The Legacy of Choi Chang-gul: Pioneer of Korea's Nonferrous Metals Industry

Choi Chang-gul: A Titan of the Nonferrous Metals Industry

Choi Chang-gul, the Honorary Chairman of Korea Zinc, passed away on October 6, 2025, at the age of 84 after a prolonged illness. Known as a pioneer in the nonferrous metals sector, Choi's impact on the industry was profound, as he played a pivotal role in transforming Korea's nonferrous metals market into a global powerhouse.

Born in 1941 in Bongsan, Hwanghae Province, Choi earned both his economics degree from Seoul National University and later an MBA from Columbia University. His journey in management began in 1974 as one of the founding members of Korea Zinc, where he laid the groundwork for what would become one of the leading comprehensive nonferrous smelting companies worldwide.

Choi's journey began after his return to Korea from the U.S. in the early 1970s, during a period when the government was pushing for a transformation in industrial capabilities, especially in heavy and chemical industries. With minimal technology and capital, Choi was undeterred. He was crucial in establishing Korea Zinc on August 1, 1974, despite significant challenges, such as securing funding from both domestic and international sources.

The creation of Korea Zinc was not without hurdles. Choi tackled the need for funding head-on, obtaining loans from the National Investment Fund and Korea Development Bank. He remarkably acquired USD 13 million in loans and raised an additional USD 4 million in equity financing from the International Finance Corporation (IFC)—a record at the time for a private Korean enterprise. Choi's hands-on approach enabled him to keep project costs significantly below the initial estimates, an accomplishment that equipped him with essential operational insights and technological know-how.

Choi's father, the late Chairman Choi Ki-ho, greatly influenced him. Often reflecting on his father's words about the impermanence of wealth but the permanence of knowledge, Choi drove this philosophy into his work ethic and management style. He believed that the strength of an organization far outweighed individual accolades, stating, “Our success was never the work of a singular lead but the collective achievement of all employees.” This belief underpinned Korea Zinc’s operational excellence and corporate structure, which he likened to “not built by stacking boulders but of countless hard-packed grains of soil.”

As the company grew, Choi championed the idea of gradual evolution rather than drastic changes. In a 2014 interview commemorating Korea Zinc’s 40th anniversary, he emphasized that businesses must consistently strive to improve without needing radical reform. He famously remarked, “For a company, stagnant growth is the equivalent of death for a person.” His approach ensured Korea Zinc would be adaptable and resilient in an ever-changing global landscape.

Choi’s management legacy continues to be carried forward by his son, Chairman Yun B. Choi, who took the reins in December 2022. Yun aims to uphold his father's vision, focusing on sustainable growth through the company's 'Troika Drive' strategy, which emphasizes diversity in core business areas such as renewable energy, secondary battery materials, and resource recycling. Under his tenure, Korea Zinc is aiming for revenue of KRW 25.3 trillion by 2033, further solidifying its dominance in the sector.

In 2025, Korea Zinc enjoyed record success, achieving a historic consolidated revenue and operating profit, attributed to its well-diversified portfolio that includes both base and precious metals, as well as strategic minerals. Amid increasing competition for critical resources globally, especially in light of U.S.-China tensions, the company is carving out its role within a 'China-free' supply chain.

In his twilight years, Choi Chang-gul was known for his humility despite the accolades. He often reminded those around him about the vast learning opportunities that lay ahead. His enlightenment-driven approach and steadfast commitment to corporate principles will ensure that Korea Zinc not only remains a leader in the nonferrous metals industry but also an enduring source of inspiration for future leaders.

Choi's legacy is not just in the company he built but in the values he instilled that prioritize collective success and perseverance. His contributions have reshaped the nonferrous metals industry and continue to influence the future of Korea Zinc and the broader market.