Cement News tagged under: South Korea

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Ssangyong Cement creditors reject Taiheiyo offer

18 December 2015, Published under Cement News

The administration responsible for selling South Korea's Ssangyong Cement is likely to reject an offer made by Japan’s Taiheiyo Cement Corp, Ssangyong’s second-largest shareholder, to acquire all its shares. It was based on the judgment that the Japanese cement maker's offer was intended to obstruct the sale.  "The offer by Taiheiyo to take over all the Ssangyong Cement stake is equivalent to saying Ssangyong must accept its claims of preemption right currently in dispute in the court," c...

New shredding operation boosts SRF production capabilities in South Korea

08 December 2015, Published under Cement News

A new Solid Recovered Fuel (SRF) production facility is now fully operational in Wonju city, South Korea, thanks to global shredding firm UNTHA and local partner PERITUS.   Korean waste management specialist Zion has built the alternative fuel manufacturing plant to make smarter use of its residual materials. Now, with the new system in place, pre-sorted construction and demolition (C&D) waste and commercial and industrial (C&I) waste, is being shredded to produce a homogenous 50mm fuel for ...

South Korea: Loesche wins new order from Sun Cement

28 October 2015, Published under Cement News

South Korea-based Sun Cement Co Ltd has placed an order for a Loesche vertical roller grinding mill for granulated blast furnace slag. Plans have been made to replace the current outdated ball mill at the cement producer's Mokpo works with a new grinding plant. Loesche has been commissioned to deliver a  LM 35.2+2 CS mill for the project. The vertical roller grinding mill will produce slag cement with a fineness of 4600 Blaine, at a capacity of 45tph. The capacity of the gearbox will be 160...

South Korea: local producers to face price probe?

24 July 2015, Published under Cement News

South Korea's Fair Trade Commission (FTC) has initiated another investigation into whether domestic cement producers colluded to raise cement prices. According to industry sources and the FTC Friday, the antitrust watchdog conducted an onsite probe into major cement makers including Tongyang Cement & Energy and Hanil Cement in mid-July, the Maeil Business Newspaper reports.. Upon the request from the ready-mixed concrete industry, the regulator kicked off investigation into cement makers' a...

CRH reportedly to take part in preliminary bidding for South Korean producer

11 June 2015, Published under Cement News

CRH announced it will take part in the preliminary bidding for Tongyang Cement scheduled on the 12 June after selecting Goldman Sachs as an underwriter, according to local press reports citing investment bank sources. Tongyang Cement was put on the market in early April after its parent group was liquidated. The 74.1-per cent stake held by Tongyang Corp. and Tongyang International is estimated at KWR400-600bn (US$360-540m) Tongyang Cement is ranked second on the domestic the cement market...

Concerns raised by South Korean imports of Japanese coal

23 October 2014, Published under Cement News

Lee In-young, an opposition spokesman for the New Politics Alliance for Democracy party and member of the National Assembly's Environment Labour Committee, has raised concerns over radioactive-contaminated coal bought by South Korean cement firms.   The  Environment Ministry received data that between 2011 to 2013 Sangyong Cement Industrial, Tongyang Cement and Energy, Lafarge Halla Cement and Hanil Cement received waste coal from the Japanese government, which was used in the production ...

South Korea: Investors in Tong Yang Cement fear capital cut

22 November 2013, Published under Cement News

Tong Yang Cement, which is currently under a court receivership, may slash its capital on a large scale to offset losses in prior years, according to a Reuters report. It is rumoured that the troubled cement producer will soon determine whether capital reduction will be executed and how much capital will be erased. Tong Yang Inc, a holding company of Tong Yang conglomerate, sold debt worth KRW157bn (US$147m) during July-September via a special-purpose company using Tong Yang Cement's ass...

Tongyang Cement goes into court receivership

03 October 2013, Published under Cement News

Tongyang Cement has become the fifth victim of the group-wide financial agony. On 1 October the cement unit of Tongyang Group said in a regulatory filing that it applied for court receivership with the Chuncheon (Gangwon Province) District Court. Earlier on the same day, another group company specialising in IT services, Tongyang Networks, had asked for court receivership. As a result, following similar steps by Tongyang Corporation, Tongyang Leisure and Tongyang International, the total n...

Tong Yang sells waste heat recovery plant, South Korea

04 September 2013, Published under Cement News

South Korea-based cement producer Tong Yang Cement Corporation has sold a waste heat recovery plant to Samcheok Energy, a company invested by a private equity fund run by Macquarie Korea Opportunities Management, Ltd. The acquisition was made for a consideration of KRW40,000m. Tong Yang Cement is one of South Korea's largest cement producer by capacity. Its major plant at Samcheock has seven NSP precalciner kilns and five mills, capable of around 10Mta cement, with another 10 per cent a...

South Korean cement producers to withdraw price hikes

24 April 2013, Published under Cement News

Major cement producers in South Korea have withdrawn price rises announced earlier in 2013 and will maintain current prices for a year. Manufacturers such as Tongyang Cement, Hanil Cement and Sungshin have sent official notices to ready-mix concrete companies and construction contractors stating that they would freeze prices for a year, according to reports by the Korea Economic Daily. Since February, cement producers have been planning to initiate a 9-10 per cent price increase due to...