Why It Matters A South Korean conglomerate and private equity firm are spending $370,000 per quarter to lobby U.S. policymakers over a $7.4 billion critical minerals deal backed by the Pentagon.

Korea Corporate Investment Holdings Co. Ltd., a special-purpose vehicle created by South Korean conglomerate Young Poong Corp. and private equity firm MBK Partners, is challenging a landmark deal between Korea Zinc and the U.S. government. Korea Zinc announced a $7.4 billion critical minerals refinery project in Tennessee in December 2025, with the Pentagon taking a 40% stake in the joint venture. Young Poong and MBK, the largest shareholders in Korea Zinc, have opposed the deal, arguing it dilutes their stake and entrenches existing management. After a Seoul court rejected their injunction in December 2025, the two entities hired Squire Patton Boggs to press their case in Washington, framing the dispute as a corporate governance and shareholder rights issue.

By the Numbers

The client registered with Squire Patton Boggs on January 29, 2026, with a standard $0 registration filing. This represents the first active lobbying disclosure for the client.

All lobbying activity runs through Squire Patton Boggs, with no in-house lobbying reported. Four lobbyists are listed: Bradford Ellison, Nicole Rodgers, Mackie Tygart, and Robert Kapla. Of the four, only Tygart has a confirmed congressional staff record—a summer 2023 internship with Sen. Tommy Tuberville (R-AL). The other three do not appear in congressional staff databases. Kapla has documented lobbying experience on other matters, including work on the RFK Stadium revitalization project for the District of Columbia and the Washington Commanders.

The Agenda

The first quarter 2026 lobbying disclosure lists no specific issues or legislation. The filing's issue codes—Economics/Economic Development, Manufacturing, and Trade (Domestic & Foreign)—are broad categories that provide limited guidance on the client's specific policy objectives.

News reporting, however, clarifies the lobbying target. The Chosun Ilbo reported that Young Poong and MBK hired Squire Patton Boggs specifically to challenge Korea Zinc's Tennessee refinery project, framing their effort as a shareholder rights and corporate governance issue directed at the U.S. government's involvement in the deal.

Broader Context

The lobbying activity occurs amid active Congressional engagement with Korea Zinc's Tennessee project. Sen. Bill Hagerty (R-TN) met with Korea Zinc Chairman Yun B. Choi on January 29, 2026—the same day Squire Patton Boggs registered—calling the critical minerals project "transformative" and citing its role in reducing U.S. dependence on China. Sen. Marsha Blackburn (R-TN) met with Korea Zinc in early February 2026 to discuss the $7 billion investment and its contribution to securing the U.S. critical minerals supply chain.

The broader U.S.-Korea trade environment has also been active. The Trump administration announced a trade deal with South Korea in late October 2025 and a $350 billion South Korean investment commitment. Simultaneously, tariff pressures have mounted—South Korean goods face a 15% tariff rate. The Senate unanimously passed two bipartisan bills in December 2025 to improve foreign lobbying disclosure transparency under both the Lobbying Disclosure Act and the Foreign Agents Registration Act, potentially affecting how foreign corporate entities like Korea Corporate Investment Holdings must report their lobbying activity.

The Bottom Line

Korea Corporate Investment Holdings has made a substantial first-quarter investment in Washington access by paying $370,000 to Squire Patton Boggs while challenging a Pentagon-backed critical minerals project. The blank issues field in the disclosure leaves the specific lobbying agenda unspecified, but public Congressional engagement with Korea Zinc and active trade negotiations paint a clear picture of the environment the client is navigating. Whether their Washington effort shifts the outcome of a shareholder dispute that Seoul courts have already resolved in Korea Zinc's favor remains uncertain.