Choi Chang-gul, Honorary Chairman of Korea Zinc and a central figure in Korea's nonferrous metals industry, has passed away on October 6 at the age of 84 after battling a long illness. Born in 1941 in Bongsan, Hwanghae Province, Choi earned a degree in economics from Seoul National University and an MBA from Columbia University. He began his management career as one of Korea Zinc's founding members in 1974 and served as Chairman from 1992 to 2002, during which he established the foundation for Korea Zinc's rise as the world's leading comprehensive nonferrous metals smelter.
In October 1973, after completing his MBA and gaining work experience in the U.S., Choi returned to Korea to join Young Poong Mining, where he managed finance and accounting. Eight months later, following the government's launch of its "Heavy and Chemical Industry Promotion Plan," he was approached to establish a company in the smelting sector. Despite lacking technology, capital, and experience, Choi embraced the challenge, and played a key part in the founding of Korea Zinc on August 1, 1974.During this period, securing funding was his greatest hurdle.
Domestically, he obtained loans from the National Investment Fund and Korea Development Bank, and internationally, he borrowed USD 13 million and received USD 4 million in equity investment from the International Finance Corporation (IFC). This was the largest IFC investment in a private Korean company at the time. Eschewing the common turnkey model with high construction margins, Choi instead directly managed procurement and construction, completing the project for USD 45 million, well below IFC's USD 70 million estimate, all while gaining valuable operational and technical know-how in the process.
