Korea Zinc files police complaint against MBK, Young Poong over unauthorized use of 'Project Crucible' name

Korea Zinc said Wednesday it has filed a criminal complaint with the Seoul Jongno Police Station against MBK Partners and Young Poong, accusing them of unauthorized use of the name and logo of "Project Crucible," its planned integrated smelting complex in the United States being developed in partnership with the US government.

Those named in the complaint include Korea Investment Holdings — a vehicle established by MBK — as well as Young Poong, MBK Vice Chairman Yoon Jong-ha, and Jang Se-hwan, chief executive of Young Poong Bookstore Holdings and the second son of Jang Hyung-jin, an adviser and member of Young Poong's founding family.

According to Korea Zinc, MBK and Young Poong registered the domain "crucibleTN.com" — combining the Project Crucible name with "TN," the abbreviation for Tennessee, the US state where the project is to be built — on June 27, using a method that conceals registrant information.

In early July, they also distributed reception invitations to Tennessee state government officials, key community figures and journalists, with the Project Crucible name printed larger and more prominently than the host's own name. The reply contact listed on the invitation was "events@crucibleTN.com."

The group then held a reception on July 9 at the Hermitage Hotel in Nashville, Tennessee. MBK Vice Chairman Yoon attended and presented MBK's promotional video alongside its global investment portfolio, while Jang Se-hwan said at the event that Young Poong's Seokpo Smelter technology could be applied to Project Crucible.

Under applicable law, no one may, without legitimate reason, use a name, trade name, mark or other business identifier widely recognized domestically that is identical or similar to another party's, in a way that causes confusion with that party's business facilities or activities. The law also prohibits spreading false information or otherwise obstructing another party's business through deceptive means.

Korea Zinc said it filed the complaint after determining that the actions by MBK and Young Poong constituted violations of the Unfair Competition Prevention and Trade Secret Protection Act, as well as obstruction of business.

By using the Project Crucible name and logo, MBK and Young Poong led observers to believe the reception and domain were operated by Korea Zinc itself — the actual project organizer — and created confusion about the identity of the reception's host, the nature of the event, and the relationship between MBK-Young Poong and Korea Zinc, the company said.

Korea Zinc announced in December 2025 a plan to invest approximately $7.4 billion together with the US government and strategic investors to build a large-scale integrated smelter in Tennessee that would produce 12 types of nonferrous metals — including 11 critical minerals — as well as semiconductor-grade sulfuric acid.

The company followed up in April by holding a ceremony in the United States to mark the acquisition of the NearStar USA smelter — now renamed Crucible Zinc — which will serve as the foundation for the integrated facility.

"MBK and Young Poong filed for an injunction in court the very day after Korea Zinc announced Project Crucible, seeking to block the project from the outset," a Korea Zinc official said. "Having long downplayed the value and importance of Project Crucible, they are now promoting themselves as if they were the ones driving it — and that is a deception of the governments of both countries, investors and shareholders."

Meanwhile, a court had already rejected MBK and Young Poong's bid to block the project. The Seoul Central District Court dismissed their injunction application — which sought to prevent the US government and strategic investors from participating in Project Crucible — on Dec. 24 last year, describing the project as "a transaction pursued with the aim of restructuring the United States' global critical mineral supply chain, strengthening cooperation between South Korea and the United States, and securing stable global demand for the debtor (Korea Zinc)."

On Tuesday, MBK and Young Poong said they would withdraw a lawsuit seeking to nullify a resolution passed at Korea Zinc's extraordinary shareholders' meeting held in January last year, saying they had "achieved all the objectives for which the suit was filed."

In response, Korea Zinc said in a statement that the explanation — that the litigation had lost its practical value — fell far short of accounting for why a prolonged legal dispute was being dropped without a ruling on the merits, or for the uncertainty that shareholders and the market had endured throughout. Korea Zinc added that MBK and Young Poong owed an apology for the confusion their erratic conduct had caused.