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Korean Zinc Corporation buys US company Cataman for $55 million for recycling business

Korean Zinc Corporation buys US company Cataman for $55 million for recycling business
Korean zinc smelter in South Korea (archive photo)

Korea Zinc Inc, the world's largest lead and zinc smelter, has acquired Kataman Metals LLC, a US-based scrap metal trading company, for $55 million to expand. Recycling businessits new growth engine.

Korea Zinc said Monday it has completed the acquisition of Kataman's 100% stake through its U.S. subsidiary Pedalpoint Holdings LLC while assuming the trading house's 269.5 billion won ($199.6 million) debt.

Korea Zinc aims to steadily purchase materials including scrap metal for its recycling business, which extracts valuable components such as copper through the acquisition of Cataman, which has built a national network with US scrap dealers. Global recycling companies seek to purchase waste on a stable basis.

“The domestic grid in the United States is one of its core assets,” a Korea Zinc official said in Seoul.

Stable recycling value chain

Qatman Company buys and sells about 300,000 tons of scrap metal such as copper and aluminum waste. Its average annual trading value reached about $1.5 billion during the last three years.

Korea Zinc plans to collect scrap metal through the Cataman District in the United States in the meantime Igneo Holdings LLC, a US-based electronic waste recycling company, was acquired in 2022The waste is planned to be treated.

The South Korean company is scheduled to use copper scrap collected by Cataman, as it aims to increase its copper production to 150,000 tons per year by 2028.

“We plan to create a stable recycling value chain, linking Cataman, Agnew and Korea Zinc,” the official said.

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Write to Sang Hoon Song at [email protected]

This article was edited by Jongwoo Chon.

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