The Transformation of 'Eundun Companies' Changed by Global Supply Chains... Chairman of Korea Zinc Invited to IEA

Korea Zinc, known as a ‘reclusive company,’ is changing. The company’s CEO has begun to attract attention by publicly engaging with global corporate CEOs and high-ranking officials from international organizations one after another.

Choi Yoon-beom, Chairman of Korea Zinc, will be the only Korean businessperson attending the ‘2024 IEA Ministerial Meeting’ held in Paris, France, on the 14th (local time), invited by the International Energy Agency (IEA).

At this event, where key ministerial-level officials and CEOs of global energy companies gather, Chairman Choi will participate in the ‘Securing Critical Minerals and Clean Energy Supply Chains’ session. There, he will discuss with high-level officials ways to establish stable supply chains and international cooperation measures to realize clean energy technologies such as electric vehicle batteries.

Previously, Chairman Choi was also the only Korean businessperson invited as a speaker at the ‘Critical Minerals and Clean Energy Summit’ held in Paris last September, hosted by the IEA.

Choi Yoon-beom, Chairman of Korea Zinc Photo by Korea Zinc

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Chairman Choi’s consecutive participation in international events since last year reflects the growing status of the company in the global supply chain. Korea Zinc is the world’s number one company in the non-ferrous metal smelting sector. Recently, it has expanded its business beyond simple smelting to battery core materials such as nickel.

Last month, Chairman Choi also attended the World Economic Forum (WEF, Davos Forum) held in Davos, Switzerland. This was the first time an owner-manager attended since the founding of Korea Zinc. He has also planned to appear as a speaker at the Davos Forum next year.

It is reported that the role of Kim Ki-jun, Vice President and Head of the Sustainability Management Division, who was recruited two years ago, was significant in expanding Chairman Choi’s global footprint. Kim, a 35th-grade civil service exam passer, has served as a Free Trade Agreement (FTA) negotiation officer, a counselor at the OECD delegation, and was the first Korean to hold the senior position of Director of Energy Policy at the IEA. Vice President Kim supports Chairman Choi by utilizing the global network he built in the Ministry of Industry and international organizations.

Founded in 1974, Korea Zinc was co-founded by the late Jang Byung-hee, founder of the Youngpoong Group, and Choi Ki-ho, founder of Korea Zinc. The company produces about 15 types of valuable metals including zinc, lead, silver, and indium. The largest shareholder is Youngpoong Co., Ltd., holding 25.15% of shares, and Jang Hyung-jin, an advisor at Youngpoong, holds 3.45%. The Choi family, managing Korea Zinc, holds about 16% of shares including Chairman Choi’s 1.75%, but when combined with friendly shares from Hanwha and Hyundai Motor, the total exceeds 33%. Since Chairman Choi’s inauguration, the Choi and Jang families have been competing in share acquisitions for several years amid speculation about possible separation of affiliates.

Chairman Choi, responsible for management, is the grandson of founder Choi. Born in 1975, he was promoted to chairman in December 2022, two years after becoming vice chairman. He graduated from Columbia University Law School in the U.S. and worked as a lawyer in New York State before joining Korea Zinc in 2007 as Head of Management Support at the Onsan Smelting Plant. In 2014, he served as president of Korea Zinc’s Australian subsidiary SMC (Sun Metal) overseas, and in 2019, he was appointed CEO and president.

Choi Yoon-beom, Chairman of Korea Zinc, is speaking at the International Energy Agency (IEA) 'Critical Minerals and Clean Energy Summit' held in Paris, France, on September 28 last year (local time). (Photo by Korea Zinc)

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Inside the company, it is evaluated that many changes have occurred in the previously conservative atmosphere since the young owner took over management. To break away from the image of a smelting company, Chairman Choi declared the ‘Troika Drive’ management strategy in December 2021, focusing on new growth engines for Korea Zinc such as renewable and green hydrogen energy, resource circulation through recycling, and secondary battery materials.

In December last year, the company held its first-ever Investor Day and began communicating with the market. At this event, Korea Zinc’s executive team announced plans to invest a total of 17 trillion won over the next 10 years in new businesses such as secondary batteries and renewables (12 trillion won) and smelting business (5 trillion won).

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