Korea Zinc Management Reasserts Board Control in Management Battle Against MBK-Young Poong

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Korea Zinc (KRX:010130) Chairman Choi Yun-beom prevailed in the latest battle for management control, winning three of five available board seats during a Wednesday shareholder meeting against the alliance of major shareholder Young Poong (KRX:000670) and private equity firm MBK Partners.

Choi's camp elected independent directors Lee Hyung-kyu and Seo Eun-sook, along with audit committee member Baek In-kyoo. The MBK-Young Poong alliance claimed the remaining two seats, appointing Lee Jun-bong and Shim Hye-seop.

The vote expands the zinc smelter's board to 19 from 14, raising Choi's representation to 12 from nine seats, while that of Young Poong-MBK grew to seven from five, according to a bourse filing on Wednesday.

Korea Zinc's boardroom showdown is the latest in the feud between the founding families. Founded jointly by the Choi and Chang families, the arrangement took a turn when Young Poong's Chang family allied with MBK Partners in 2024 to launch a 2 trillion won hostile takeover bid.

Young Poong holds 42.1% of Korea Zinc, while Choi's camp controls 38.8%, according to Korea JoongAng Daily.

At its next shareholders' meeting in March 2027, the terms of eight directors and one audit committee member are set to expire, Joongang said.

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