Zinc metal (galvanizing grade)

Korea Zinc Co., Ltd. (Seoul; KRX: 010130; ~$9B revenue) is the world's largest single-site zinc, lead, and silver smelter operator and the world's largest non-Chinese indium refiner. Indium is recovered as a byproduct at its Onsan smelter in Ulsan, South Korea — the only facility in Korea with an indium processing line. Korea Zinc produces ~150 tonnes of indium annually at 99.999% purity (vacuum-packed 5-kg bars), meeting roughly 11% of global demand outside China. About 90% of Korea Zinc's indium output is exported to the US, Japan, and Taiwan — making it the primary indium supplier for US and Taiwanese display/semiconductor manufacturers seeking non-Chinese supply. The Onsan smelter also produces gallium and antimony; Korea Zinc has invested heavily to diversify into critical minerals as a strategic counterweight to Chinese dominance.

Indian zinc-lead-silver miner and smelter (~75% owned by Vedanta Resources). Revenue ~₹35B (2024). Operates Dariba, Sindesar Khurd, and Rampura Agucha mines in Rajasthan — the largest integrated zinc complex in the world by mine output. Produces ~900K MT/yr zinc.

Major diversified mining and commodities trading company; produces sulfuric acid as byproduct at its copper, zinc, and lead smelters globally (Australia, Canada, Kazakhstan, South Africa, Philippines, Peru, etc.). One of the world's largest merchants of sulfuric acid from smelting operations. Also one of the world's largest sulfur traders — trades recovered sulfur from refineries and intermediates it to fertilizer manufacturers. Glencore's dual position as a smelter byproduct H2SO4 producer AND sulfur trader gives it market intelligence across both supply sources.

Chinese state-linked mining giant. Revenue ~¥290B (2024). Produces gold, copper, zinc, silver globally. Acquired Nevsun Resources (Serbia), Continental Gold (Colombia), and others. Major Chinese zinc mine operator; growing international zinc portfolio.

Teck Resources Limited (Vancouver; NYSE: TECK; ~$9B revenue) is one of the world's largest integrated zinc producers and a major Western indium producer. Indium is recovered as a byproduct at Teck's Trail Operations in Trail, British Columbia — one of the largest integrated zinc and lead smelting complexes in the world. Teck produces 99.995%-minimum-purity indium at Trail with an annual capacity of approximately 75 tonnes, representing ~22% of US import supply. Teck has expanded its indium processing capability to meet ITO manufacturer demand. Trail Operations processes zinc concentrates from Teck's Red Dog mine (Alaska) and third-party sources. Teck sold its steelmaking coal business to Glencore in 2024, sharpening its focus on copper and zinc — both critical mineral supply chains.

Swedish metals and mining company. Revenue ~SEK 80B (2024). Operates Kokkola zinc smelter (Finland, ~315K MT/yr — largest in Europe) and Odda smelter (Norway, ~200K MT/yr). Also mines copper, gold, silver in Scandinavia. Key European galvanizing-grade zinc supplier.

Latin American zinc producer (~50% owned by Votorantim). Operations in Peru (Cajamarquilla smelter, ~330K MT/yr — largest in Americas) and Brazil. Revenue ~$2.7B (2024). Key supplier for South American galvanized steel and irrigation equipment markets.

Nyrstar NV (Balen, Belgium; subsidiary of Trafigura since 2019) is one of the world's largest zinc smelting groups, operating multiple European zinc smelters that collectively produce indium as a byproduct. Nyrstar's Critical Minerals Recovery program recovers indium across three European smelters: Balen/Pelt (Belgium), Budel (Netherlands), and Auby (France). Nyrstar's Budel zinc smelter — the largest zinc smelter in the Netherlands — was placed on care and maintenance in January 2024 due to high European energy costs, then restarted at reduced capacity in May 2024. Balen (Belgium) is the largest-capacity single Nyrstar site. Nyrstar's combined indium output is modest relative to Asian producers; however, it represents critical European indium supply for domestic ITO manufacturers.