What Toho Zinc does

Toho Zinc Co., Ltd. (東邦亜鉛株式会社, ticker 5707, Tokyo Stock Exchange Prime Market) is a Japanese non-ferrous metals company founded in 1937 through the merger of Toho Mining and other entities to consolidate non-ferrous metals operations. The business is organized across five product segments: zinc smelting (Annaka Smelter), lead smelting (Onahama Smelter and wholly-owned Toho Chigirishima Smelting), electronic components, electrolytic iron (high-purity iron produced via electrolytic processes with claimed world-top market share), and environmental/recycling (steelmaking dust processing into zinc oxide, lead battery recycling, and lithium-ion battery recycling). Underlying technology comprises high-temperature dry smelting and solution-based wet smelting for zinc, electrolytic processes for high-purity iron, proprietary recycling flowsheets for complex industrial waste streams including lithium-ion batteries, and in-house electronic components design (NC Series nanocrystalline cores, FK-V Series common mode coils, NK Series Fe-Si inductors). The company is vertically integrated upstream through CBH Resources Limited (Australia), which operates the Rasp Mine and Endeavor Mine and in which Toho Zinc holds the Abra Lead Mine development exposure. Iron-resource security is further supported by JOGMEC overseas exploration program selection. Toho Zinc serves a broad industrial customer base including major steel manufacturers (galvanizing), battery manufacturers (lead for automotive batteries, recycling), tire manufacturers (zinc oxide for rubber compounding), plating and coating companies, automotive parts manufacturers (electronic components), and semiconductor/electronics companies (high-purity electrolytic iron, inductors, transformers). The pricing model is commodity-based for metals (zinc, lead, silver, zinc oxide subject to LME and market fluctuations) and negotiated per customer specification for electronic materials. The go-to-market is sales-led direct B2B route sales with technical support, supplemented by participation in domestic trade shows (e.g., Techno Frontier, High-Performance Metal exhibitions) and corporate IR communications. Branch offices in Osaka and Nagoya provide regional sales coverage. Recent corporate context includes a 2015 accounting irregularity, 2017 governance restructuring to an Audit and Supervisory Committee structure, a 2021 organizational split of lead smelting, a December 2024 business revival plan with third-party PE-backed equity injection from Advantage Partners VII-affiliated funds (approximately 54% combined control), new electronic products launched January-March 2026, and a company name change and new corporate logo effective July 1, 2026.

Name

Toho Zinc

Legal name

東邦亜鉛株式会社 (TOHO ZINC CO., LTD.)

Website

https://toho-zinc.co.jp

Company type

Public

Founded year

1937

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Toho Zinc is a Tokyo Stock Exchange–listed Japanese non-ferrous metals company producing zinc, lead, silver, electrolytic iron (world top-share high-purity), electronic components, and zinc oxide recycling products through vertically integrated Australian mining and Japanese smelting operations for steel, battery, tire, and electronics manufacturers.

Ownership category

akta.pro rank

Product category

Non-Ferrous Metals Smelting and Refining

NAICS

Primary Metal Manufacturing (331), Iron and Steel Mills and Ferroalloy Manufacturing (3311)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Secondary Smelting & Refining Of Nonferrous Metals (3341)

akta.pro primary industry

Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)

Keywords

• Zinc smelting
• Lead smelting
• Non-ferrous metals
• Electrolytic iron
• Metal recycling

Headquarters

HQ city

Marunouchi

HQ country

Japan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Zinc Smelting Products: Zinc ingots, zinc alloys, and zinc-based products produced at Annaka Smelter, sold primarily to steel manufacturers for galvanizing applications.
2. Lead Smelting Products: Lead ingots, silver ingots, lead alloys, and lead-based products from Annaka Smelter and Toho契岛 Smelter (契島製錬株式会社), with lead battery recycling operations.
3. Electronic Materials: Electronic components including transformers, inductors, and electrolytic iron (high-purity iron) for semiconductor, electronics, and industrial applications.
4. Environmental/Recycling Products: Zinc oxide produced from steelmaking dust recycling, sold primarily to tire manufacturers. Also lithium-ion battery recycling.
5. Resource/Mining Operations: Ore procurement and supply to domestic smelters through CBH Resources Limited (Australia), which operates the Rasp Mine and Endeavor Mine.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Toho Zinc is a Japanese non-ferrous metals manufacturer that operates integrated zinc smelting, lead smelting, electrolytic iron production, electronic components fabrication, mining/resource operations, and environmental recycling businesses. Its products are sold primarily to industrial customers in Japan and internationally through its Australian subsidiary CBH Resources.

Product overview

Toho Zinc operates as a non-ferrous metal smelting and manufacturing company with a diversified portfolio spanning five core business segments: Zinc Smelting, Lead Smelting, Electronic Components, Electrolytic Iron (high-purity iron), and Environmental/Recycling. The company produces industrial metals (zinc, lead, silver, gold), advanced electronic materials (transformers, inductors, magnetic cores), and engages in resource recovery and recycling operations. The product portfolio includes primary metal products (zinc ingots, lead products, silver bullion), functional materials (electrolytic iron with world-leading market share), electronic components (NC Series nanocrystalline cores, FK-V Series common mode coils, NK Series Fe-Si inductors), and recycled materials (zinc oxide, lithium-ion battery recycling). The company serves diverse industries including steel manufacturing, automotive, battery production, electronics, and rubber manufacturing.

Differentiator

Problem solved

Functional benefit

Products and services

• Zinc smelting Refined zinc produced through pyrometallurgical smelting for industrial buyers using zinc in galvanizing, alloying, die-casting, and chemical applications. Sold primarily to Japanese industrial customers.
• Lead smelting Refined lead produced through smelting operations for industrial customers using lead in batteries, radiation shielding, alloys, and chemical production.
• Electrolytic iron High-purity electrolytic iron produced for industrial applications requiring controlled-purity iron, including specialty alloys, electronic materials, and powder metallurgy.
• Electronic components Electronic components fabricated and sold to electronics device manufacturers for use in production of electronic devices and systems.
• Environmental recycling services Scrap-metal and environmental recycling operations that recover zinc, lead, and other metals from secondary sources, supporting circular-economy supply and reducing dependence on primary ore.
• Mining and resource operations (including CBH Resources in Australia) Upstream mining and resource operations, including Australian operations via CBH Resources, providing raw-material feedstock for smelting and refining activities and serving international markets.

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered minor, core and moderate.

• Asaka Riken Co., Ltd. (株式会社アサカ理研)minorStrategic or Co-development Partner · 10 August 2021Joint R&D contract signed for the development of new recycling or smelting technologies. Combines Toho Zinc's metallurgical expertise with Asaka Rikens specialized capabilities.
• Coil Business Partners (unspecified)minorStrategic or Co-development Partner · 23 October 2013A business partnership for coil operations was implemented, likely involving technology collaboration or business development in the electronic materials/inductor coil segment.
• CBH Resources Limited (Australia)coreTechnology or Integration · 24 September 2010Australian subsidiary fully acquired in September 2010 through public tender offer. Operates the Rasp Mine and Endeavor Mine in New South Wales, Australia. Supplies zinc and lead ore to Toho Zinc's domestic smelters. The Rasp Mine achieved commercial production in 2012 with opening ceremony held. Endeavor Mine operates under a production sharing arrangement. CBH also has exploration interests including the Abra Lead Mine in Western Australia where Toho Zinc has invested additional capital.
• Toho契島製錬株式会社 (Toho Chigirishima Smelting Co., Ltd.)coreTechnology or IntegrationRelated company operating the 契島 (Chigirishima) lead smelting facility located on an island in Hiroshima Prefecture. Produces high-purity lead through electrolytic processes. Operates sulfuric acid production as a by-product. Part of the Toho Zinc group of companies.
• Tatsumi Shokai Co., Ltd. (株式会社辰巳商会)moderateChannel Partner/ Reseller/ DistributorListed as a major shareholder with 1,998,559 total shares (5.83% ownership). Tokyo-based trading company dealing in non-ferrous metals, likely involved in distribution of Toho Zinc products.
• Abra Lead Mine (Western Australia)moderateTechnology or IntegrationToho Zinc has invested in the Abra Lead Mine development project in Western Australia. Announced initial participation in January 2019, followed by $10 million additional investment in August 2019. Development involved underground ore body access achieved in November 2022, with financing arranged through APackers. The mine development represents a strategic resource supply initiative.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Aurubis AG: European copper-focused non-ferrous metals recycler and refiner with broader metals portfolio. Comparable as a large-scale non-ferrous metals processor with advanced recycling capabilities, but primarily copper-focused rather than zinc/lead-specialized like Toho Zinc.
• Glencore plc: Global mining and commodity trading giant with significant zinc, lead, and copper operations. Comparable as a vertically integrated zinc/lead producer but operates at vastly larger scale and across a much broader commodity portfolio than Toho Zinc.

Direct peers

• Sumitomo Metal Mining Co., Ltd. Japanese non-ferrous metals producer with zinc, lead, copper, nickel, and battery materials operations. Comparable as a Japanese-headquartered integrated non-ferrous metals and electronic materials supplier with global mining assets.
• Korea Zinc Co., Ltd. Global leader in zinc and lead smelting with integrated mining and refining operations, also producing by-product precious metals and high-purity metals. Direct global peer to Toho Zinc in zinc/lead smelting scale and structure, with greater vertical integration and broader footprint.
• Mitsui Mining & Smelting Co., Ltd. Major Japanese non-ferrous metals company with operations spanning zinc, lead, copper, and advanced materials (including functional materials and electronic materials). Directly comparable to Toho Zinc in domestic Japanese smelting, electronic materials, and recycling activities, with materially larger scale.
• Dowa Holdings Co., Ltd. Japanese non-ferrous metals and recycling conglomerate with zinc smelting, electronic materials, and large-scale metal recycling operations. Closely comparable to Toho Zinc across all three core verticals (metallurgy, electronic materials, environmental/recycling) and a fellow TSE Prime-listed Japanese peer.
• Boliden AB: Swedish mining and smelting company producing zinc, lead, copper, and other base metals with integrated mine-to-metal operations. Directly comparable to Toho Zinc in vertically integrated zinc/lead smelting with by-product recovery, including a comparable electronic materials and recycling footprint.
• Nyrstar NV: Multinational zinc and lead smelting company operating smelters across Europe and the Americas. Comparable as a pure-play global zinc/lead smelter reliant on commodity pricing, with similar cost structure and byproduct economics to Toho Zinc's smelting operations.

Regional players

• Yunnan Chihong Zinc & Germanium Co., Ltd. Major Chinese integrated zinc and lead smelter with germanium and other by-product recovery. Comparable in zinc/lead smelting process technology and byproduct economics, but serves primarily Chinese markets rather than competing directly with Toho Zinc in Japan.
• Hindustan Zinc Limited: India's largest zinc-lead producer and one of the world's largest integrated zinc operations. Comparable in core zinc/lead smelting and mining activities but serves primarily the Indian domestic market rather than competing directly in Japan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toho Zinc