Ssangyong Cement set to change company name

South Korea’s Ssangyong Cement will change its company name to SsangYong C&E. The new name, which takes the first letters of cement and environment, reflects the company’s desire to promote environment-friendly values, according to the company. The change will be finalised at a regular shareholders meeting on 25 March.

"For the past 60 years, we have led Korea’s cement industry and contributed to the country’s industrialisation and economic development. With the know-how we have gathered from the cement business, we seek to expand our business to environmental businesses," said Hong Sa-seung, chairman.

The cement producer said it has spent over KRW100bn (US$90m) every year in the last five years to establish environment-friendly production facilities, replacing coal with waste plastic as a fuel, and reset the company’s business goals to include several environment-related businesses, such as recycling.