purpose of this business agreement is the need to establish major policy trends and regulatory response strategies related to waste and recycling, as well as technical cooperation such as Korea Zinc's electronic waste treatment technology and LG Chem's quality improvement of waste plastic recycling products

“This business agreement will be an important point in terms of expansion of Korea Zinc’s resource circulation business,” said Lee Sang-geun, head of Korea Zinc’s Planning Division. “Korea Zinc’s Troika Drive will be expanded by adding cooperation with LG Chem to the existing eco-friendly resource circulation business.” “The competitiveness of one axis, the resource circulation business, will further increase,” he said.

Lee Hwa-young, head of LG Chem's Sustainability Business Division, said, “Through cooperation between the two companies, we expect to be able to preemptively respond to recycling regulations in the U.S.” In particular, “Korea Zinc's unrivaled recycling raw material securing and intermediate material extraction technology and LG Chem's world-class waste plastic recycling “I think it will be possible to build a true resource circulation system (closed-loop) through the combination of technologies,” he said.

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